Dölf Looser
Soziale Beziehungen und Leistungsmotivation
Beiträge der Schweizer Bildungsforschung
herausgegeben von
Erwin Beck
Hermann J. Forneck
Band 2
Dölf Looser
Soziale Beziehungen und
Leistungsmotivation
Die Bedeutung von Bezugspersonen
für die längerfristige Aufrechterhaltung
der Lern- und Leistungsmotivation
Budrich UniPress Ltd.
Opladen & Farmington Hills, MI 2011
Bibliografische Information der Deutschen Nationalbibliothek
Die Deutsche Nationalbibliothek verzeichnet diese Publikation in der Deutschen
Nationalbibliografie; detaillierte bibliografische Daten sind im Internet über
http://dnb.d-nb.de abrufbar.
Meinen Patenkindern
Joshua, Katharina und Ramon
Gedruckt auf säurefreiem und alterungsbeständigem Papier.
Zugleich Dissertation zur Erlangung der Doktorwürde im Fachbereich Erziehungs- und
Kulturwissenschaften an der Universität Osnabrück unter dem Titel „Psychosoziale
Bestimmungsfaktoren der Leistungsmotivation. Die Bedeutung von Bezugspersonen
für die längerfristige Aufrechterhaltung der Lern- und Leistungsmotivation“.
Alle Rechte vorbehalten.
© 2011 Budrich UniPress, Opladen & Farmington Hills MI
www.budrich-unipress.de
ISBN
978-3-940755-85-8
Das Werk einschließlich aller seiner Teile ist urheberrechtlich geschützt. Jede Verwertung
außerhalb der engen Grenzen des Urheberrechtsgesetzes ist ohne Zustimmung des
Verlages unzulässig und strafbar. Das gilt insbesondere für Vervielfältigungen,
Übersetzungen, Mikroverfilmungen und die Einspeicherung und Verarbeitung in
elektronischen Systemen.
Umschlaggestaltung: disegno visuelle kommunikation, Wuppertal – www.disenjo.de
Druck: paper&tinta, Warschau
Printed in Europe
,QKDOW
9RUZRUWXQG'DQN
:lKUHQG PHLQHU SlGDJRJLVFKHQ 7lWLJNHLW LQ 6FKXOHQ +HLPHQ XQG LQ GHU .LQGHU
XQG -XJHQGSV\FKLDWULH KDEH LFK YLHOIlOWLJH (UIDKUXQJHQ VDPPHOQ GUIHQ GLH PHKU
RGHUZHQLJHUPLWGHU/HUQXQG/HLVWXQJVPRWLYDWLRQLQ=XVDPPHQKDQJVWHKHQ'LH
LQ YLHOHU +LQVLFKW SUlJHQGH :LUNXQJ GHV VR]LDOHQ 6HWWLQJV LQ )DPLOLH XQG 6FKXOH
ZXUGH PLU YRU DOOHP LQ VSH]LHOOHQ 6LWXDWLRQHQ ZlKUHQG PHLQHU $UEHLWVWlWLJNHLW LQ
GHU.LQGHUSV\FKLDWULHEHZXVVW6RNDPHQGDPDOV]ZHL.LQGHU-XJHQGOLFKH]XU$E
NOlUXQJ LQV .LQGHU XQG -XJHQGSV\FKLDWULVFKH =HQWUXP ZHLO VLH GHQ 6FKXOEHVXFK
YHUZHLJHUWHQ
,P/DXIHHLQHU6FKXONDUULHUHGXUFKOHEWZDKUVFKHLQOLFKMHGHV.LQGLUJHQGZDQQ0R
PHQWHLQGHQHQHVJHQXJYRQGHUWlJOLFKHQ/HUQXQG/HLVWXQJVDQVWUHQJXQJKDW(V
IUDJWVLFKGDQQEHLVSLHOVZHLVHZDUXPHVLQGLH6FKXOHJHKHQPXVV'LHVPXVVHLQH
EHUHFKWLJWH)UDJHVHLQKDWVLFKGRFKGDPLWDXFKVFKRQHLQ/LWHUDWXUQREHOSUHLVWUlJHU
QDPHQV.HQ]DEXU{2HDXVHLQDQGHUJHVHW]W
'LHYRUOLHJHQGH'LVVHUWDWLRQVDUEHLWZLGPHWVLFKGHVKDOEGHU)UDJHVWHOOXQJZLHVR
]LDOH %H]LHKXQJHQ XQG 8PZHOWEHGLQJXQJHQ JHVWDOWHW VHLQ VROOWHQ GDPLW OHEHQVODQ
JHV/HUQHQXQG/HLVWXQJVPRWLYDWLRQLQ6FKXOHXQG%HUXIP|JOLFKVWDXIUHFKWHUKDOWHQ
ZHUGHQN|QQHQ
,FKGDQNHDQGLHVHU6WHOOHDOOHQGLHPLFKEHLGHU(UDUEHLWXQJGHUYRUOLHJHQGHQ'LV
VHUWDWLRQXQWHUVWW]WKDEHQ
$XIGHPODQJHQ:HJGHU(UVWHOOXQJZDUPLULQVEHVRQGHUH+HUU3URI'USKLO:DV
VLOLV.DVVLVHLQH JUR‰H8QWHUVWW]XQJ)UGLHVWHWVNRPSHWHQWH%HWUHXXQJXQG%H
JOHLWXQJGDQNHLFKLKPEHVWHQV
0HLQ'DQNJLOWDXFKGHPHPHULWLHUWHQ3URI'U'UKFPXOW+HOPXW)HQGXQGVHL
QHQ 0LWDUEHLWHUQ LQ GHU /LI(6WXGLH GHUHQ DQJHVHKHQHQ XQG ZHUWYROOHQ 'DWHQVDW]
LFK IU PHLQH %HUHFKQXQJHQ YHUZHQGHQ GXUIWH 1LFKW YHUJHVVHQ P|FKWH LFK LQVEH
VRQGHUHDXFK+HUUQ'USKLO)UHG%HUJHUGHUPLULQVWDWLVWLVFKHQ%HODQJHQMHZHLOV
ZHUWYROOH5DWVFKOlJHJDE
'DQNHQ P|FKWH LFK DXFK PHLQHP $UEHLWVNROOHJHQ 'U UHU QDW :LQIULHG +XPSHUW
YRQ GHU 3lGDJRJLVFKHQ +RFKVFKXOH GHV .DQWRQV 6W *DOOHQ IU GHQ PRUDOLVFKHQ
6XSSRUW,QGHQ'DQNPLWHLQJHVFKORVVHQVLQGHEHQIDOOVPHLQHHKHPDOLJHQ.RPPLOL
WRQLQQHQ XQG .RPPLOLWRQHQ YRQ GHU 8QLYHUVLWlW =ULFK IU GLH YLHOHQ 6WXQGHQ GHV
.RUUHNWXUOHVHQV
(LQKHU]OLFKHV'DQNHVFK|QP|FKWHLFK]XOHW]WYRUDOOHPPHLQHQ(OWHUQPHLQHQ*H
VFKZLVWHUQXQGPHLQHQ)UHXQGHQIUGLHYLHOIlOWLJH8QWHUVWW]XQJDXVVSUHFKHQ
:LOLP1RYHPEHU
'|OI/RRVHU
,QKDOW
=XVDPPHQIDVVXQJ
$XVGHU)RUVFKXQJOlVVWVLFKJHQHUHOOHLQ:DQGHOLQGHQ(OWHUQ.LQG%H]LHKXQJHQ
ZlKUHQGGHQOHW]WHQ-DKU]HKQWHQIHVWVWHOOHQGHUDOV(QWZLFNOXQJYRQGHUÄ%HIHKOV
]XP 9HUKDQGOXQJVKDXVKDOW YJO GH 6ZDDQ EHVFKULHEHQ ZLUG *HOLQJHQGH
%H]LHKXQJHQ ]ZLVFKHQ .LQGHUQ-XJHQGOLFKHQ XQG LKUHQ %H]XJVSHUVRQHQ KDEHQ LP
%LOGXQJVXQG(U]LHKXQJVNRQWH[WHLQHEHVRQGHUH%HGHXWXQJ*HPl‰GHU6HOEVWEHV
WLPPXQJVWKHRULH QDFK 'HFL XQG 5\DQ ZLUNHQ JXWH %H]LHKXQJHQ ]X
%H]XJVSHUVRQHQ LP 5DKPHQ GHU ,QWHUQDOLVLHUXQJ QDFK GHU Ä&RJQLWLYH (YDOXDWLRQ
7KHRU\³DOV0RWRUHQGHU/HUQXQG/HLVWXQJVPRWLYDWLRQ'LH6FKXOHVROOVREHVFKDI
IHQVHLQGDVV.LQGHU-XJHQGOLFKHLPPHUZLHGHU(UIROJVHUOHEQLVVHXQG.RPSHWHQ]
JHIKOH HUIDKUHQ (LQH KRKH /HLVWXQJV0RWLYDWLRQ EDXW HLQ .LQG YRU DOOHP GDQQ
DXI ZHQQ HV SHUV|QOLFKH %HDFKWXQJ XQG ,QWHUHVVH YRQ 6HLWHQ GHU %H]XJVSHUVRQHQ
(OWHUQ /HKUSHUVRQHQ DQ VHLQHU 3HUVRQ VSUW 'LHVHP &UHGR GHU 6HOEVWEHVWLP
PXQJVWKHRULHHQWVSUHFKHQDXFKQHXURELRORJLVFKH(UNHQQWQLVVHYJO%DXHU
'LH %HXUWHLOXQJ GHV %LOGXQJVV\VWHPV GDUI QLFKW DXVVFKOLH‰OLFK DXI /HLVWXQJVGDWHQ
ZLHQDFK3,6$EHUXKHQVRQGHUQPXVVDXFK.ULWHULHQEHUFNVLFKWLJHQGLHVLFKQXU
LQGLUHNW XQG DXI OlQJHUH 6LFKW LQ PHVVEDUHU /HLVWXQJ QLHGHUVFKODJHQ DEHU JOHLFK
ZRKOIUGHQOlQJHUIULVWLJHQ%LOGXQJVHUIROJYRQJDQ]]HQWUDOHU%HGHXWXQJVLQGZLH
]XP %HLVSLHO GLH %HUHLWVFKDIW ]X OHEHQVODQJHP /HUQHQ YJO .UDSS ,Q GHU
YRUOLHJHQGHQ 6WXGLH ZLUG LQVEHVRQGHUH GHU )UDJH QDFKJHJDQJHQ ZLH VLFK VR]LDOH
(LQJHEXQGHQKHLWVR]LDOHV.OLPDXQGVR]LDOH%H]LHKXQJHQ]X(OWHUQXQG/HKUSHUVR
QHQLQGHU/HLVWXQJVPRWLYDWLRQLP-XJHQGDOWHUXQGLQGHU:HLWHUELOGXQJVPRWLYDWLRQ
LP(UZDFKVHQHQDOWHUEHUGLH6SDQQHYRQ-DKUHDXVZLUNHQ
%DVLVIUGLH%HDQWZRUWXQJGHU)UDJHELOGHWGHU/LI('DWHQVDW]/HEHQVYHUOlXIHLQV
IUKH(UZDFKVHQHQDOWHUZHOFKHUDXIJUXQGGHV)ROORZ8SLP-DKUHGHU.RQV
WDQ]HU -XJHQGOlQJVVFKQLWWVWXGLH HQWVWDQGHQ LVW 3URMHNWOHLWXQJ )HQG
*HRUJ%HUJHU*URE/DXWHUEDFK*HJHQ9DULDEOHQDXIYHUVFKLHGHQHQ(EHQHQ
VR]LDORULHQWLHUWHPRWLYDWLRQDOHXQGNRQWUROOLHUHQGHVLQGDXILKUHQ=XVDPPHQKDQJ
KLQ ]X GHQ PRWLYDWLRQDOHQ .RQVWUXNWHQ LP (UZDFKVHQHQDOWHU JHSUIW ZRUGHQ
6FKOLH‰OLFK EHVWlWLJHQ 6WUXNWXUJOHLFKXQJVPRGHOOH (UJHEQLVVH ZHOFKH GLH 7KHVH HL
QHU JHVFKOHFKWV XQG YRU DOOHP VFKXOIRUPVSH]LILVFKHQ 6R]LDOLVDWLRQ VWW]HQ (KHPDOLJHPlQQOLFKH6FKOHUGHV*\PQDVLXPVLP$OWHUYRQ-DKUHQVR]LDOLVLHUHQ
VLFKLP*HJHQVDW]]XHKHPDOLJHQ+DXSWVFKOHUQDXIHLQHDQGHUH:HLVH*\PQD
VLDVWHQ ]HLJHQ HLQH KRKH PRWLYDWLRQDOH 6WDELOLWlW EHU ]ZHL -DKU]HKQWH KLQZHJ XQG
EHL LKQHQ N|QQHQ GLH (OWHUQ.LQG XQG GLH /HKUHU6FKOHU%H]LHKXQJ LQVRIHUQ
DOVZLFKWLJH(UNOlUXQJVYDULDEOHQIUGLHVHQDFKKDOWLJH/HLVWXQJVXQG/HUQPRWLYDWL
RQLP(UZDFKVHQHQDOWHULGHQWLIL]LHUWZHUGHQ
'LH%HIXQGHZHLVHQDXIGLHJURVVH%HGHXWXQJYRQVR]LDOHQ%H]LHKXQJHQXQGVFKX
OLVFKHQ (UIROJVHUOHEQLVVHQ KLQ =XVDPPHQIDVVHQG LGHQWLIL]LHUW GHU %HLWUDJ EHL HKH
PDOLJHQ *\PQDVLDVWHQ XQWHU 9HUZHQGXQJ YRQ 6WUXNWXUJOHLFKXQJVPRGHOOHQ XQG
OlQJVVFKQLWWOLFKHQ'DWHQELVGLHÄVR]LDOH(LQJHEXQGHQKHLW³DOVSV\FKR
VR]LDOHQ0RWRUGHU/HLVWXQJVPRWLYDWLRQLP-XJHQGDOWHUXQGDOV%HVWLPPXQJVIDNWRU
GHUEHUXIOLFKHQ:HLWHUELOGXQJVPRWLYDWLRQ-DKUHVSlWHU
,QKDOW
,QKDOWVYHU]HLFKQLV
(LQOHLWXQJ 5HOHYDQ]GHV7KHPDV *OLHGHUXQJGHU$UEHLW
%HJULIIVGHILQLWLRQHQXQG=LHO
,QWULQVLVFKHH[WULQVLVFKH0RWLYDWLRQ±/HUQ/HLVWXQJVPRWLYDWLRQ 6R]LDOLVDWLRQ
%HGHXWXQJYRQ6FKXOHIUGLH3HUV|QOLFKNHLWVHQWZLFNOXQJ (OWHUQ.LQG%H]LHKXQJ /HKUHU6FKOHU%H]LHKXQJ
,QWHUDNWLRQLVPXV 'LIIHUHQWLHOOH6WDELOLWlW =LHOXQG9RUZHJQDKPHYRQ5HODWLYLHUXQJHQ
7KHRUHWLVFKHU+LQWHUJUXQG
=XU7KHRULHGHU/HLVWXQJVPRWLYDWLRQ 'LH$QIlQJHWKHRUHWLVFKHU%HVFKlIWLJXQJPLW/HLVWXQJVPRWLYDWLRQ =XP%HJULIIÄ/HLVWXQJVPRWLYDWLRQ³LQYHUVFKLHGHQHQ7KHRULHQ /HLVWXQJVPRWLYDWLRQLQHQWZLFNOXQJVSV\FKRORJLVFKHU+LQVLFKW =XU6WDELOLWlWGHU/HLVWXQJVPRWLYDWLRQDOVGLVSRVLWLRQDOHV3HUV|QOLFKNHLWVPHUNPDO 'LH6HOEVWEHVWLPPXQJVWKHRULH6'7
9HURUWXQJ .XU]EHUEOLFNXQG.HUQHOHPHQWH ,QWULQVLVFKH0RWLYDWLRQLQGHUÄ&RJQLWLYH(YDOXDWLRQ7KHRU\³ ([WULQVLVFKH0RWLYDWLRQXQG,QWHUQDOLVLHUXQJLQGHUÄ2UJDQLVPLF,QWHJUDWLRQ7KHRU\³ :HVHQWOLFKH(LJHQKHLWHQGHU6'7 8QWHUVFKLHGOLFKH/HLVWXQJVVR]LDOLVDWLRQLQ+DXSWVFKXOHXQG*\PQDVLXP"
)RUVFKXQJVVWDQG /HLVWXQJVPRWLYDWLRQXQG.RQWUROOYDULDEOHQ
=XU%HGHXWXQJPRWLYDWLRQDOHU3HUV|QOLFKNHLWVPHUNPDOHLP-XJHQGDOWHU =XP(LQIOXVVYRQ.RQWUROOYDULDEOHQDXIPRWLYDWLRQDOH3HUV|QOLFKNHLWVPHUNPDOHLP
-XJHQGDOWHU =XU/HLVWXQJVPRWLYDWLRQVVWDELOLWlWXQG]XP=XVDPPHQKDQJ]ZLVFKHQPRWLYDWLRQDOHQ
3HUV|QOLFKNHLWVPHUNPDOHQ =XGHQPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHQLP(UZDFKVHQHQDOWHU ,QKDOW
)DPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
$X‰HUIDPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ =XU/HLVWXQJVPRWLYDWLRQVI|UGHUXQJLP(OWHUQKDXV %HGHXWXQJXQG(LQIOXVVGHU(OWHUQ.LQG%H]LHKXQJ %HGHXWXQJXQG(LQIOXVVGHV(U]LHKXQJVVWLOV %HGHXWXQJXQG(LQIOXVVGHU(OWHUQ%H]LHKXQJ %HGHXWXQJXQG(LQIOXVVGHUZDKUJHQRPPHQHQ%HJDEXQJVHLQVFKlW]XQJXQG
/HLVWXQJVHUZDUWXQJYRQ6HLWHQGHU(OWHUQ %HGHXWXQJXQG(LQIOXVVGHV6FKXOPRQLWRULQJGHU(OWHUQ =XU/HLVWXQJVPRWLYDWLRQVI|UGHUXQJLQGHU6FKXOH %HGHXWXQJXQG(LQIOXVVGHU/HKUHU6FKOHU%H]LHKXQJ %HGHXWXQJXQG(LQIOXVVGHV6FKXOXQG.ODVVHQNOLPDV %HGHXWXQJXQG(LQIOXVVGHU3HHUJURXS %HGHXWXQJXQG(LQIOXVVGHULQVWLWXWLRQHOOHQ(LQELQGXQJ 'LIIHUHQWLHOOH%HIXQGHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
$OOJHPHLQH)RUGHUXQJQDFKGLIIHUHQWLHOOHQ%HUHFKQXQJHQ 'LIIHUHQWLHOOH8QWHUVFKLHGHDXIJUXQGGHV6FKXOW\SVE]ZGHU%H]XJVJUXSSH 'LIIHUHQWLHOOH8QWHUVFKLHGHDXIJUXQGGHV(OWHUQKDXVHVE]ZGHU6FKLFKW 'LIIHUHQWLHOOH8QWHUVFKLHGHDXIJUXQGGHUUHODWLYHQ/HLVWXQJVSRVLWLRQLQGHU.ODVVH 'LIIHUHQWLHOOH8QWHUVFKLHGHDXIJUXQGGHV*HVFKOHFKWV 6R]LDOH(LQJHEXQGHQKHLWXQG0RWLYDWLRQLP/lQJVVFKQLWW
6WDELOLWlWLQGHU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJ
=XU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJGXUFKVR]LDOH(LQJHEXQGHQKHLW
.RPSHQVDWRULVFKH:LUNXQJHQ" )UDJHVWHOOXQJ5DKPHQPRGHOOXQG%HJUQGXQJ
)RUVFKXQJVIUDJHQ
5DKPHQPRGHOO]XU9RUKHUVDJHGHU/HLVWXQJVPRWLYDWLRQ
%HJUQGXQJGHU)UDJHVWHOOXQJHQ
:DUXPVR]LDOH(LQJHEXQGHQKHLWDOVXQDEKlQJLJH9DULDEOH" =XU%HJUQGXQJGHV.RQVWUXNWVGHU/HLVWXQJVPRWLYDWLRQ :DUXP)RNXVVLHUXQJDXIÄVHOEVWEHVWLPPWH³H[WULQVLVFKH0RWLYDWLRQPLWWHOV.RQVWUXNW
/HLVWXQJVPRWLYDWLRQ" :DUXPGLIIHUHQWLHOOJHVFKOHFKWVVSH]LILVFKH$XVZHUWXQJHQIU6FKOHUGHV
*\PQDVLXPVXQGGHU+DXSWVFKXOH" =XP=LHONRQIOLNWÄ/HLVWXQJVRGHU3HUV|QOLFKNHLWVHQWZLFNOXQJ³±GHU=XVDPPHQKDQJ
]ZLVFKHQ%H]LHKXQJXQG/HLVWXQJVPRWLYDWLRQ :DUXPGLH%HQW]XQJGHU'DWHQYRQ-XJHQGOLFKHQLP/HEHQVMDKU" %HGHXWXQJYRQ/lQJVVFKQLWWVWXGLHQ 0HWKRGH +\SRWKHVHQ 6WLFKSUREHXQG)RUVFKXQJVGHVLJQGHU/LI(6WXGLH ,QKDOW
(UKHEXQJVLQVWUXPHQWH .RQWUROOYDULDEOHQN )DPLOLlUHVR]LDOEH]RJHQH9DULDEOHQVIDXIGHU|NRORJLVFKHQ(EHQH $X‰HUIDPLOLlUHVR]LDOEH]RJHQH9DULDEOHQVDDXIGHU|NRORJLVFKHQ(EHQH ,QVWUXPHQWHGHUPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHPLP-XJHQGDOWHUDXIGHU
SV\FKRORJLVFKHQ(EHQH ,QVWUXPHQWHGHUPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOH%/0%:0%6:LP
(UZDFKVHQHQDOWHUDXIGHUSV\FKRORJLVFKHQ(EHQH =XGHQVWDWLVWLVFKHQ$QDO\VHYHUIDKUHQ 6WDWLVWLVFKH.HQQZHUWH =XU3UREOHPDWLNGHU9HUlQGHUXQJVPHVVXQJXQG]XU
6WUXNWXUJOHLFKXQJVPRGHOOEHUHFKQXQJ (UJHEQLVVH
/HLVWXQJVPRWLYDWLRQXQG.RQWUROOYDULDEOHQ
0RWLYDWLRQDOH3HUV|QOLFKNHLWVPHUNPDOHXQG.RQWUROOYDULDEOHQLP-XJHQGDOWHU 0RWLYDWLRQDOH3HUV|QOLFKNHLWVPHUNPDOHXQG.RQWUROOYDULDEOHQLP(UZDFKVHQHQDOWHU )DPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
=XUIDPLOLlUHQVR]LDOHQ(LQJHEXQGHQKHLWLP-XJHQGDOWHU 6R]LDOH%H]LHKXQJHQXQGPRWLYDWLRQDOH3HUV|QOLFKNHLWVPHUNPDOHLP-XJHQGDOWHU $X‰HUIDPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ =XUDX‰HUIDPLOLlUHQVR]LDOHQ(LQJHEXQGHQKHLWLP-XJHQGDOWHU $X‰HUIDPLOLlUHVR]LDOH%H]LHKXQJHQXQGPRWLYDWLRQDOH3HUV|QOLFKNHLWVPHUNPDOHLP
-XJHQGDOWHU 'LIIHUHQWLHOOH%HIXQGHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
3DUWLDONRUUHODWLYH%HUHFKQXQJHQLP4XHUVFKQLWWXQG=ZHL-DKUHV/lQJVVFKQLWWLP
-XJHQGDOWHU 5HJUHVVLRQVDQDO\WLVFKH%HUHFKQXQJHQ 6WUXNWXUJOHLFKXQJVPRGHOO%HUHFKQXQJHQ 6R]LDOH(LQJHEXQGHQKHLWXQG0RWLYDWLRQLP/lQJVVFKQLWW
.RUUHODWLYH%HUHFKQXQJHQ]XUhEHUVLFKW 5HJUHVVLRQVDQDO\WLVFKH%HUHFKQXQJHQ3UlGLNWLRQPRWLYDWLRQDOHU
3HUV|QOLFKNHLWVPHUNPDOHLP(UZDFKVHQHQDOWHU 6WUXNWXUJOHLFKXQJVPRGHOO%HUHFKQXQJHQ 6WDELOLWlWLQGHU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJ
6WDELOLWlWLP=ZHL-DKUHV/lQJVVFKQLWWLP-XJHQGDOWHU 6WDELOLWlWLP-DKUHV/lQJVVFKQLWW =XU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJGXUFKVR]LDOH(LQJHEXQGHQKHLW
hEHUVLFKW0LWWHOZHUWVYHUJOHLFKHXQG.RUUHODWLRQVEHUHFKQXQJHQ 5HJUHVVLRQVDQDO\WLVFKH%HUHFKQXQJHQ 9DULDQ]DQDO\WLVFKH%HUHFKQXQJHQ 6WUXNWXUJOHLFKXQJVPRGHOO%HUHFKQXQJHQ =XVDPPHQIDVVXQJXQGEHUJUHLIHQGH=XVDPPHQKlQJH ,QKDOW
=XVDPPHQIDVVXQJXQG'LVNXVVLRQ .DSLWHOEH]RJHQH=XVDPPHQIDVVXQJHQ ,QWHUSUHWDWLRQXQG'LVNXVVLRQ )D]LWXQGSlGDJRJLVFKH6FKOXVVIROJHUXQJHQ
5HOHYDQ]GHU%H]LHKXQJIUGHPRWLYLHUHQGHV9HUKDOWHQ .XOLVVHQOHUQHQXQG'HNRQWH[WXDOLVLHUXQJ
)RUGHUXQJQDFKPRWLYDWLRQVI|UGHUQGHQ8PZHOWHQ 0RWLYDWLRQVI|UGHUXQJ]XKDXVH 0RWLYDWLRQVI|UGHUXQJLQGHU6FKXOH (OWHUQ.RRSHUDWLRQ 6HOEVWEHVWLPPXQJ$XWRQRPLH 6R]LDOH(LQELQGXQJXQG/HKUHU6FKOHU%H]LHKXQJ .RPSHWHQ]HUIDKUXQJHQXQG$QHUNHQQXQJ 0RWLYDWLRQVI|UGHUXQJDXIGHU6\VWHPHEHQH 9HURUWXQJXQG6FKOXVVZRUW 9HU]HLFKQLVVH
/LWHUDWXUYHU]HLFKQLV
$EELOGXQJVYHU]HLFKQLV 7DEHOOHQYHU]HLFKQLV $QKDQJ
,QVWUXPHQWH =XVlW]OLFKH6WUXNWXUJOHLFKXQJVPRGHOOH
(LQOHLWXQJ
5HOHYDQ]GHV7KHPDV
(LQOHLWXQJ
5HOHYDQ]GHV7KHPDV
,QNHLQHPDQGHUHQ/DQGZXUGHQGLH3,6$(UJHEQLVVHLQGHUgIIHQWOLFKNHLWVRLQWHQ
VLYGLVNXWLHUWZLHLQ'HXWVFKODQGXQGLQNHLQHPDQGHUHQ/DQGGUIWHQ5HIRUPPD‰
QDKPHQLQGLHVHU*UQGOLFKNHLWWKHPDWLVLHUWZRUGHQVHLQYJO.UDSS6
.UDSSlX‰HUWVLFKUHODWLYNODUEHUGLH%HGHXWXQJV]XVFKUHLEXQJUXQGXPGLHÄ3,6$
WDXJOLFKHQ:HWWNDPSIGLV]LSOLQHQ³HEG(UIROJHUWGDVVGLH%HXUWHLOXQJGHU(IIHN
WLYLWlW GHV %LOGXQJVV\VWHPV QLFKW DXVVFKOLH‰OLFK DXI /HLVWXQJVGDWHQ EHUXKHQ GDUI
VRQGHUQDXFK.ULWHULHQ]XEHUFNVLFKWLJHQKDW
GLHVLFKP|JOLFKHUZHLVHQXULQGLUHNWXQGDXIOlQJHUH6LFKWLQPHVVEDUHU/HLV
WXQJ QLHGHUVFKODJHQ DEHU JOHLFKZRKO IU GHQ OlQJHUIULVWLJHQ %LOGXQJVHUIROJ
GHUQDFKZDFKVHQGHQ*HQHUDWLRQYRQJDQ]]HQWUDOHU%HGHXWXQJVLQG,FKPHL
QHGDPLW)DNWRUHQZLH/HUQIUHXGHRGHUGLH+HUDXVELOGXQJHLQHULQWULQVLVFKHQ
E]Z DXI 6HOEVWEHVWLPPXQJ XQG ,QWHUHVVH EHUXKHQGH /HUQPRWLYDWLRQ 'LHVH
=LHONDWHJRULHQ VLQG VHKU HQJ PLW GHU 3HUV|QOLFKNHLWVHQWZLFNOXQJ GHU 6FKOH
ULQQHQ XQG 6FKOHU YHUEXQGHQ $X‰HUGHP ELOGHQ VLH HLQH ZLFKWLJH %DVLV IU
GLH%HUHLWVFKDIW]XOHEHQVODQJHP/HUQHQ6
'LH/HUQXQG/HLVWXQJVPRWLYDWLRQLP.LQGHVXQG-XJHQGDOWHUJLOWVRPLWDOV]HQWUD
OHU%HGLQJXQJVIDNWRUGHV/HUQHUIROJVVRZRKOLQGHU6FKXOHDOVDXFKLQLKUHUVR]LDOL
VLHUWHQE]ZKDELWXDOLVLHUWHQ:HLWHUIKUXQJDOVEHUXIOLFKH:HLWHUELOGXQJVXQG/HLV
WXQJVPRWLYDWLRQ IU GHQ %HUXIVHUIROJ LP (UZDFKVHQHQDOWHU /HLVWXQJVPRWLYDWLRQ
LP-XJHQGDOWHUXQG:HLWHUELOGXQJVXQG/HLVWXQJVPRWLYDWLRQLP(UZDFKVHQHQDOWHU
]XJOHLFK GLH 6FKOVVHOYDULDEOHQ LQ GHU YRUOLHJHQGHQ 6WXGLH VLQG EH]JOLFK GHU %H
UHLWVFKDIW]XPOHEHQVODQJHQ/HUQHQVYRQJUR‰HU5HOHYDQ]
'LH(UNHQQWQLVVHDXVGHU3,6$6WXGLHYHUP|JHQGHU$XINOlUXQJGHVOlQJHUIULVWLJHQ
%LOGXQJVHUIROJV E]Z GHV XQWHU GHU OlQJVVFKQLWWOLFKHQ 3HUVSHNWLYH EHWUDFKWHWHQ OH
EHQVODQJHQ/HUQHQVOHLGHUQLFKWJHUHFKW]XZHUGHQ,KUH*UHQ]HQHUJHEHQVLFKNODU
DXVGHP4XHUVFKQLWWFKDUDNWHU,P-DKUIDQGGDV')*6FKZHUSXQNWSURJUDPP
%LOGXQJVTXDOLWlW YRQ 6FKXOH %L4XD VHLQHQ $EVFKOXVV YJO 3UHQ]HO 0HUNHQV 1RDFN'LH')*(QWVFKHLGXQJIUGDV6FKZHUSXQNWSURJUDPP%L4XDHUZLHV
VLFKNXU]H=HLWQDFK7,066JHPl‰3UHQ]HOXQG$OOROLR1lFNH6DOVYRU
DXVVFKDXHQG ,Q GLHVHP =XVDPPHQKDQJ ZLUG DXFK DXI GHQ %HGDUI DQ HPSLULVFKHU
)RUVFKXQJEH]JOLFK8QWHUULFKWXQG.RQWH[WIDNWRUHQPLW/lQJVVFKQLWWFKDUDNWHUKLQ
:|UWOLFKEHUQRPPHQH=LWDWHYRQ PHKUDOV:|UWHUQVWHKHQHLQJHUFNWDEHURKQH$QIKUXQJVXQG
6FKOXVV]HLFKHQ GHU 3XQNW ZLUG MHZHLOV YRUGHU .ODPPHU JHVHW]W 'LH HFNLJHQ .ODPPHUQ >«@ ZHUGHQ LQ
=LWDWHQGDQQEHQXW]WZHQQ PLQGHVWHQVHLQ6DW]EHUVSUXQJHQRGHUHLQ:RUWKLQ]XJHIJWZRUGHQLVW%HL
$XVODVVXQJYRQHLQ]HOQHQ:|UWHUQZHUGHQGLH$XVODVVXQJVSXQNWHRKQHHFNLJH.ODPPHUQQRWLHUW
3URJUDPIU,QWHUQDWLRQDO6WXGHQW$VVHVVPHQW
'HXWVFKH)RUVFKXQJVJHPHLQVFKDIW
(LQOHLWXQJ
5HOHYDQ]GHV7KHPDV
JHZLHVHQHEG'LHYRUOLHJHQGH6WXGLHPLWLKUHPVHKUODQJHQ/lQJVVFKQLWWFKDUDN
WHU YRQ -DKUHQ ZLGPHW VLFK JHQDX GLHVHP )RUVFKXQJVLQWHUHVVH 6LH HUJUQGHW
%HVWLPPXQJVXQG.RQWH[WIDNWRUHQGHU)|UGHUXQJYRQ/HLVWXQJVPRWLYDWLRQXQGGH
UHQ6WDELOLWlWLP/lQJVVFKQLWW
1XQ ZHOFKH %HGHXWXQJ NRPPW GHU /HUQ XQG /HLVWXQJVPRWLYDWLRQ GHV :HLWHUHQ
]X" :HQQ GLH (LQIOXVVIDNWRUHQ GHV .HQQWQLV XQG )lKLJNHLWVVWDQGHV XQWHU GHU HQW
ZLFNOXQJVSV\FKRORJLVFKHQ 3HUVSHNWLYH XQWHUVXFKW ZHUGHQ VFKHLQW HV QDKH OLHJHQG
]ZHL *UXSSHQ YRQ (LQIOXVVIDNWRUHQ ]X XQWHUVFKHLGHQ =XP HLQHQ VLQG HV GLH YRU
KDQGHQHQ .HQQWQLVVH ]XP DQGHUHQ LVW HV ÄGLH $QVWUHQJXQJVEHUHLWVFKDIW E]Z GLH
'DXHUXQG,QWHQVLWlWGHU/HUQEHPKXQJHQ.XU]GLH/HUQPRWLYDWLRQ³.UDSS
6.UDSSEH]HLFKQHWGDUXPGLH0RWLYDWLRQDOV]HQWUDOHQ%HGLQJXQJVIDNWRUGHV
/HUQHUIROJV ZHLO GHU Ä2XWSXW MHGHU HLQ]HOQHQ /HUQ XQG (QWZLFNOXQJVHSLVRGH «
JDQ] HQWVFKHLGHQG YRQ GHU MHZHLOV ZLUNVDPHQ /HUQPRWLYDWLRQ³ DEKlQJW HEG (U
EH]HLFKQHWVLHGHV:HLWHUHQÄDOVXQDEGLQJEDUHÃ6FKOVVHOTXDOLILNDWLRQ¶LQPRGHUQHQ
*HVHOOVFKDIWHQ³ DD2 6 6HLQHU $XIIDVVXQJ QDFK VROOWHEHL GHU 3ODQXQJ XQG
%HZHUWXQJNQIWLJHU5HIRUPEHVWUHEXQJHQVWlUNHUGLH/HUQPRWLYDWLRQLQGLHhEHUOH
JXQJHQ HLQEH]RJHQ ZHUGHQ XQG ]ZDU QLFKW QXU EH]JOLFK LQGLYLGXHOOHU /HLVWXQJV
]LHOHVRQGHUQLQVEHVRQGHUHDXFKEH]JOLFKDOOJHPHLQHU%HVWLPPXQJXQG1HXRULHQ
WLHUXQJ VFKXOLVFKHU %LOGXQJV]LHOH Ä'HQQ 0RWLYDWLRQ LVW QLFKW QXU HLQH %HGLQJXQJ
IU /HKUHQ XQG /HUQHQ VRQGHUQ DXFK GDV (UJHEQLV YRQ %LOGXQJ XQG (U]LHKXQJ³
DD2 6 I 'LHVHP &UHGR SIOLFKWHW DXFK :LOG EHL LQGHP VLH DXI GDV
VFKQHOOH$QZDFKVHQXQGGLHHEHQVRUDVFKVLQNHQGH+DOEZHUWV]HLWYRQ:LVVHQKLQ
ZHLVW'DEHLVHLHVLPPHUZLFKWLJHUGDVVJUXQGOHJHQGHNRJQLWLYH)HUWLJNHLWHQYHU
PLWWHOWZHUGHQGDPLWVLFK+HUDQZDFKVHQGHGLHVHUXQGQDFKNRPPHQGHU*HQHUDWLR
QHQDXFKQDFK$EVFKOXVVLKUHU6FKXO]HLWDXWRGLGDNWLVFKZHLWHUELOGHQ6LHEH]HLFKQHW
GLHJUXQGVlW]OLFKH/HUQEHUHLWVFKDIWGDUXPDOVÄ=LHOJU|‰HSlGDJRJLVFKHU%HPKXQ
JHQ³6
'HU 6WHOOHQZHUW GHU QlKHUHQ(UJUQGXQJ GHU/HLVWXQJVXQG /HUQPRWLYDWLRQ LQ GHU
-XJHQG]HLW XQG GHU :HLWHUELOGXQJV XQG /HLVWXQJVPRWLYDWLRQ LP (UZDFKVHQHQDOWHU
LVWVRPLWYRUHUVWHLQPDOXQWHUPDXHUW,P3UR]HVVGHU6XFKHQDFKHLQHPJHHLJQHWHQ
WKHRUHWLVFKHQ0RGHOODXIPHLQH.HUQIUDJHÄ:HOFKH:LUNXQJHQKDEHQVR]LDOH.RQ
WH[WHXQG%H]LHKXQJHQDXIGLH/HLVWXQJVPRWLYDWLRQNXU]XQGOlQJHUIULVWLJ"³ILHOGLH
:DKODXIGLH6HOEVWEHVWLPPXQJVWKHRULHYRQ(GZDUG'HFLXQG5LFKDUG5\DQ
6LHLVWHLQHKXPDQLVWLVFKHDOOJHPHLQH0RWLYDWLRQVXQG3HUV|QOLFKNHLWVWKHR
ULHZHOFKHVLFK QHEVWGHU6HOEVWEHVWLPPXQJLQVEHVRQGHUHDXFKGDPLWEHVFKlIWLJW
ZLHVR]LDOH8PJHEXQJHQJHVWDOWHWZHUGHQN|QQHQGDVVVLHSHUV|QOLFKHV:DFKVWXP
/HLVWXQJVPRWLYDWLRQ LVW ]XGHP HLQ 3HUV|QOLFKNHLWVPHUNPDO LP SV\FKRORJLVFKHQ %HUHLFK YJO .DS XQWHU3XQNW&*DQ]DOOJHPHLQN|QQWHPDQIUDJHQZRKHUGHQQGLH8QWHUVFKLHGHLQGHQ3HUV|QOLFKNHLWV
PHUNPDOHQPLWGHQHQZLUXQVHUHQ$OOWDJEHZlOWLJHQNRPPHQ2GHUNRQNUHWHUQRFK:HOFKHREMHNWLYEH
REDFKWEDUHQ $VSHNWH XQG ZHOFKH VXEMHNWLY ZDKUQHKPEDUHQ SV\FKRORJLVFKHQ .RPSRQHQWHQ UXQG XP GHQ
7KHPHQEHUHLFK 6FKXOH EHHLQIOXVVHQ GLH OHLVWXQJVEH]RJHQHQ XQG PRWLYDWLRQDOHQ 3HUV|QOLFKNHLWVPHUNPDOH
HLQHU3HUVRQ"
(LQOHLWXQJ
5HOHYDQ]GHV7KHPDV
/HLVWXQJ XQG :RKOEHILQGHQ I|UGHUQ 'DV (OWHUQKDXV LVW LQ GHU 6R]LDOLVDWLRQ YRQ
/HLVWXQJVXQG6FKXOPRWLYDWLRQIUGLHYRUOLHJHQGH$UEHLWYRQ]HQWUDOHU%HGHXWXQJ
'LH $QZHQGXQJ GHUÄ([SHFWDQF\9DOXH 7KHRU\ RI$FKLHYHPHQW 0RWLYDWLRQ³ YJO
:LJILHOG(FFOHVZUGHKLHU6LQQPDFKHQ'RFKDXIJUXQGYRQGDIUEHQ|
WLJWHQ]HQWUDOHQ,WHPVGLHLPYRUOLHJHQGHQ'DWHQVDW]QLFKWYRUKDQGHQVLQGZLUGYRU
DOOHPDXIGLH6HOEVWEHVWLPPXQJVWKHRULHDEJHVWW]W(UJlQ]HQGVROOHQDEHUQHXURELR
ORJLVFKH%HIXQGHGLHSV\FKRORJLVFKSlGDJRJLVFKRULHQWLHUWHQ(UJHEQLVVHDEVLFKHUQ
0RWLYDWLRQVUHOHYDQWH (UNHQQWQLVVH KDEHQ YRU DOOHP XQWHU GHU 3HUVSHNWLYH GHV OH
EHQVODQJHQ/HUQHQVHLQHJUR‰H%HGHXWXQJ]XPDOYRQQHXHQ$QIRUGHUXQJHQDQGDV
/HUQHQ YRQ KHXWH JHVSURFKHQ ZHUGHQ NDQQ :HQQ LFK 6WXGLHUHQGH LQ PHLQHP $U
EHLWVDOOWDJDXIGHQ/HKUHUEHUXIYRUEHUHLWHGDQQLVWHVZLFKWLJGDVVGLH6LFKWDXIGLH
]XNQIWLJH%LOGXQJVXQG(U]LHKXQJVZLUNOLFKNHLWVWHWVPLWEHGDFKWZLUG'D]XHLJQHW
VLFK GLH 7LWDQLF(IIHNW0HWDSKHU *UR‰H XQG NRPSOH[H ,QVWLWXWLRQHQ ZLH HV GLH
6FKXOHLVWPVVHQPLWGHP*UXQGYHUVWlQGQLVJHVWHXHUWZHUGHQGDVVVLFKGHUHLQPDO
HLQJHOHLWHWH5LFKWXQJVZHFKVHOHUVWVHKUYLHOVSlWHUEHPHUNEDUPDFKW+HNWLVFKHXQG
]X ZHQLJ YRUDXVVFKDXHQGH 6WHXHUXQJVSUR]HVVH N|QQHQ MlK ]X HLQHU ÄYHUIDKUHQHQ³
6LWXDWLRQ IKUHQ 'LHVHU :HLWEOLFN LVW DNWLY DQ]XVWUHEHQ ZHLO LQVEHVRQGHUH JHVHOO
VFKDIWOLFKH 9HUlQGHUXQJHQ LQ GHQ OHW]WHQ GUHL -DKU]HKQWHQ QHXH $QIRUGHUXQJHQ DQ
GDV/HUQHQGHU.LQGHUXQG-XJHQGOLFKHQVWHOOHQ6FKRQLP-DKUIRUPXOLHUWHGLH
QRUGUKHLQZHVWIlOLVFKH %LOGXQJVNRPPLVVLRQ VHFKV =HLWVLJQDWXUHQ GLH DXFK KHXWH
QRFK DOV ZHVHQWOLFKH +HUDXVIRUGHUXQJHQ DQ GLH 6FKXOH JHOWHQ YJO %LOGXQJVNRP
PLVVLRQ15:6I=ZHLVROOHQKLHUNXU]XPULVVHQZHUGHQD3OXUDOLVLH
UXQJGHU/HEHQVIRUPHQXQGGHUVR]LDOHQ%H]LHKXQJHQ$XIJUXQGYHUlQGHUWHUVR]LD
OHU/HEHQVZHOWHQ3OXUDOLVLHUXQJYRQ/HEHQVIRUPHQXQGVR]LDOHQ%H]LHKXQJHQHUJH
EHQVLFKDXV6LFKWGHV,QGLYLGXXPVPHKU:DKOP|JOLFKNHLWHQMHGRFKVWHLJHQGDPLW
DXFKGLH$QIRUGHUXQJHQXQGGLH5LVLNHQE:DQGHOGHU:HUWH'XUFKGLHJHQDQQ
WHQ9HUlQGHUXQJHQKDEHQWUDGLWLRQHOOH:HUWHV\VWHPHDQ*HZLFKWHLQJHEVVW,QHL
QHPDXIZlQGLJHQ'LDORJPXVVGHU:HUWHNRQVHQVMHZHLOVQHXJHIXQGHQZHUGHQ'D
EHLVSLHOWGLH6FKXOHHLQH]HQWUDOH5ROOH
'DUDXV ZLUG HUVLFKWOLFK GDVV VLFK 5LVLNHQ VRZRKO DXV YHUlQGHUWHQ %H]LHKXQJVIRU
PHQ DOV DXFK DXV YHUlQGHUWHQ 6R]LDOLVDWLRQVNRQWH[WHQ HUJHEHQ %H]LHKXQJ 6R]LDOL
VDWLRQ XQG 0RWLYDWLRQ VLQG LQ GHU YRUOLHJHQGHQ 6WXGLH 6FKOVVHOEHJULIIH ,QVRIHUQ
GUIHQGLHKLHUJHIROJHUWHQ(UNHQQWQLVVHEHUGLH/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJ
LQVEHVRQGHUH EH]JOLFK GHU JHQDQQWHQ 5LVLNHQ DXFK DXV MHW]LJHU 6LFKW DOV UHOHYDQW
,P)ROJHQGHQZHUGHQIU/HKUHULQQHQXQG/HKUHUXQGIU6FKOHULQQHQXQG6FKOHUGLHIXQNWLRQDOEH]R
JHQHQ)RUPHQ/HKUHUE]Z6FKOHUJHEUDXFKWZHLOGHU$XVGUXFNÄ/HKUHU6FKOHU%H]LHKXQJ³GHUEHVRQ
GHUVYLHOH0DOHYHUZHQGHWZLUGQXUVHKUXPVWlQGOLFKPLWEHLGHQ*HVFKOHFKWVIRUPHQEHVFKULHEHQZHUGHQ
NDQQ6HOEVWYHUVWlQGOLFKVLQGLPPHUEHLGH*HVFKOHFKWHUJHPHLQW
3OXUDOLVLHUXQJGHU/HEHQVIRUPHQXQGGHUVR]LDOHQ%H]LHKXQJHQ9HUlQGHUXQJGHU:HOWGXUFKQHXH
7HFKQRORJLHQXQG0HGLHQgNRORJLVFKH)UDJH%HY|ONHUXQJVHQWZLFNOXQJXQG0LJUDWLRQ,QWHUQD
WLRQDOLVLHUXQJGHU/HEHQVYHUKlOWQLVVH:DQGHOGHU:HUWH
(LQOHLWXQJ
5HOHYDQ]GHV7KHPDV
EH]HLFKQHW ZHUGHQ 0LW HLQHP WUHIIHQGHQ =LWDW YRQ %DXHU 3V\FKLDWHU XQG
1HXURELRORJH GHU GHQ =XVDPPHQKDQJ ]ZLVFKHQ %H]LHKXQJ XQG 0RWLYDWLRQ XQWHU
%HUFNVLFKWLJXQJ GHU KHXWLJHQ 6FKXOUHDOLWlW ]XVDPPHQIDVVW ZLUG GLH %HGHXWXQJ
YRQ%H]LHKXQJXQG0RWLYDWLRQHEHQIDOOVKHUYRUJHKREHQ
'HU .HUQ GHU 3UREOHPH GHQHQ VLFK /HKUNUlIWH LQ GHU %HJHJQXQJ PLW LKUHQ
6FKOHUQ JHJHQEHUVHKHQ EHWULIIW ± DXI 6HLWHQ GHU 6FKOHU ± 0RWLYDWLRQ XQG
'HVWUXNWLYLWlWXQG±DXIGHUHLJHQHQ6HLWH±GLH)lKLJNHLWHLQHVZLUNVDPHQGLH
%H]LHKXQJ]XP*HJHQEHUJHVWDOWHQGHQ8PJDQJV%HLGH3KlQRPHQHKlQJHQ«
HQJ ]XVDPPHQ 8QG EHLGH 3KlQRPHQH 0RWLYDWLRQ'HVWUXNWLYLWlW XQG %H]LH
KXQJVJHVWDOWXQJ KDEHQ HLQH QHXURELRORJLVFKH *UXQGODJH ± DOOHUGLQJV QLFKW LQ
GHP 6LQQH GDVV XQVHU 9HUKDOWHQ GXUFK SULPlU ELRORJLVFKH 9RUJlQJH GHWHUPL
QLHUWZlUHVRQGHUQLP6LQQHHLQHUZHFKVHOVHLWLJHQ%HHLQIOXVVXQJ]ZLVFKHQ(U
OHEQLVVSKlUH3V\FKHXQGLKUHPELRORJLVFKHQ8QWHUEDX6I
'DV *HKLUQ VR %DXHU ZHLWHU PDFKH DXV 3V\FKRORJLH VR]XVDJHQ %LRORJLH Ä$OOHV
ZDV ZLU HUOHEHQ QLPPW GDKHU LPPHU DXFK (LQIOXVV DXI GLH $NWLYLWlW XQVHUHU *HQH
XQG GDPLW DXI XQVHUH ELRORJLVFKH 9HUIDVVXQJ DXV GHU KHUDXV ZLU GDQQ ZLHGHUXP
SV\FKLVFKDJLHUHQ³6
'LH %H]LHKXQJ VSLHOW DXFK LQ GHU 6HOEVWEHVWLPPXQJVWKHRULH QDFK 'HFL XQG 5\DQ
HLQH 6FKOVVHOUROOH 6LH HQWVSULFKW QlPOLFK HLQHU YRQ GUHL ]HQWUDOHQ
.HUQEHGLQJXQJHQGHU/HUQXQG/HLVWXQJVPRWLYDWLRQGHP.RQVWUXNWÄVR]LDOH(LQ
JHEXQGHQKHLW³'LHVHU%HJULIIHQJOLVFKDOVÄUHODWHGQHVV³EH]HLFKQHWZHLVWDXI%H
]RJHQKHLW XQG %H]LHKXQJ ]X ZLFKWLJHQ 3HUVRQHQ ZLH (OWHUQ /HKUHUQ 3HHUV XVZ
KLQ 'DV IROJHQGH =LWDW QHQQW GLH JUXQGOHJHQGHQ %HGUIQLVVH %DVLF 1HHGV HLQHV
MHGHQ0HQVFKHQXQGKHEWVRPLWGLH]HQWUDOH%HGHXWXQJGHU%H]XJVSHUVRQKHUYRU
8PZHOWHQLQGHQHQZLFKWLJH%H]XJVSHUVRQHQ$QWHLOQHKPHQGLH%HIULHGLJXQJ
SV\FKRORJLVFKHU %HGUIQLVVH HUP|JOLFKHQ $XWRQRPLHEHVWUHEXQJHQ GHV /HUQHUV
XQWHUVWW]HQ XQG GLH (UIDKUXQJ LQGLYLGXHOOHU .RPSHWHQ] HUP|JOLFKHQ I|UGHUQ
GLH (QWZLFNOXQJ HLQHU DXI 6HOEVWEHVWLPPXQJ EHUXKHQGHQ 0RWLYDWLRQ 'HFL 5\DQ6+HUYRUKHEXQJGXUFK'/
'LH RELJHQ $EVFKQLWWH ZHLVHQ ]XVDPPHQIDVVHQG DXI GLH 5HOHYDQ] GHU 0RWLYDWLRQ
LQVEHVRQGHUH GHU /HUQ XQG /HLVWXQJVPRWLYDWLRQ DOV %HGLQJXQJ XQG DOV (UJHEQLV
YRQ%LOGXQJXQG(U]LHKXQJLQGHU6FKXOHKLQEHWRQHQGLH%HGHXWXQJGHVOHEHQVODQ
JHQ /HUQHQV XQG YRQ OlQJHUIULVWLJHQ %LOGXQJVHIIHNWHQ XQG ZHLVHQ LP 5DKPHQ GHU
6HOEVWEHVWLPPXQJVWKHRULHDXIGLHLQGLHVHP=XVDPPHQKDQJUHOHYDQWH%H]LHKXQJV
JHVWDOWXQJ]ZLVFKHQ.LQGHUQ-XJHQGOLFKHQXQG%H]XJVSHUVRQHQKLQ,QWHQWLRQPHL
QHU$UEHLWLVWHVGLHVHQ.HUQDVSHNWGHUÄVR]LDOHQ(LQJHEXQGHQKHLW³DXVGHU6HOEVW
%DXHU LVW 3URMHNWOHLWHU HLQHV YRQ GHU %XQGHVUHJLHUXQJ JHI|UGHUWHQ *HVXQGKHLWVSUlYHQWLRQVSURMHNWHV IU
/HKUHUÄ/DQJH/HKUHQ³
(LQOHLWXQJ
*OLHGHUXQJGHU$UEHLW
EHVWLPPXQJVWKHRULH LP 5DKPHQ YRQ VR]LDOLVDWLRQVWKHRUHWLVFKHQ XQG HQWZLFNOXQJV
SV\FKRORJLVFKHQ hEHUOHJXQJHQ XQWHU 9HUZHQGXQJ YRQ OlQJVVFKQLWWOLFKHQ 'DWHQ
ELV]XHUJUQGHQ,P=HQWUXPVWHKHQDOVRGLHSHU]LSLHUWHQSV\FKRORJL
VFKHQ.RQWH[WYDULDEOHQLQ)DPLOLHXQGLQ6FKXOH
(VVROOLQVEHVRQGHUHGHU)UDJHQDFKJHJDQJHQZHUGHQREXQGLQZLHIHUQVR]LDOH(LQ
JHEXQGHQKHLW.OLPD XQGVR]LDOH%H]LHKXQJHQIU GLH 9RUKHUVDJH OHLVWXQJVEH]RJH
QHU3HUV|QOLFKNHLWVHLJHQVFKDIWHQYRUDOOHP]XU$XINOlUXQJGHUDEKlQJLJHQ9DULDE
OHQ/HLVWXQJVPRWLYDWLRQLP-XJHQGDOWHUXQGGHU:HLWHUELOGXQJVXQG/HLVWXQJVPR
WLYDWLRQLP(UZDFKVHQHQDOWHU-DKUHVSlWHUKHUDQJH]RJHQZHUGHQN|QQHQ'DEHL
ZHUGHQ YD GLH %H]LHKXQJHQ ]ZLVFKHQ (OWHUQ XQG .LQG XQG GLH ]ZLVFKHQ /HKUHU
XQG6FKOHUXQWHUVXFKW
*OLHGHUXQJGHU$UEHLW
1DFKHLQOHLWHQGHQ*HGDQNHQ]XU5HOHYDQ]GHV7KHPDVXQG]XU/HVHUIKUXQJ.DS
ZHUGHQLQHLQHP]ZHLWHQ.DSLWHOGLHZHVHQWOLFKHQ%HJULIIHGLHVHU$UEHLWZLH]%
6R]LDOLVDWLRQNXU]XPULVVHQXQGGHILQLHUW'DV=LHOXQGGLH9RUZHJQDKPHYRQNULWL
VFKHQ RGHU UHODWLYLHUHQGHQ (LQZlQGHQ ]XU 5HOHYDQ] GHU KLHU HUDUEHLWHWHQ OlQJV
VFKQLWWOLFKHQ%HIXQGHLVWHEHQIDOOV7HLOGLHVHV.DSLWHOV.DS
,PWKHRUHWLVFKHQ+LQWHUJUXQG.DSZHUGHQ%HIXQGHUXQGXPGLH%HGHXWXQJXQG
(QWZLFNOXQJ GHV 6FKOVVHOEHJULIIV /HLVWXQJVPRWLYDWLRQ .DS DXVJHGHKQW WKH
PDWLVLHUW ,P $QVFKOXVV GDUDQ IROJW GLH 9RUVWHOOXQJ GHU 6HOEVWEHVWLPPXQJVWKHRULH
6'7ZHOFKHIUGLH%HDQWZRUWXQJGHU)UDJHVWHOOXQJ]HQWUDOH%HGHXWXQJHLQQLPPW
.DS'DVOHW]WH8QWHUNDSLWHO.DSZHLVWUHOHYDQWH%HIXQGHDXVZHOFKH
GLH .HUQK\SRWKHVH HLQHU XQWHUVFKLHGOLFKHQ /HLVWXQJVVR]LDOLVDWLRQ LQ +DXSWVFKXOH
XQG*\PQDVLXPEHJUQGHQ
,P QDFKIROJHQGHQ .DSLWHO EHU GHQ DNWXHOOHQ )RUVFKXQJVVWDQG .DS ZHUGHQ LQ
DXVIKUOLFKHU:HLVHGLHLQGHU)RUVFKXQJVOLWHUDWXUQDFKJHZLHVHQHQ=XVDPPHQKlQJH
]ZLVFKHQGHU/HLVWXQJVPRWLYDWLRQXQG.RQWUROOYDULDEOHQ.DS]ZLVFKHQ/HLV
WXQJVPRWLYDWLRQ XQG IDPLOLlUHU (LQJHEXQGHQKHLW .DS XQG ]ZLVFKHQ /HLV
WXQJVPRWLYDWLRQ XQG DX‰HUIDPLOLlUHU (LQJHEXQGHQKHLW .DS DXIJHIKUW (V LVW
DOVR HLQH (EHQH DQJHVSURFKHQ ZHOFKH QLFKW YRU DOOHP GLH HLJHQWOLFKH +|KH XQG
4XDOLWlW GHU /HLVWXQJVPRWLYDWLRQ LQ YHUVFKLHGHQHQ .RQWH[WHQ WKHPDWLVLHUW VRQGHUQ
EHVRQGHUVGHQ=XVDPPHQKlQJHQXQGP|JOLFKHQNDXVDOHQ(IIHNWHQPLWDQGHUHQUH
OHYDQWHQ%HUHLFKHQQDFKJHKW(EHQVRZHLVWGDV.DSLWHODXIGLIIHUHQWLHOOH%HIXQ
GHUXQGXPGLHVH%H]LHKXQJHQKLQZlKUHQGGDV.DSLWHOYRUDOOHPOlQJVVFKQLWW
OLFKH%HOHJHGHUVR]LDOHQ(LQJHEXQGHQKHLWDXIGLH/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJ
DXI]HLJW'DV.DSLWHOZLGPHWVLFKLQVEHVRQGHUHGHU6WDELOLWlWVIUDJHYRQPRWLYD
WLRQDOHQ3HUV|QOLFKNHLWVHLJHQVFKDIWHQJHIROJWYRQGHUJDQ]KHLWOLFKHQ6LFKWGHU3HU
V|QOLFKNHLWVHQWZLFNOXQJ DXIJUXQG VR]LDOHU (LQJHEXQGHQKHLW LQ )DPLOLH XQG 6FKXOH
/LI(6WXGLHYJO)HQG*HRUJ%HUJHU*URE/DXWHUEDFK]LWLHUWQDFK*URE(U]LQJHU
ZHOFKHDXIGHQÄ.RQVWDQ]HU/lQJVVFKQLWW³]XUFNJHKW
(LQOHLWXQJ
*OLHGHUXQJGHU$UEHLW
EHUGHQ/HEHQVODXIEHWUDFKWHW.DS'DV.DSLWHOEHVFKlIWLJWVLFKDEVFKOLH
‰HQGPLWGHU)UDJHREVLFK(OWHUQKDXVXQG6FKXONRQWH[WEH]JOLFK/HLVWXQJVPRWL
YDWLRQVI|UGHUXQJNRPSHQVDWRULVFKYHUKDOWHQ
$EELOGXQJ]HLJWLP6LQQHHLQHV$GYDQFHG2UJDQL]HUGLH6WUXNWXUYJO.DSLWHO
=LIIHUQ QDFK ZHOFKHU VLFK GLH 8QWHUNDSLWHO ELV RULHQWLHUHQ (V VWHOOW GDV
5DKPHQPRGHOOGDUGDVGLHVHU8QWHUVXFKXQJ]X*UXQGHOLHJWZHOFKHVLQ.DSLWHO
WKHRUHWLVFKZHLWHUDXVJHIKUWXQGHUNOlUWZLUG=XUEHVVHUHQ/HVEDUNHLWGHV,QKDOWV
YHU]HLFKQLVVHVVLQGGLH8QWHUWLWHOLQ.DSLWHOXQGNXU]JHKDOWHQ,QIROJHQGHU$E
ELOGXQJVLQGVLHDEHULQDQJHUHLFKHUWHU)RUPDXIJHIKUWZDV]XHLQHPEHVVHUHQ9HU
VWlQGQLVGHV(EHQHQJHEUDXFKVYJO.DSXQGGHUDQJHQRPPHQHQ:LUNXQJVZHLVH
LP5DKPHQGHU6HOEVWEHVWLPPXQJVWKHRULHEHLWUlJW
$EELOGXQJ
6R]LDOH(LQELQGXQJ
LP-XJHQGDOWHU
.RQWUROO
YDULDEOHQN
:DKUJHQRPPHQH
VFKXOLVFKH
/HLVWXQJ
6FKXOOHLVWXQJ
LPIUKHQ
-XJHQGDOWHU
3V\FKRORJLVFKH
(EHQH,
0RWLYDWLRQDOH
3HUV|QOLFKNHLWVPHUNPDOH
LPIUKHQ-XJHQGDOWHU
0RWLYDWLRQDOH
3HUV|QOLFKNHLWVPHUNPDOH
LPIUKHQ(UZDFKVHQHQDOWHU
3V\FKRORJLVFKH
(EHQH,,
6WDELOLWlWLQGHU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJGLIIHUHQ]LHUWQDFK6FKXOW\S
XQG*HVFKOHFKW 'LIIHUHQWLHOOH:LUNXQJV]XVDPPHQKlQJH]ZVR](LQJHEXQGHQKHLWLP-XJHQGDOWHU
XQGPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHQLP(UZDFKVHQHQDOWHU 'LII:LUNXQJV]XVDPPHQKlQJH]ZVR](LQJHEXQGHQKHLW
XQGPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHQ 5DKPHQPRGHOOYJO.DS
.DSLWHOQXPPHUQ9HUZHLVH
VWHKHQMHZHLOVIU.DS7KHRULHXQG.DS
(UJHEQLVVH
=XU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJYRPIUKHQ-XJHQGDOWHULQVIUKH(UZDFKVHQHQDOWHU
3DUWLDONRUUHODWLRQ
3DUWLDONRUUHODWLRQ
(LQIOXVVDXVVHUIDPVR]%H]
DXIPRW3HUV|QOLFKNHLWVPHUNPDOH (LQIOXVVIDPVR](LQJHEXQGHQKHLW
DXIPRWLYDWLRQDOH3HUV|QOLFKNHLWVPHUNPDOH (LQIOXVVGHU.RQWUROOYDULDEOHQDXIPRWLYDWLRQDOH 3HUV|QOLFKNHLWVPHUNPDOHLP-XJHQGDOWHUXQGLP(UZDFKVHQHQDOWHU gNRORJ
(EHQH
6R]LRORJ
(EHQH
%HVWLPPXQJGHUEHUXIOLFKHQ/HLVWXQJV XQG:HLWHUELOGXQJVPRWLYDWLRQGXUFKGLH/HLVWXQJVPRWLYDWLRQXQG
GLHIDPLOLlUHXQG DXVVHUIDPLOLlUHVR]LDOH(LQJHEXQGHQKHLWLPIUKHQ-XJHQGDOWHU
(LQOHLWXQJ
*OLHGHUXQJGHU$UEHLW
.DSLWHOVWUXNWXUGHV)RUVFKXQJVVWDQGHV.DSXQGGHV(UJHEQLVWHLOV.DSXQWHU9HUZHQGXQJGHV5DKPHQ
PRGHOOV]XUOlQJVVFKQLWWOLFKHQ%HVWLPPXQJYRQ/HLVWXQJVPRWLYDWLRQXQGEHUXIOLFKHU:HLWHUELOGXQJVXQG/HLV
WXQJVPRWLYDWLRQ.DS
%HJULIIVGHILQLWLRQHQXQG=LHO
,QWULQVLVFKHH[WULQVLVFKH0RWLYDWLRQ±/HUQ/HLVWXQJVPRWLYDWLRQ
%HJULIIVGHILQLWLRQHQXQG=LHO
1DFK GHU HLQOHLWHQGHQ hEHUVLFKW LQ .DSLWHO VROOHQ LQ GLHVHP .DSLWHO GLH ZLFK
WLJVWHQWKHRUHWLVFKHQ.RQVWUXNWHXQGGDV=LHOGHU$UEHLWPLWVHLQHQP|JOLFKHQ(LQ
JUHQ]XQJHQXPULVVHQZHUGHQ
,Q ZHOFKHQ 7KHPHQEHUHLFKHQ EHZHJW VLFK YRUOLHJHQGH $UEHLW" ,P :HVHQWOLFKHQ
JHKWHVXPGLHEHLGHQ*UXQGEHJULIIH)DPLOLHXQG6FKXOHDOV]HQWUDOH6R]LDOLVDWLRQV
LQVWDQ]HQZHOFKHEHLGHU)|UGHUXQJXQG(QWZLFNOXQJGHU/HLVWXQJVPRWLYDWLRQEH
VRQGHUH%HGHXWXQJKDEHQ,PDOOWDJVVSUDFKOLFKHQ*HEUDXFKZHUGHQRIWGLH%HJULIIH
(U]LHKXQJXQG8QWHUULFKWDVVR]LLHUW(U]LHKXQJLVWDEHUQLFKWQXUGHU)DPLOLH]XJH
ZLHVHQXQGHQWVSULFKWQLFKWHLQIDFKGHU9HUPLWWOXQJYRQ0RUDO8QWHUULFKWLVWHEHQ
VRZHQLJQXUGLH$XIJDEHGHU6FKXOHXQGHQWVSULFKWQLFKWQXUHLQIDFKGHU9HUPLWW
OXQJ YRQ :LVVHQ (U]LHKXQJ XQG%LOGXQJ NRPPHQ LQEHLGHQ LQVWLWXWLRQHOOHQ 2UWHQ
Ä)DPLOLH³XQGÄ6FKXOH³]XP7UDJHQ,QGHUYRUOLHJHQGHQ$UEHLWZHUGHQ(OWHUQKDXV
XQG 6FKXOH EHL GHU (UJUQGXQJ GHU /HLVWXQJVPRWLYDWLRQ LP /lQJVVFKQLWW HWZD
JOHLFKUDQJLJ EHKDQGHOW DXFK ZHQQ GDV (OWHUQKDXV LQVJHVDPW HLQHQ JU|VVHUHQ (LQ
IOXVVDXIGLH/HLVWXQJVPRWLYDWLRQVI|UGHUXQJKDWZLHVLFKQRFKZHLVHQZLUG
,P)ROJHQGHQZHUGHQDOVRGLH]HQWUDOHQ%HJULIIHGLHVHU$UEHLWGHILQLHUW.DS
6LHXPUHL‰HQGLHIUGLH)UDJHVWHOOXQJUHOHYDQWHQ7KHPHQXQGRULHQWLHUHQEHU
GLHJUR‰H6SDQQHGHUYHUEXQGHQHQ7KHPHQ
,QWULQVLVFKHH[WULQVLVFKH0RWLYDWLRQ±/HUQ/HLVWXQJVPRWLYDWLRQ
'DVIUKH$XIZDFKVHQHLQHV.LQGHVLVWPLW$VSHNWHQGHU/HUQXQG/HLVWXQJVPRWL
YDWLRQHQJYHUZREHQ'HQNHQZLUQXUEHLVSLHOVZHLVHDQGLH1HXJLHUPRWLYDWLRQGDV
VRJHQDQQWH)UDJHDOWHU+LHUOLHJWHLQHLQWULQVLVFKH0RWLYDWLRQYRU'DV.LQGP|FKWH
GLH :HOW YHUVWHKHQ %HYRU DEHU DXI HQWZLFNOXQJVSV\FKRORJLVFKH (UNHQQWQLVVH HLQ
JHJDQJHQZLUGV.DSZHUGHQGLH%HJULIIH0RWLYDWLRQLQWULQVLVFKHXQGH[
WULQVLVFKH0RWLYDWLRQ/HUQXQG/HLVWXQJVPRWLYDWLRQGHILQLHUW
0RWLYDWLRQ0RWLYDWLRQJLOWDOVK\SRWKHWLVFKHV.RQVWUXNWGDVGLHÄDNWLYLHUHQGH$XV
ULFKWXQJ GHV PRPHQWDQHQ /HEHQVYROO]XJHV DXI HLQHQ SRVLWLY EHZHUWHWHQ =LHO]X
VWDQG EHVFKUHLEHQ XQG HUNOlUHQ VROO 5KHLQEHUJ 6 1DFK +HFNKDXVHQ
LVWGDVZDV]XP+DQGHOQPRWLYLHUWHLQDQ]LHKHQGHU=LHO]XVWDQGGHQHV]X
YHUZLUNOLFKHQJLOWRGHUHLQXQDQJHQHKPHU=LHO]XVWDQGGHQHV]XPHLGHQJLOW
=XU 8QWHUVFKHLGXQJ LQWULQVLVFKHU XQG H[WULQVLVFKHU 0RWLYDWLRQ 'LH H[WULQVLVFKH
0RWLYDWLRQZLUGXQWHUGHP.DSLWHOLP5DKPHQGHU6HOEVWEHVWLPPXQJVWKHRULH
QRFKHLQJHKHQGHUEHVFKULHEHQ$QGLHVHU6WHOOHZHUGHQLQ]XVDPPHQIDVVHQGHU)RUP
GLH ]HQWUDOHQ 8QWHUVFKHLGXQJVDVSHNWH EH]JOLFK /HLVWXQJVPRWLYDWLRQ KHUYRUJHKR
EHQ
%HJULIIVGHILQLWLRQHQXQG=LHO
,QWULQVLVFKHH[WULQVLVFKH0RWLYDWLRQ±/HUQ/HLVWXQJVPRWLYDWLRQ
*HPl‰6FKLHIHOHXQG.|OOHU6ILVWLQWULQVLVFKH0RWLYDWLRQGDQQJHJH
EHQZHQQHLQHEHVWLPPWH+DQGOXQJLQWHUHVVDQWVSDQQHQGKHUDXVIRUGHUQGXVZLVW
'LH+DQGOXQJZLUGXPLKUHUVHOEVW:LOOHQGXUFKJHIKUWXQGIXQJLHUWJHZLVVHUPD‰HQ
DOVHLJHQH%HORKQXQJ,P*HJHQVDW]GD]XVSULFKWPDQGDQQYRQH[WULQVLVFKHU0RWL
YDWLRQZHQQPLWGHU+DQGOXQJHLQHSRVLWLYH)ROJHKHUEHLJHIKUWRGHUHLQHQHJDWLYH
)ROJH YHUPLHGHQ ZLUG (LQ 6FKOHU LVW ]% ]XP /HUQHQ PRWLYLHUW ZHLO HU GDGXUFK
HLQHSRVLWLYH%HZHUWXQJGXUFKGLH/HKUSHUVRQDQVWUHEWHLQHKRKH.RPSHWHQ]HUUHL
FKHQRGHUEHVVHUDOVDQGHUHVHLQP|FKWHRGHUZHLOLKPKRKH/HLVWXQJHQYLHOEHGHX
WHQ,QVRIHUQN|QQHQGHUH[WULQVLVFKHQ0RWLYDWLRQGLH8QWHUNDWHJRULHQVR]LDOH0RWL
YDWLRQ.RPSHWHQ]PRWLYDWLRQ:HWWEHZHUEVPRWLYDWLRQRGHU/HLVWXQJVPRWLYDWLRQ]X
JHRUGQHWZHUGHQ
([WULQVLVFKH0RWLYDWLRQZLUGYRQ:LOG5DPPHUWXQG6LHJPXQGZLHLQGHU
YRUOLHJHQGHQ6WXGLHXQWHU%HQW]XQJGHV%HJULIIV/HLVWXQJV%HUHLWVFKDIWGHILQLHUW
([WULQVLVFKPRWLYLHUWH/HUQHUNQSIHQLKUH%HUHLWVFKDIWVLFKPLWVFKXOLVFKHQ
,QKDOWHQ DXVHLQDQGHU]XVHW]HQ DQ GDV 9RUKDQGHQVHLQ lX‰HUHU .RQWLQJHQ]HQ
'DV /HUQHQ ZLUG QXQ HKHU DQ (IIL]LHQ] GHQQ DQ (IIHNWLYLWlWVEHUOHJXQJHQ
RULHQWLHUWXQG'HPRWLYDWLRQVWHOOWVLFKHLQZHQQlX‰HUH$QUHL]HQLFKWLQDXV
UHLFKHQGHP0D‰HJHJHEHQVLQGRGHULQ.RQNXUUHQ]]XDWWUDNWLYHQ$OWHUQDWL
YHQVWHKHQ6
=XVDPPHQIDVVHQGLVW,QWHUHVVHQVPRWLYDWLRQHLQÄSURWRW\SLVFKHV%HLVSLHOIULQWULQ
VLVFKH$XIJDEHQPRWLYDWLRQ/HLVWXQJVPRWLYDWLRQHLQ%HLVSLHOIUH[WULQVLVFKH0RWL
YDWLRQ³ 3HNUXQ +HOPNH 6 :HLO OlQJHUIULVWLJ ZLUNHQGH )ROJHQ YRQ
/HUQPRWLYDWLRQ]%/HLVWXQJ.DUULHUHZHJLQGHU$XVELOGXQJVXQG%HUXIVODXIEDKQ
XQG GLH VR]LDOH $QHUNHQQXQJ YRQ %H]XJVSHUVRQHQ VLQG N|QQHQ Ä.RPSHWHQ]
/HLVWXQJV RGHU VR]LDO RULHQWLHUWH /HUQPRWLYDWLRQ DOV H[WULQVLVFKH 0RWLYDWLRQVIRU
PHQ³DQJHVHKHQZHUGHQYJO3HNUXQ6FKLHIHOH6
=XU8QWHUVFKHLGXQJ]ZLVFKHQ/HUQXQG/HLVWXQJVPRWLYDWLRQ'DJHPl‰RELJHU'H
ILQLWLRQHQ HLQH DXI GLH )ROJHQ XQG GLH VR]LDOH $QHUNHQQXQJ DEJH]LHOWH 0RWLYDWLRQ
DOVH[WULQVLVFKGHILQLHUWZLUGLVWPLWGHP%HJULIIGHU/HLVWXQJVPRWLYDWLRQDXFKHLQH
NODUH $EJUHQ]XQJ ]XU LQWULQVLVFKHQ /HUQPRWLYDWLRQ YRUJHQRPPHQ ZHOFKH ZLH HU
ZlKQWXPLKUHUVHOEVWZLOOHQJH]HLJWZLUG'LHJHQDXH%HJULIIVGHILQLWLRQYRQ/HLV
WXQJVPRWLYDWLRQZLUGXQWHUGHP.DSJHOHLVWHW)HQGEHQXW]WIUGDVLQ
GLHVHU6WXGLHEHQW]WH.RQVWUXNWÄ/HLVWXQJVPRWLYDWLRQ³GLH%HJULIIH/HLVWXQJVRGHU
$QVWUHQJXQJVEHUHLWVFKDIWPDQFKPDODEHUDXFK/HUQPRWLYDWLRQ
,QVJHVDPWJHVHKHQKDQGHOWHVVLFKEHLGHQ$QDO\VHQPLWGHP.RQVWUXNW/HLVWXQJV
PRWLYDWLRQXPHLQHH[WULQVLVFKH0RWLYDWLRQVIRUP6HKUZHVHQWOLFKLVWDEHUGLH8Q
WHUVFKHLGXQJ YRQ K|KHUHQ 6WXIHQ GHU H[WULQVLVFKHQ 0RWLYDWLRQ GHU VRJHQDQQWHQ
VHOEVWEHVWLPPWHQ0RWLYDWLRQPHKUGD]XLQ.DSZHOFKHOlQJVVFKQLWWOLFKJH
VHKHQUHOHYDQWLVW
%HJULIIVGHILQLWLRQHQXQG=LHO
6R]LDOLVDWLRQ
6R]LDOLVDWLRQ
'HU %HJULII 6R]LDOLVDWLRQ KDW LQ GHU YRUOLHJHQGHQ $UEHLW HEHQIDOOV JUR‰HV *HZLFKW
$XV GHU /lQJVVFKQLWWSHUVSHNWLYH KHUDXV VROO QlPOLFK JH]HLJW ZHUGHQ RE VLFK GLH
/HLVWXQJVPRWLYDWLRQEHU-DKUHKLQZHJEHVWLPPHQGDXIGLHEHUXIOLFKH/HLVWXQJV
XQG :HLWHUELOGXQJVPRWLYDWLRQ LP (UZDFKVHQHQDOWHU DXVZLUNW XQG LQVRIHUQ HLQ 6R
]LDOLVDWLRQVHIIHNWQDFKJHZLHVHQZHUGHQNDQQ
+XUUHOPDQQEH]HLFKQHW6R]LDOLVDWLRQDOVÄGHQ3UR]HVVGXUFKGHQGHU0HQVFK
HLQHVR]XVDJHQÃ]ZHLWH¶VR]LRNXOWXUHOOH*HEXUWHUOHEWXQG]XUJHVHOOVFKDIWOLFKKDQG
OXQJVIlKLJHQ3HUV|QOLFKNHLWZLUG³6,P%HJULIIVLQG]ZHL)XQNWLRQHQHQWKDO
WHQ GLH $QSDVVXQJ GHV ,QGLYLGXXPV DQ GLH JHVHOOVFKDIWOLFKHQ 5ROOHQ XQG 9HUKDO
WHQVDQIRUGHUXQJHQ DIILUPDWLYH )XQNWLRQ XQG GLH (QWZLFNOXQJ GHV 0HQVFKHQ ]XU
DXWRQRPHQ JHIHVWLJWHQ 3HUV|QOLFKNHLW HPDQ]LSDWLYH )XQNWLRQ 1DFK 6HHO ZHUGHQLP6R]LDOLVDWLRQVSUR]HVVÄhEHU]HXJXQJHQ(LQVWHOOXQJHQ:HUWKDOWXQJHQLP
,QGLYLGXXP EHU GHVVHQ %H]LHKXQJ ]X DQGHUHQ 3HUVRQHQ XQG *UXSSHQ DXIJHEDXW³
6
6R]LDOLVDWLRQNDQQJURELQGUHL3KDVHQXQWHUWHLOWZHUGHQ'LHSULPlUH6R]LDOLVDWLRQ
ZLUGZlKUHQGGHUIUKHQ.LQGKHLWYRUDOOHPLQGHU)DPLOLHJHOHLVWHWGLHVHNXQGlUH
ILQGHWPHKUKHLWOLFKLQGHU6FKXOHVWDWWZlKUHQGGLHWHUWLlUH6R]LDOLVDWLRQYRUDOOHP
LP%HUXIVIHOGJHOHLVWHWZLUGYJO*XGMRQV6
'LH(OWHUQVR]LDOLVLHUHQLKUH.LQGHUDXIGLUHNWHXQGLQGLUHNWH:HLVH'D]XJHK|UWGLH
8QWHUZHLVXQJGDV0RGHOOYHUKDOWHQ(LQVWHOOXQJHQXQG9HUKDOWHQ]%(U]LHKXQJV
VWLOVRZLHGLH2UJDQLVDWLRQGHVVR]LDOHQ/HEHQVGHU.LQGHUZHOFKHGXUFKGLH(OWHUQ
JHOHLVWHWZLUGYJO6LHJOHU'H/RDFKH(LVHQEHUJ6
)DPLOLHQ VLQG DOV HUVWH 6R]LDOLVDWLRQVLQVWDQ] JOHLFK]HLWLJ GHU HUVWH %LOGXQJVRUW IU
.LQGHU$XV6LFKWGHU3lGDJRJLVFKHQ3V\FKRORJLHVWHKHQLP5DKPHQGHU)DPLOLHQ
VR]LDOLVDWLRQEHVRQGHUVHPRWLRQDOPRWLYDWLRQDOH)DNWRUHQLP=HQWUXPYJO0LQVHO
6GLHVLFKHUH%LQGXQJ]X%H]XJVSHUVRQHQGDVVWDELOH6HOEVWYHU
WUDXHQ XQG GLH )lKLJNHLW XQG %HUHLWVFKDIW VLFK HLJHQVWlQGLJ XQG DQJVWIUHL DXI
QHXH(UIDKUXQJHQRGHUXQEHNDQQWH/HUQ6LWXDWLRQHQHLQ]XODVVHQ(V]HLJWVLFKDOVR
GDVVGLHIUKH%LOGXQJLP(OWHUQKDXVVWDUNGXUFKHPRWLRQDOPRWLYDWLRQDOH)DNWRUHQ
XQGLQVEHVRQGHUHGXUFKGLH%LQGXQJ]XU%H]XJVSHUVRQEHVWLPPWZLUG'DVVR]LDOH
(OHPHQW KHUUVFKW YRU XQG ]ZDU QLFKW XQEHGLQJW DOV HLQH EHZXVVWH XQG LQWHQGLHUWH
VRQGHUQPHLVWHQVDOVXQEHZXVVWH%HHLQIOXVVXQJ,P5DKPHQGHUIDPLOLDOHQ6R]LDOL
VDWLRQVIRUVFKXQJZLUG6R]LDOLVDWLRQDOOJHPHLQYHUVWDQGHQDOVÄGDV+LQHLQZDFKVHQLQ
GHQ JHJHEHQHQ VR]LRNXOWXUHOOHQ .RQWH[W PLW GHU hEHUQDKPH VR]LDOHU 5ROOHQ (U
ZDUWXQJHQXQG+DQGOXQJVPXVWHU³7URPPVGRUII6
$EELOGXQJ]HLJWGLH8QWHUVFKHLGXQJ]ZLVFKHQ(U]LHKXQJXQG6R]LDOLVDWLRQEHU
VLFKWOLFKDXIYJO*XGMRQV6
%HJULIIVGHILQLWLRQHQXQG=LHO
6R]LDOLVDWLRQ
(QNXOWXUDWLRQ
(UZHUENXOWXUHOOHU%DVLVIlKLJNHLWHQ
6R]LDOLVDWLRQ
ÄVR]LDOZHUGHQ³
(U]LHKXQJ
ÄVR]LDOPDFKHQ³
,QGLYLGXDWLRQ
HLQ]LJDUWLJHV,QGLYLGXXPZHUGHQ
$EELOGXQJ
6R]LDOLVDWLRQDOVÄVR]LDOZHUGHQ³XQG(U]LHKXQJDOVÄVR]LDOPDFKHQ³*XGMRQV6
6RVLQGDOVR6R]LDOLVDWLRQ(U]LHKXQJXQG,QGLYLGXDWLRQLQGLHEHUJHRUGQHWH(QNXO
WXUDWLRQ HLQJHEHWWHW ZR GHU (UZHUE GHU NXOWXUHOOHQ %DVLVIHUWLJNHLWHQ VWDWWILQGHW
:lKUHQG (U]LHKXQJ GDV Ä6R]LDO0DFKHQ³ EHZXVVW XQG LQWHQWLRQDO VWHXHUW VSULFKW
PDQ EHL GHU 6R]LDOLVDWLRQ YRP Ä6R]LDO:HUGHQ³ XQG PHLQW GDPLW YRU DOOHP DXFK
XQEHDEVLFKWLJWH3UR]HVVHEHLGHU%HHLQIOXVVXQJGHUNLQGOLFKHQ3HUV|QOLFKNHLW
'DEHLNDQQDXFKYRQ6HOEVWVR]LDOLVDWLRQJHVSURFKHQZHUGHQ'HQQXQWHUGHU3HUV
SHNWLYHGHV,QWHUDNWLRQLVPXVV.DSLVWHVQHEVW)DPLOLH6FKXOH3HHUVXQG
0HGLHQDXFKGDV.LQGVHOEVWGDVVHLQH3HUV|QOLFKNHLWPLWJHVWDOWHW6FKQHHZLQG
:DOSHUXQG*UDIEHVFKUHLEHQGLH6HOEVWVR]LDOLVDWLRQIROJHQGHUPD‰HQ
%HWUDFKWHWPDQ6R]LDOLVDWLRQLP6LQQHYRQ+XUUHOPDQQXQG8OLFK6
IDOVÃ0LWJOLHG:HUGHQLQHLQHU*HVHOOVFKDIW¶GDQQZDQGHOWVLFKLQVEHVRQ
GHUH IU .LQGHU GLH LQ HLQH )DPLOLH KLQHLQJHERUHQ E]Z DGRSWLHUW ZHUGHQ
GLHVHV0LWJOLHG:HUGHQLQGHU)DPLOLHYRQ]XQlFKVWYRUQHKPOLFKDX‰HQEH
VWLPPWHQ 6R]LDOLVDWLRQVHLQIOVVHQ ]XQHKPHQG ]X HLQHP 3UR]HVV GHU 6HOEVW
VR]LDOLVDWLRQ LQGHP GLH Ã6HOEVWYHUVWlQGOLFKNHLWHQ¶ IDPLOLlUHU %H]LHKXQJV
IRUPHQ E]Z IDPLOLlU YHUPLWWHOWHU (U]LHKXQJVPXVWHU YHULQQHUOLFKW ZHUGHQ
XQG VRPLW ]XU (QWZLFNOXQJ GHU HLJHQHQ 3HUV|QOLFKNHLW EHLWUDJHQ *OHLFKHV
JLOWIUMHQH8QWHUNDWHJRULHIDPLOLlUHU6R]LDOLVDWLRQVSUR]HVVHGLHXQWHUGHP
%HJULII Ã(U]LHKXQJ¶ ]XVDPPHQJHIDVVW ZHUGHQ « $XFK KLHU JHZLQQW PLW
ZDFKVHQGHU+DQGOXQJVIlKLJNHLWGHU.LQGHUGHU3UR]HVVGHU6HOEVWHU]LHKXQJ
LP 6LQQH VHOEVWLQLWLLHUWHU =LHOVHW]XQJHQ XQG HQWVSUHFKHQGHU +DQGOXQJVEH
PKXQJHQ LQ XQWHUVFKLHGOLFKHQ /HEHQVEHUHLFKHQ ]XQHKPHQG DQ %HGHXWXQJ
+XUUHOPDQQ6FKQHHZLQG6
'LHVHV=LWDW]HLJWGDVVLQGLYLGXHOOHXQGHLJHQDNWLYH9RUDXVVHW]XQJHQIUGLH6R]LD
OLVDWLRQQLFKWXQEHGHXWHQGVLQG,P.DSZLUGGDUXPGDVKDQGOXQJVWKHRUHWLVFKH
3DUDGLJPDGHV,QWHUDNWLRQLVPXVQlKHUEHVFKULHEHQXQGGLH5ROOHGHU3HUV|QOLFKNHLW
GHV6FKOHUVGLHVEH]JOLFKDXIJH]HLJW
%HJULIIVGHILQLWLRQHQXQG=LHO
%HGHXWXQJYRQ6FKXOHIUGLH3HUV|QOLFKNHLWVHQWZLFNOXQJ
%HGHXWXQJYRQ6FKXOHIUGLH3HUV|QOLFKNHLWVHQWZLFNOXQJ
8QWHUGLHVHP7LWHOVROONXU]DXIJH]HLJWZHUGHQLQZLHIHUQGLH6FKXOHXQGGLH/HKUHU
EH]JOLFK GHU 3HUV|QOLFKNHLWVHQWZLFNOXQJ IXQNWLRQDO E]Z G\VIXQNWLRQDO ZLUNHQ
=XHUVWDEHUQRFK]XU'HILQLWLRQYRQ3HUV|QOLFKNHLW
8QWHUGHU3HUV|QOLFKNHLWZLUGLQGHU3V\FKRORJLHGLH*HVDPWKHLWDOOHULQGLYL
GXHOOHQ %HVRQGHUKHLWHQ HLQHV 0HQVFKHQ YHUVWDQGHQ GLH VHLQ (UOHEHQ RGHU
9HUKDOWHQ EHWUHIIHQ +LHU]X ]lKOW ]% VHLQ 7HPSHUDPHQW VHLQ :LVVHQ XQG
VHLQH)lKLJNHLWHQVHLQH(LQVWHOOXQJHQXQG:HUWKDOWXQJHQVHLQ6HOEVWELOGXQG
6HOEVWZHUW DEHU DXFK LQGLYLGXDOW\SLVFKH $XVSUlJXQJHQ VHLQHU N|USHUOLFKHQ
*HVWDOWVHLQHU3K\VLRORJLHXQGVHLQHU*HQHVRIHUQVLHHUOHEHQVRGHUYHUKDO
WHQVUHOHYDQWVLQG'LH3HUV|QOLFKNHLWLVWDOVRDOOGDVZDVHLQ,QGLYLGXXPYRQ
DQGHUHQXQWHUVFKHLGHW'DEHLJHKWHVQLFKWXPYRUEHUJHKHQGH=XVWlQGHVRQ
GHUQXPEHUGDXHUQGH0HUNPDOH$VHQGRUSI6
1DFK6FKQHHZLQGHWDOHUIOOWGLH6FKXOHVRZRKOHLQH%LOGXQJVXQG6R]LDOL
VDWLRQVIXQNWLRQDOVDXFK±GXUFKGLHYHUJOHLFKHQGH/HLVWXQJVEHZHUWXQJ±HLQH6H
OHNWLRQV XQG $OORNDWLRQVIXQNWLRQ 'LHVH )XQNWLRQHQ ZLUNHQ LQQHUKDOE GHU 6FKXO
ODXIEDKQZLHDXFKLP+LQEOLFNDXIGLHVSlWHUHEHUXIOLFKH(QWZLFNOXQJ
)HQGDSRVWXOLHUWIUGLH6FKXOHLPhEHUJDQJVEHUHLFKYRQGHU)DPLOLH]XU*H
VHOOVFKDIW YLHU ]HQWUDOH )XQNWLRQHQ GDUXQWHU DXFK GLH HEHQJHQDQQWH $OORNDWLRQV
IXQNWLRQ 'XUFK GLH (QNXOWXUDWLRQVIXQNWLRQ GHU 6FKXOH ZHUGHQ GLH .LQGHU XQG -X
JHQGOLFKHQ LQ GLH .XOWXU XQG GLH 6LQQV\VWHPH GHU *HVHOOVFKDIW HLQJHIKUW HVNDQQ
DXFKYRQ5HSURGXNWLRQXQG,QQRYDWLRQYRQ.XOWXUJHVSURFKHQZHUGHQ'LH4XDOLIL
NDWLRQVIXQNWLRQ GHU 6FKXOH ]HLJW VLFK EHL GHU 9HUPLWWOXQJ YRQ )HUWLJNHLWHQ XQG
.HQQWQLVVHQ ZHOFKH IU VSlWHUH EHUXIOLFKH 7lWLJNHLWHQ EHQ|WLJW ZHUGHQ +LHUEHL
ZLUGLQVEHVRQGHUHDXIGLH/HUQXQG/HLVWXQJVPRWLYDWLRQYHUZLHVHQZHOFKHGXUFK
GLH6FKXOHXQGGDV(OWHUQKDXVHQWVFKHLGHQGJHSUlJWZHUGHQ$QJHVLFKWVGHULPPHU
NOHLQHUZHUGHQGHQ+DOEZHUWV]HLWYRQ:LVVHQLVWGLHVHVR]LDOLVLHUWH3HUV|QOLFKNHLWV
HLJHQVFKDIWLQ=XNXQIWYRQHQWVFKHLGHQGHU%HGHXWXQJ'LH6HOHNWLRQVXQG$OORND
WLRQVIXQNWLRQ]HLJWVLFKGDQQZHQQGLH6FKXOHEHUGDV3UIXQJVZHVHQ=XRUGQXQ
JHQ GHU EHUXIOLFKHQ XQG VR]LDOHQ 6WHOOXQJ DQKDQG GHU HUEUDFKWHQ /HLVWXQJHQ YRU
QLPPW YJO HEG ,Q )HQG ZXUGH GLH 6HOHNWLRQ QRFK H[SOL]LW JHQDQQW LQ
)HQGDDEHUQXUQRFKYRQ$OORNDWLRQJHVSURFKHQÄGDQLFKWGLH$XVVFKOLH‰XQJ
DXVHUZQVFKWHQ%LOGXQJVODXIEDKQHQLP9RUGHUJUXQGVWHKHQNDQQVRQGHUQHLQHOH
JLWLPLHUEDUH$OORNDWLRQYRQ3HUVRQHQPLWEHVWLPPWHQ4XDOLILNDWLRQHQ]X$XIJDEHQ
PLW EHVWLPPWHQ $QIRUGHUXQJHQ³ 6 'XUFK GLH ,QWHJUDWLRQVIXQNWLRQ VRUJW GLH
'LH6R]LDOLVDWLRQVIXQNWLRQLVWHQJPLWGHU3HUV|QOLFKNHLWVHQWZLFNOXQJYHUEXQGHQYJO'HILQLWLRQ6R]LDOL
VDWLRQVEHJULII.DS
,Q)HQGVLQGGUHL]HQWUDOH)XQNWLRQHQDXIJHOLVWHW4XDOLILNDWLRQVIXQNWLRQ6HOHNWLRQVXQG$OOR
NDWLRQVIXQNWLRQ,QWHJUDWLRQVXQG/HJLWLPDWLRQVIXQNWLRQ
%HJULIIVGHILQLWLRQHQXQG=LHO
(OWHUQ.LQG%H]LHKXQJ
6FKXOHVFKOLH‰OLFKIUGLH5HSURGXNWLRQYRQ1RUPHQ:HUWHQXQG:HOWVLFKWHQGLH
]XU6WDELOLVLHUXQJGHUSROLWLVFKHQ9HUKlOWQLVVHGLHQHQ
1LFKWXQEHGHXWHQGVLQGGDEHLDEHUGLH)ROJHQGHVVRJHQDQQWHQJHKHLPHQ/HKUSODQV
GLH VLFK DOV Ä1HEHQZLUNXQJHQ³ GHU LQVWLWXWLRQHOOHQ 9RUJDEHQ VFKXOLVFKHQ /HUQHQV
HUJHEHQ +LHUEHL KDQGHOW HV VLFK XP GLH *HZ|KQXQJ DQ OHLVWXQJVRULHQWLHUWHV .RQ
NXUUHQ]GHQNHQXPGLH9HULQQHUOLFKXQJVR]LDOHU+DOWXQJHQXQGXPGLH*HZ|KQXQJ
DQ 7HFKQLNHQ GHU 9RUWHLOVYHUVFKDIIXQJ 5HLQKROG 3ROODN +HLP 6 'LH )XQNWLRQVHUIOOXQJ GHU 6FKXOH KDW LP 5DKPHQ GHU 3HUV|QOLFKNHLWVHQWZLFNOXQJ
YRQ.LQGHUQXQG-XJHQGOLFKHQGLHVEH]JOLFKJUR‰H$XVZLUNXQJHQ)UGLH3HUV|Q
OLFKNHLWVHQWZLFNOXQJ YRQ HKHU VFKZlFKHUHQ 6FKOHUQ NDQQ GDV %LOGXQJVZHVHQ PLW
-DKUJDQJVNODVVHQ XQG %H]XJVJUXSSHQRULHQWLHUXQJ EHVRQGHUV VFKlGLJHQG ZLUNHQ
ZLH -HUXVDOHP XQG 6FKZDU]HU IHVWKDOWHQ Ä$XI 'DXHU QLFKW HUIROJUHLFKH
6FKOHUVWHKHQYLHOHQ$QIRUGHUXQJHQLP8QWHUULFKWKLOIORVJHJHQEHU>«@$QVWUHQ
JXQJVFKHLQWDXVVLFKWVORV$QIRUGHUXQJVVLWXDWLRQHQZHUGHQDOVVHOEVWZHUWVFKlGLJHQG
HUOHEW $XI OlQJHUH 6LFKW KDOWHQVLFK GLHVH 6FKOHU IU XQIlKLJ JHKHQ /HLVWXQJV
DQIRUGHUXQJHQlQJVWOLFKDXVGHP:HJHRGHUJHEHQVFKQHOODXIYJO-HUXVDOHP
³ 6 6FKXOH ZLUNW DOVR IU HLQH JHZLVVH *UXSSH YRQ 6FKOHUQ PRWLYD
WLRQV XQG SHUV|QOLFKNHLWVVFKlGLJHQG 'DUXP XQG DXFK LP 5DKPHQ GHU 6HOEVWEH
VWLPPXQJVWKHRULH LVW GLH %H]LHKXQJVJHVWDOWXQJ ]ZLVFKHQ %H]XJVSHUVRQHQ XQG GHQ
.LQGHUQ-XJHQGOLFKHQYRQJUR‰HU:LFKWLJNHLW$XVJHKHQGYRQGHQLQGHU6FKXOHHU
]HXJWHQ SRVLWLYHQ RGHU QHJDWLYHQ /HLVWXQJVPRWLYDWLRQVHIIHNWHQ VROO LQ GHQ EHLGHQ
QlFKVWHQ.DSLWHOQGLH:HVHQVDUWGHU%H]LHKXQJHQLQ)DPLOLHXQG6FKXOH]XGHQ%H
]XJVSHUVRQHQ LP =XVDPPHQKDQJ PLW GHU /HLVWXQJVPRWLYDWLRQVI|UGHUXQJ EHVFKULH
EHQZHUGHQ
(OWHUQ.LQG%H]LHKXQJ
,Q GLHVHU $UEHLW QHKPHQ GLH VR]LDOHQ %H]LHKXQJHQ ]X %H]XJVSHUVRQ HLQHQ JUR‰HQ
6WHOOHQZHUW HLQ 6RZRKO GLH (OWHUQ.LQG%H]LHKXQJ DOV DXFK GLH (LJHQKHLWHQ GHU
/HKUHU6FKOHU%H]LHKXQJYJO.DSZHUGHQQDFKIROJHQGXPULVVHQ
%H]LHKXQJVIlKLJNHLWHQWZLFNHOWVLFKLQ$EKlQJLJNHLWYRQIUKNLQGOLFKHQ,QWHUDNWLR
QHQ PLW GHQ %H]XJVSHUVRQHQ (LQ VHQVLWLYHV (LQJHKHQ GHU %H]XJVSHUVRQ DXI GDV
.LQGZHQQHVVLFKXQZRKOIKOWVWlUNWGDV*HIKOYRQ6LFKHUKHLWXQGIKUW]XU(U
IDKUXQJGDVV8PZHOWDQIRUGHUXQJHQEHZlOWLJWXQGQHJDWLYH*HIKOV]XVWlQGHEHHQ
GHWZHUGHQN|QQHQ
'LHIUKNLQGOLFKHQ%LQGXQJVHUIDKUXQJHQIKUHQLP9RUVFKXODOWHU]XZLFKWLJHQ,Q
WHUQDOLVLHUXQJHQ VD %HJULIIVHUNOlUXQJ LQ .DS =XGHP KDW HLQH 5HLKH YRQ
/lQJVVFKQLWWVWXGLHQ QDFKJHZLHVHQ GDVV GLH %LQGXQJVTXDOLWlW UHODWLY VWDELO EOHLEW
XQG ELV ]X HLQHP JHZLVVHQ *UDG DXFK GLH $UW GHU 6R]LDOEH]LHKXQJHQ LQ DQGHUHQ
.RQWH[WHQVRZLHGLH(QWZLFNOXQJLQGLYLGXHOOHU8QWHUVFKLHGHLQYHUVFKLHGHQHQ3HU
'LH KLHU QXU DP 5DQGH HUZlKQWH %LQGXQJVWKHRULH %RZOE\ PXVV EHL GLHVHU %HJULIIVGHILQLWLRQ
]ZDUJHQDQQWZHUGHQMHGRFKQLPPWVLHIUGLHKLHUYRUOLHJHQGH8QWHUVXFKXQJNHLQHQJUR‰HQ6WHOOHQZHUW
HLQGD$EOHLWXQJHQDXIJUXQGGHU9HUKlOWQLVVHLPIUKHQ-XJHQGDOWHUXQGQLFKWDXIJUXQGYRQ)DNWRUHQLP
.OHLQNLQGHVDOWHUJHPDFKWZHUGHQ
%HJULIIVGHILQLWLRQHQXQG=LHO
/HKUHU6FKOHU%H]LHKXQJ
V|QOLFKNHLWVPHUNPDOHQ YRUKHU]XVDJHQ YHUPDJ YJO 6FKQHHZLQG HW DO 6
'LH 4XDOLWlW GHU (OWHUQ.LQG%H]LHKXQJ NDQQ GXUFK IROJHQGH ,QGLNDWRUHQ REMHNWLY
XQGVXEMHNWLYJHPHVVHQZHUGHQYJO7URPPVGRUII6
$UWXQG+lXILJNHLWYRQ,QWHUDNWLRQHQJHPHLQVDPH 7lWLJNHLWHQ.RQIOLNWKlXILJ
NHLW
$XVPD‰ DQ hEHUHLQVWLPPXQJ YRQ (OWHUQ XQG .LQGHUQ LQ %H]XJ DXI GLH JHJHQ
VHLWLJH:DKUQHKPXQJRGHULQ%H]XJDXI9HUKDOWHQRGHU:HUWH
$XVPD‰YRQ6HOEVWlQGLJNHLWZHOFKHVGHQ.LQGHUQJHZlKUWZLUG
9HUWUDXHQYRQ.LQGHUQLQLKUH(OWHUQZRKROHQVLH7URVWXQG5DW
3DUWL]LSDWLRQYRQ.LQGHUQDQ(QWVFKHLGXQJHQLQGHU)DPLOLH
JHJHQVHLWLJHRGHUQXUHLQVHLWLJGXUFK(OWHUQRGHU.LQGHUHUIROJHQGHVXEMHNWLYH
%HZHUWXQJGHU%H]LHKXQJVTXDOLWlW
'DVIROJHQGH=LWDWYHUZHLVWDXIGLHJUR‰H%HGHXWXQJYRQVR]LDOHQ%H]LHKXQJHQ
1DKHVR]LDOH%H]LHKXQJHQLQVEHVRQGHUH%H]LHKXQJHQ]ZLVFKHQ)DPLOLHQPLW
JOLHGHUQ VLQG ]XP HLQHQ %HGLQJXQJHQ IU GLH XQPLWWHOEDUH /HEHQVEHZlOWL
JXQJLQMHGHU$OWHUVVWXIHLQGHPVLH8QWHUVWW]XQJVOHLVWXQJHQHUEULQJHQ=XP
DQGHUHQ VWHOOHQ ,QWHUDNWLRQHQ 9RUDXVVHW]XQJHQ IU GLH (QWZLFNOXQJ VR]LDOHU
.RPSHWHQ]HQ XQG IU GLH (QWZLFNOXQJ GHU JHVDPWHQ 3HUV|QOLFKNHLW GDU ,Q
GHUDOOWlJOLFKHQ,QWHUDNWLRQEHVWlWLJHQGLH0LWJOLHGHULKUH%H]LHKXQJ+RIHU
6+HUYRUKHEXQJGXUFK'/
9HUOlVVOLFKH %H]LHKXQJHQ ]X %H]XJVSHUVRQHQ YRU DOOHP ]X GHQ HLJHQHQ (OWHUQ
VFKHLQHQVLFK DOVRDXIGHQJHVDPWHQ/HEHQVYHUODXIDXV]XZLUNHQ(VOlVVWVLFKYHU
PXWHQGDVVOlQJHUIULVWLJH(IIHNWHGHU(OWHUQ.LQG%H]LHKXQJLP-XJHQGDOWHUDXIGLH
EHUXIOLFKH :HLWHUELOGXQJV XQG /HLVWXQJVPRWLYDWLRQ LP (UZDFKVHQHQDOWHU IU YRU
OLHJHQGH8QWHUVXFKXQJQDFKZHLVEDUVLQG
/HKUHU6FKOHU%H]LHKXQJ
'LH(OWHUQ.LQG%H]LHKXQJXQWHUVFKHLGHWVLFKJUXQGOHJHQGYRQGHU%H]LHKXQJ]ZL
VFKHQ /HKUHU XQG 6FKOHU /HW]WHUH ZLUG LQ GHU /LWHUDWXU DXFK RIW PLW ÄSlGDJRJL
VFKHP%H]XJ³EH]HLFKQHWYJO1RKO
7DEHOOH]HLJWGLH(LJHQVFKDIWHQGHULQWHUJHQHUDWLRQDOHQ%H]LHKXQJHQLQGHU)D
PLOLHXQGLQGHU6FKXOHYJO:LOG+RIHULQ$QOHKQXQJDQ.UDPHU+HOVSHU
%XVVH
%HJULIIVGHILQLWLRQHQXQG=LHO
7DEHOOH
8QWHUVFKLHGLQGHQVR]LDOHQ%H]LHKXQJHQLQ)DPLOLHXQG6FKXOH
%H]LHKXQJVVFKHPDWD
,QWHUDNWLRQHQ
/HKUHU6FKOHU%H]LHKXQJ
)DPLOLH
1lKH
=HLJHQYRQ(PRWLRQHQ
)|UGHUXQJYRQ,QGLYLGXDOLWlW
'DXHUKDIWLJNHLW
9HUWUDXHQ
=HLWOLFKZHQLJUHJOHPHQWLHUW
6\PPHWULH
6HOEVWVWHXHUXQJ
%HJUQGHQ
6FKXOH
'LVWDQ]
(PRWLRQVNRQWUROOH
,QGLYLGXDOLWlWDOV6W|UJU|‰H
.XU]IULVWLJNHLW
0LVVWUDXHQ
=HLWOLFKKRFKUHJOHPHQWLHUW
$V\PPHWULH
)UHPGVWHXHUXQJ
$QRUGQHQ
:LH7DEHOOH]HLJWLVWGDV:HVHQGHU%H]LHKXQJ]X0XWWHUXQG9DWHUHLQHDQGHUH
DOVMHQH]XP/HKUHU,QGHU6FKXOHPXVVVLFKGDV.LQGYHUPHKUWDQSDVVHQGDVHLQH
,QGLYLGXDOLWlW HKHU DOV 6W|UJU|‰H DXIJHIDVVW XQG HLQH DQJHSDVVWH (PRWLRQVNRQWUROOH
JHIRUGHUWZLUG'HQQRFKKDW:HUWVFKlW]XQJXQGHPRWLRQDOH=XQHLJXQJEHLGHU)|U
GHUXQJ YRQ /HLVWXQJVPRWLYDWLRQ DEHU NHLQH JHULQJH %HGHXWXQJ $XFK JHPl‰
*LHVHFNH 6 I XQWHUVFKHLGHW VLFK GLH 6FKXOH DOV 6R]LDOJHELOGH YRQ GHU
)DPLOLHLQZHVHQWOLFKHQ3XQNWHQ(LQ%HLVSLHOGDIULVWGLH=ZHFNRULHQWLHUXQJZR
%H]LHKXQJHQ ]X MHQHQ HLQJHJDQJHQ ZHUGHQ PVVHQ GLH PDQ YLHOOHLFKW HKHU QLFKW
PDJ'LHVH(UIDKUXQJWUlJWVLFKHUOLFKDXFK]XU3HUV|QOLFKNHLWVI|UGHUXQJEHL
'LHVR]LDOHPRWLRQDOHQ$QWHLOHHUKDOWHQPHLQHUhEHU]HXJXQJQDFKLQGHU6FKXOHHL
QHQ]XQHKPHQGJU|‰HUHQ6WHOOHQZHUWIUGLH(QWZLFNOXQJGHU.LQGHUXQG-XJHQGOL
FKHQ 'LH (U]LHKXQJVYHUKlOWQLVVH GHU HU-DKUH VLQG QLFKW PHKU GLH JOHLFKHQ ZLH
MHQH YRQ KHXWH VD .DS 6WLFKZRUW ÄYRP %HIHKOV ]XP 9HUKDQGOXQJVKDXV
KDOW³YJOGH6ZDDQ=XGHPJLEWHVNHLQH6RQGHUIRUPHLQHUSlGDJRJLVFKHQ
%HJHJQXQJ VRQGHUQ QXU GLH PHQVFKOLFKH %HJHJQXQJ VFKOHFKWKLQ YJO %ROOQRZ
ZDVGHURELJHQ8QWHUVFKHLGXQJZLGHUVSULFKW
0LOOHU EHWRQW GLH ]XQHKPHQGH %HGHXWXQJ GHU %H]LHKXQJ LP VFKXOLVFKHQ
.RQWH[WHEHQIDOOVĶ(U]LHKXQJ¶XQG%H]LHKXQJVDUEHLWPVVHQJHQDXVRJHOHUQWZHU
GHQ ZLH 7lWLJNHLWHQ DQGHUHU %HUXIH DXFK ± ZREHL GLH (U]LHKXQJ HLQH $N]HQWYHU
VFKLHEXQJXQG(UZHLWHUXQJLQ5LFKWXQJ%H]LHKXQJHUIlKUW³6)U0LOOHU]HLJW
VLFK GLHVH $N]HQWYHUVFKLHEXQJ YRQ GHU Ä6XEMHNW2EMHNW%H]LHKXQJ³ KLQ ]XU Ä6XE
MHNW6XEMHNW%H]LHKXQJ³YJO$EELOGXQJ
(U]LHKXQJ %H]LHKXQJ
(U]LHKXQJLPÄDOWHQ6WLO³DOV%HHLQIOXVVXQJ
PLWGHP=LHOGHU9HUKDOWHQVlQGHUXQJGHU
.LQGHUXQG-XJHQGOLFKHQ
6XEMHNW2EMHNW5HODWLRQ
$
%HHLQIOXVVXQJ(LQZLUNXQJ
$EELOGXQJ
%
Ä(U]LHKXQJ³ LPGLIIHUHQWHQ6LQQDOV%H]LHKXQJ
PLWGHP=LHOGHV%HJOHLWHQVXQG)|UGHUQVGHU
(QWZLFNOXQJYRQ.LQGHUQXQG-XJHQGOLFKHQ
6XEMHNW6XEMHNW5HODWLRQ
$
%H]LHKXQJ
%
(U]LHKXQJXQG%H]LHKXQJXQGGLH$N]HQWYHUVFKLHEXQJ]XUÄ6XEMHNW6XEMHNW%H]LHKXQJ³0LOOHU6
%HJULIIVGHILQLWLRQHQXQG=LHO
,QWHUDNWLRQLVPXV
$EELOGXQJZHLVWDOVRDXIGLH]XQHKPHQGJU|‰HUZHUGHQGH%HGHXWXQJGHU%H]LH
KXQJ LP 6FKXONRQWH[W KLQ 'LH LP ÄDOWHQ 6WLO³ RIW JHOHEWH %HHLQIOXVVXQJ PLW GHP
=LHO GHU 9HUKDOWHQVlQGHUXQJ 3DUDGLJPD GHV %HKDYLRULVPXV ZHLFKW HLQHU %H]LH
KXQJ EHL ZHOFKHU GDV %HJOHLWHQ XQG )|UGHUQ LP =HQWUXP VWHKW EHL ZHOFKHU QLFKW
HLQHHLQVHLWLJHVRQGHUQHLQH]XQHKPHQGZHFKVHOVHLWLJH%H]LHKXQJJHOHEWZLUG3D
UDGLJPDGHV,QWHUDNWLRQLVPXVVD.DS6FKXOLVFKHV/HUQHQXQGHLQHJXWH%H
]LHKXQJ]XP/HKUHUKlQJHQHQJ]XVDPPHQYRUDOOHPLQ%H]XJ]XU)|UGHUXQJGHU
/HUQ XQG /HLVWXQJVPRWLYDWLRQ )U GHQ 1HXURELRORJHQ %DXHU D LVW ÄDOOHV
VFKXOLVFKH/HKUHQXQG/HUQHQ±GLHVZLUGYRUDOOHPYRQ$X‰HQVWHKHQGHQRIW]XZH
QLJJHVHKHQ±«HLQJHEHWWHWLQDQVWUHQJHQGH$UEHLWGHU%H]LHKXQJVJHVWDOWXQJ³6
1DFKGLHVHQ$XVIKUXQJHQVLQGGLH%HJULIIH/HLVWXQJVPRWLYDWLRQ6R]LDOLVDWLRQXQG
(OWHUQ.LQG%H]LHKXQJ XQG /HKUHU6FKOHU%H]LHKXQJ XPULVVHQ XQG GHU =XVDP
PHQKDQJ ]ZLVFKHQ /HLVWXQJVPRWLYDWLRQ XQG %H]LHKXQJ XQWHUPDXHUW 6RPLW NDQQ
]XU(UOlXWHUXQJGHU7KHRULHGHV,QWHUDNWLRQLVPXVEHUJHJDQJHQZHUGHQ
,QWHUDNWLRQLVPXV
'LHEHUHLWVHUZlKQWH7KHRULHGHV,QWHUDNWLRQLVPXVZLUGLQYRUOLHJHQGHU$UEHLWGDU
XPDQJHZHQGHWZHLOVLHLQGHU6R]LDOLVDWLRQVIRUVFKXQJHLQHQEHGHXWHQGHQ6WHOOHQ
ZHUWHLQQLPPW/DQJH=HLWJDOWGDV)RUVFKXQJVLQWHUHVVHKDXSWVlFKOLFKGHUXQLGLUHN
WLRQDOHQ%HHLQIOXVVXQJYRQ.LQGHUQGXUFKLKUH(OWHUQXQGDQGHUH%H]XJVSHUVRQHQ
,Q]ZLVFKHQEHVWHKWDEHUHLQ.RQVHQVLQGHU)RUVFKXQJVOLWHUDWXUKLQVLFKWOLFKGHU$Q
QDKPHGDVV.LQGHUHLQHQDNWLYHQ%HLWUDJ]XLKUHUHLJHQHQ6R]LDOLVDWLRQOHLVWHQYJO
3DUNH%XULHO
*HUDGHEHLGHU)UDJHZLHGDV %LOGXQJVV\VWHPXQG GLH+XPDQHQWZLFNOXQJ]XVDP
PHQZLUNHQ NDQQ JHPl‰ )HQG XQG 6W|FNOL 6 GLH 7KHRULH GHV ,QWHUDNWLR
QLVPXVE]ZGLH Ä3HUVSHNWLYHGHV KDQGOXQJVWKHRUHWLVFKV\VWHPLVFKHQ3DUDGLJPDV³
ZLHVLHHVEH]HLFKQHQKHUDQJH]RJHQZHUGHQ'HU0HQVFKZLUGGDEHLQLFKWPHKUDOV
ÄWDEXODUDVD³DQJHVHKHQZLUGGHUYRQDX‰HQJHSUlJWZLUG(ULVWPLWHLQHPG\QDPL
VFKHQLQQHUHQ6\VWHPDXVJHVWDWWHWHULQWHUSUHWLHUWGLH:LUNOLFKNHLWDXIGHP+LQWHU
JUXQGYRQ(UIDKUXQJHQXQGJHVWDOWHWGLH:HOWXQGVLFKVHOEHUDNWLYPLW6HKUHQJDQ
GLHVHP KDQGOXQJVWKHRUHWLVFKHQ 3DUDGLJPD KDW VLFK DXFK 3HVWDOR]]L LQ
VHLQHQ Ä1DFKIRUVFKXQJHQ³ RULHQWLHUW 'HU 0HQVFK VHL GDV 3URGXNW GHU 1DWXU GHU
*HVHOOVFKDIW XQG VHLQHU VHOEVW 6SULFK 'HU 0HQVFK VHW]W VLFK DOVR PLW GHU 8PZHOW
DNWLYXQGVHOEVWlQGLJDXVHLQDQGHUZLUNWDXIGLHVHHLQXQGYHUlQGHUWVLH
1HEHQGHPLQWHUDNWLRQLVWLVFKHQ7KHRULHDQVDW]JLEWHVDEHUDXFKQRFKZHLWHUH/HUQ
SDUDGLJPHQGLHEHLGHU/HLVWXQJVPRWLYDWLRQVIRUVFKXQJHLQH5ROOHVSLHOHQGHU%H
KDYLRULVPXVGHU+XPDQLVPXVGLHVR]LDONRJQLWLYH/HUQWKHRULHXQGGHU.RJQLWLYLV
PXV=XVDPPHQIDVVHQGJLOW'LHEHKDYLRULVWLVFKH3HUVSHNWLYHEHWRQWGLH%HGHXWXQJ
H[WHUQHU$QUHL]HXQGLVWGHPHQWVSUHFKHQGIUGLHH[WULQVLVFKH0RWLYDWLRQYRQJUR
‰HU %HGHXWXQJ $XV GHU KXPDQLVWLVFKHQ 3HUVSHNWLYH LVW IU GDV /HLVWXQJVYHUKDOWHQ
GLH 0DVORZ¶VFKH %HGUIQLVKLHUDUFKLH EHGHXWVDPEHL GHU GLHYHUVFKLHGHQHQ
%HJULIIVGHILQLWLRQHQXQG=LHO
,QWHUDNWLRQLVPXV
(EHQHQEHUFNVLFKWLJWZHUGHQPVVHQ'HUVR]LDONRJQLWLYH$QVDW]E]ZGDV0RGHOO
OHUQHQDOVGULWWH3HUVSHNWLYHHQWIDOWHWGDQQVHLQH:LUNXQJZHQQGDV.LQGLQGHU%H
]XJVSHUVRQHLQ9RUELOGVLHKWXQGGXUFKVLHWDJWlJOLFKEHZXVVWXQGXQEHZXVVWEHHLQ
IOXVVWZLUG'DVLVWLQVEHVRQGHUHGHU)DOOZHQQGLH%H]LHKXQJ]ZLVFKHQGHUHUZDFK
VHQHQ3HUVRQXQG.LQGVHKUHQJLVW'LHYLHUWH3HUVSHNWLYHLVWVFKOLH‰OLFKGHUNRJQL
WLYH $QVDW] (U EDVLHUW DXI GHU ,GHH GDVV 0HQVFKHQ DXV LQQHUHU (LQVLFKW PRWLYLHUW
VLQGVLFKHIIHNWLYPLWLKUHU8PZHOWDXVHLQDQGHU]XVHW]HQXQGVLFKLQLKU]XUHFKW]X
ILQGHQ ,Q GLHVH 7UDGLWLRQ ODVVHQ VLFK GLH (UZDUWXQJV:HUW VRZLH GLH $WWULEXWL
RQVWKHRULHGHU/HLVWXQJVPRWLYDWLRQHLQRUGQHQ
1DFK:LJILHOG(FFOHV6FKLHIHOH5RHVHUXQG'DYLV.HDQJHK|UWGLH6HOEVW
EHVWLPPXQJVWKHRULH]XGHQPRGHUQHQ(UZDUWXQJV:HUW7KHRULHQVD.DS
6LH LVW DEHU QLFKW YRU DOOHP HLQH NRJQLWLYODVWLJH VRQGHUQ HLQH DXI VR]LDODIIHNWLYH
$VSHNWH IRNXVVLHUWH DOOJHPHLQH (QWZLFNOXQJVWKHRULH ,Q LKU EHNRPPW GLH VR]LDOH
(LQELQGXQJ XQG GLH %H]LHKXQJ JUR‰HV *HZLFKW 'HP (LQ]HOQHQ ZLUG ]XGHP HLQ
JUR‰HU6WHOOHQZHUWEHLVHLQHU(QWZLFNOXQJHLQJHUlXPWLQVRIHUQ PXVVVLHDOVRDXFK
]XGHQKDQGOXQJVWKHRUHWLVFKHQXQGLQWHUDNWLRQLVWLVFKHQ7KHRULHQJH]lKOWZHUGHQ
$P %HLVSLHO GHU (OWHUQ ZHOFKH GLH ZLFKWLJVWH (LQIOXVVJU|‰H GHU 3HUV|QOLFKNHLWV
HQWZLFNOXQJ GHV .LQGHV GDUVWHOOHQ ZLUG QXQ GLH 9LHOIDOW GLHVHU WKHRUHWLVFK XQWHU
VFKLHGOLFKHQ:LUNXQJVSUR]HVVHLQNXU]HQ:RUWHQDXIJH]HLJW
'XUFK ZLHGHUKROWHV %HUHLWVWHOOHQ YRQ KHUDXVIRUGHUQGHQ 6LWXDWLRQHQ XQG %HNUlIWL
JXQJHQGDQDFK%HKDYLRULVPXVGXUFKLP$OOWDJVWlQGLJDXFKXQEHZXVVWYRUJHOHEWH
5ROOHQPRGHOOH VR]LDONRJQLWLYH 7KHRULH XQG GXUFK GLH EHZXVVW DQJHZHQGHWHQ (U
]LHKXQJVPD‰QDKPHQ .RJQLWLYLVPXV ZLUNHQ (OWHUQ WDJWlJOLFK DXI GLH 3HUV|QOLFK
NHLWVHQWZLFNOXQJGHV.LQGHVHLQZREHLGLHVHVVHLQHHLJHQHQ9RUVWHOOXQJHQLQVHLQHU
,QGLYLGXDOLWlW KDQGOXQJVWKHRUHWLVFK HEHQIDOOV LQ GLHVH 3UR]HVVH PLWHLQIOLH‰HQ
OlVVW
'HU ,QWHUDNWLRQLVPXV HQWVSULFKW DOVR DOO GLHVHQ 9RUVWHOOXQJHQ LQGHP GLHVHV Ä3DUD
GLJPDGHU3HUV|QOLFKNHLWVWKHRULH³DXIGHU$QQDKPHEDVLHUWGDVV3HUVRQHQPHUNPDOH
PLW6LWXDWLRQVPHUNPDOHQXQGGHUVR]LDOHQ8PZHOWLQWHUDJLHUHQXQGNHLQHQXUDGGL
WLYHQXQGHLQVHLWLJHQ:LUNXQJHQIHVWVWHOOEDUVLQGYJO*URE-DVFKLQVNL6
&DVSL'LHVHQWVSULFKWGHP3RVWXODWYRQ/HZLQGDVVGDV9HUKDO
WHQHLQHU3HUVRQHLQH)XQNWLRQGHU3HUV|QOLFKNHLWXQGGHU6LWXDWLRQVHL*UROQLFNDQG
5\DQZHLVHQDXIJUXQGLKUHU(UJHEQLVVHH[SOL]LWDXIGHQWUDQVDNWLRQDOHQ3UR
]HVV KLQ LQ ZHOFKHP (OWHUQ XQG .LQG JHJHQVHLWLJHQ (LQIOXVV DXI GLH 6HOEVWUHJXOD
WLRQVHQWZLFNOXQJGHV.LQGHVLQGHU6FKXOHKDEHQ6I
'LH)UDJHZDUXPQLFKWDOOH.LQGHUGHUVHOEHQ)DPLOLHVLFKJOHLFKHQWZLFNHOQNDQQ PLWYHUVFKLHGHQHQ
$VSHNWHQ EHDQWZRUWHW ZHUGHQ (UVWHQV LQWHUDJLHUHQ GLH (OWHUQ QLFKW PLW MHGHP .LQG DXI GLHVHOEH :HLVH
]ZHLWHQV HUOHEHQ GLH .LQGHU DXFK XQWHUVFKLHGOLFKH .RQWH[WH 6FKXOH .ODVVH /HKUSHUVRQ 3HHUV « XQG
VFKOLH‰OLFKVSLHOWDXFKGLH3HUV|QOLFKNHLWGHV.LQGHVHLQHJUR‰H5ROOHLQVHLQHU(QWZLFNOXQJYJO*URE
-DVFKLQVNL6
*UROQLFNDQG5\DQEH]LHKHQVLFKGDEHLDXFKDXIGLH%LQGXQJVWKHRULHQDFK%RZOE\
%HJULIIVGHILQLWLRQHQXQG=LHO
'LIIHUHQWLHOOH6WDELOLWlW
,QVJHVDPW JHVHKHQ SUlJHQ DOVR VRZRKO 8PZHOW XQG 3HUV|QOLFKNHLW GHV .LQGHV GLH
/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJ ZDV GLHVHP KDQGOXQJVWKHRUHWLVFKHQ XQG VRPLW
LQWHUDNWLRQLVWLVFKHP7KHRULHDQVDW]HQWVSULFKWZHOFKHUPLWQHXHQ%HIXQGHQDXVGHU
1HXURELRORJLHHEHQIDOOVNRPSDWLEHOLVWZLH%DXHUE]HLJW
%HYRUDXIGDV=LHOGLHVHU$UEHLWHLQJHJDQJHQZLUG.DSVROOXQWHUGLHVHUOHW]
WHQ %HJULIIVGHILQLWLRQ HUNOlUW ZHUGHQ ZDV PDQ XQWHU GHU GLIIHUHQWLHOOHQ 6WDELOLWlW
YHUVWHKW(EHQIDOOVZLUGGDUJHOHJWGDVVHVLQGHUYRUOLHJHQGHQ$UEHLWOHJLWLPLVWYRQ
HLQHUZHQQDXFKHKHUNOHLQ]XHUZDUWHQGHQ6WDELOLWlWYRQ3HUV|QOLFKNHLWVPHUN
PDOHQEHU-DKUHKLQZHJDXV]XJHKHQ
'LIIHUHQWLHOOH6WDELOLWlW
/HEHQVYHUOlXIH YRQ KHXWH VLQG KHWHURJHQHU DOV IUKHU LQVEHVRQGHUH LP IUKHQ (U
ZDFKVHQHQDOWHU .UDPSHQ XQG 5HLFKOH QHQQHQ GUHL *UQGH GDIU 'LH
=XQDKPH GHU YHUWLNDOHQ KRUL]RQWDOHQ XQG JHRJUDSKLVFKHQ 0RELOLWlW GLH =X
QDKPH GHV $QWHLOV YRQ )UDXHQ PLW K|KHUHU %LOGXQJ XQG GLH YRP $UEHLWVPDUNW
JHIRUGHUWH)OH[LELOLVLHUXQJ%HUHLWVFKDIWOHEHQVODQJ]XOHUQHQYJO6
,P IUKHQ (UZDFKVHQHQDOWHU LVW HLQH KRKH 3ODVWL]LWlW EH]JOLFK GHU 7HPSHUDPHQWV
PHUNPDOHÄ%LJ)LYH³IHVW]XVWHOOHQ'LHV]HLJHQ5REHUWV:DOWRQXQG9LHFKWEDXHU
LQHLQHU0HWDDQDO\VHDXV/lQJVVFKQLWWVWXGLHQ'LH6WDELOLWlWVNRHIIL]LHQWHQ
GHU 3HUV|QOLFKNHLWVPHUNPDOH ZHOFKH GDQQ ]ZLVFKHQ VLJQLILNDQWHQ XQG OLH
JHQZHLVHQÄDXIHUKHEOLFKHLQWHULQGLYLGXHOOH8QWHUVFKLHGHLQGHQ(QWZLFNOXQJVYHU
OlXIHQ³ KLQ VR .UDPSHQ XQG 5HLFKOH 6 ZHLWHU (V NDQQ DOVR JHVDJW
ZHUGHQ GDVV GLH 6WDELOLWlWVXQWHUVFKLHGH ]ZLVFKHQ GHQ YHUVFKLHGHQHQ *UXSSHQ XQG
3HUVRQHQDXIJUXQGKHWHURJHQHU/HEHQVYHUOlXIHYRUDOOHPLPIUKHQ(UZDFKVHQHQ
DOWHUYJO9DULDQ]HQLQ$EELOGXQJJU|‰HUJHZRUGHQVLQG
%HWUDFKWHW PDQ GLH VRJHQDQQWH ÄGLIIHUHQWLHOOH 6WDELOLWlW GHV 0HUNPDOV³ VR ]HLJW
VLFK GDVV VLFK LQ $EKlQJLJNHLW GHV $OWHUV XQWHUVFKLHGOLFKH 6WDELOLWlWVDXVSUlJXQJHQ
XQG YDULDQ]HQ HUJHEHQ 'LHVH GLIIHUHQWLHOOH 6WDELOLWlW FKDUDNWHULVLHUW HLQ 0HUNPDO
QLFKWHLQ,QGLYLGXXPXQGVRPLWHQWVSULFKWVLHGHUGLIIHUHQWLHOOHQ6LFKWZHLVHGHU3HU
V|QOLFKNHLWVHQWZLFNOXQJYJO$VHQGRUSI6
:LFKWLJLVWGDVV3HUV|QOLFKNHLWVHQWZLFNOXQJQLFKWPLWHLQHUKRKHQ6WDELOLWlWLUJHQG
HLQHV 3HUV|QOLFKNHLWVPHUNPDOV EHU -DKUH JOHLFK]XVHW]HQ LVW $VHQGRUSI EULQJW HV
DXI GHQ 3XQNW Ä3HUV|QOLFKNHLWVHLJHQVFKDIWHQ VROOHQ :RFKHQ XQG ZHQLJH 0RQDWH
EHUGDXHUQQLFKWDEHUYLHOH-DKUH³DD266RZHLW]XP(QWZLFNOXQJVEHJULII
LP =XVDPPHQKDQJ PLW GHU 0HUNPDOVVWDELOLWlW 1XQ IROJHQ HLQLJH (UNOlUXQJHQ ]X
GHQ6WDELOLWlWVNRHIIL]LHQWHQ,QGHUYRUOLHJHQGHQ6WXGLHZHUGHQGLHVHYRUDOOHPEH
]JOLFKGHV.RQVWUXNWV/HLVWXQJVXQG/HUQPRWLYDWLRQEHU-DKUHKLQZHJWKHPD
WLVLHUW
1HXURWLVPXV([WUDYHUVLRQ2IIHQKHLW9HUWUlJOLFKNHLWXQG*HZLVVHQKDIWLJNHLW
%HJULIIVGHILQLWLRQHQXQG=LHO
'LIIHUHQWLHOOH6WDELOLWlW
$VHQGRUSI KDW VLFK PLW GHU )UDJH EHVFKlIWLJW ZDQQ VLFK 3HUV|QOLFKNHLWVXQ
WHUVFKLHGH LP /HEHQVODXI VWDELOLVLHUHQ (U YHUZHLVW DXI GLH ELV KHXWH XPIDVVHQGVWH
0HWDDQDO\VHYRQ5REHUWVXQG'HO9HFFKLRDXV/lQJVVFKQLWWXQWHUVXFKXQ
JHQ LQ GHQHQ DQ PHKU DOV ¶ 3HUVRQHQ EHU ¶ 6WDELOLWlWVNRHIIL]LHQWHQ IU
YHUVFKLHGHQH $OWHUVJUXSSHQ XQG VR]LDOHPRWLRQDOH 3HUV|QOLFKNHLWVPHUNPDOH EH
VWLPPW ZRUGHQ ZDUHQ 6LH JLEW %HVFKHLG EHU GLH 6WDELOLWlW YRQ 3HUV|QOLFKNHLWV
PHUNPDOHQ LP /HEHQVODXI GK EHU 7HPSHUDPHQW XQG GLH %DVLVGLPHQVLRQHQ GHU
3HUV|QOLFKNHLW(VNRQQWHJH]HLJWZHUGHQGDVVGLH6WDELOLWlWVNRHIIL]LHQWHQPLWGHP
$OWHUGHU3UREDQGHQVWLHJHQLQGHU.LQGKHLWLP6WXGLHQDOWHUPLW-DK
UHQ XQG HLQ 3ODWHDX YRQ LP $OWHU ]ZLVFKHQ XQG -DKUHQ HUUHLFKWHQ 'LH
6WDELOLWlW KLQJ QXU PLQLPDO YRP JHWHVWHWHQ 3HUV|QOLFKNHLWVPHUNPDO RGHU YRP *H
VFKOHFKW DE $EELOGXQJ ]HLJW GLH hEHUVLFKW ]X GLHVHU GLIIHUHQWLHOOHQ 6WDELOLWlW
YJO$VHQGRUSI6
$EELOGXQJ
=XZDFKV GHU GLIIHUHQWLHOOHQ 0HUNPDOVVWDELOLWlW PLW ZDFKVHQGHP $OWHU EHL GHU HUVWHQ 3HUV|QOLFKNHLWVPHVVXQJ LQ
$QOHKQXQJDQ5REHUWV'HO9HFFLR]LWLHUWGXUFK$VHQGRUSI6
$QJHJHEHQ VLQG IU YHUVFKLHGHQH $OWHUVLQWHUYDOOH GLH PLWWOHUH 6WDELOLWlW XQG LKUH 9DULDWLRQ ]ZLVFKHQ GHQ 6WXGLHQ
.RQILGHQ]LQWHUYDOOIUDOOH6WDELOLWlWVVWXGLHQLQGHQHQGLHHUVWH0HVVXQJLQGDV$OWHUVLQWHUYDOOILHO'HUPLWW
OHUH$EVWDQG]ZLVFKHQ]ZHL3HUV|QOLFKNHLWVPHVVXQJHQEHWUlJW-DKUH
$EELOGXQJ]HLJWGHXWOLFKGDVVGLH6WDELOLWlWELV]XP$OWHUYRQ-DKUHQLQVJH
VDPWVWHLJWDEHUDXFK'LVNRQWLQXLWlWDXIZHLVW=XGHPLVWDEGHPIUKHQ(UZDFKVH
QHQDOWHU HLQH EHPHUNHQVZHUW JU|‰HUH 9DULDQ] IHVWVWHOOEDU DOV GLH -DKUH ]XYRU 'DV
VHKUKRKH1LYHDXGHU0HUNPDOVVWDELOLWlWQDFK-DKUHQNRPPWNQDSSXQWHUKDOEGHU
/LQLH YRQ ]X OLHJHQ ZDV GLH %HJUHQ]XQJ IU 0HVVIHKOHU GDUVWHOOW (LQ HUVWHU
6WDELOLWlWV]XZDFKV ILQGHW VLFK EHLP .LQGHUJDUWHQHLQWULWW DE -DKUH HLQ ]ZHLWHU
EHLP9HUODVVHQGHV(OWHUQKDXVHVDE-DKUHXQGHLQGULWWHULP$OWHUZHQQGLHHL
JHQHQ.LQGHUGDV(OWHUQKDXVYHUODVVHQKDEHQDE-DKUH$VHQGRUSIIDVVW
GLH(UJHEQLVVHZLHIROJW]XVDPPHQ
%HJULIIVGHILQLWLRQHQXQG=LHO
=LHOXQG9RUZHJQDKPHYRQ5HODWLYLHUXQJHQ
'LHVH$QDO\VH]HLJWHUVWPDOVEHU]HXJHQGGDVVHLQHZLUNOLFKKRKH6WDELOLWlW
VR]LDOHPRWLRQDOHU 3HUV|QOLFKNHLWVPHUNPDOH HUVW LP K|KHUHQ (UZDFKVHQHQDO
WHUHUUHLFKWZLUG1LFKWQXULP.LQGHVXQG-XJHQGDOWHUVRQGHUQDXFKQRFKLP
MQJHUHQ(UZDFKVHQHQDOWHUN|QQHQDOVRGHXWOLFKH3HUV|QOLFKNHLWVYHUlQGHUXQ
JHQVWDWWILQGHQXQGGLH6WDELOLWlWQLPPWPLW$XVQDKPHGHUYRUEHUJHKHQGHQ
'HVWDELOLVLHUXQJLQGHU3XEHUWlWELV]XP$OWHUYRQFD-DKUHQQLFKWDE6
'LH 6WDELOLWlW QLPPW DOVR EHU GHQ /HEHQVODXIEHWUDFKWHW ]X ZREHL GLH DOOJHPHLQH
'HVWDELOLVLHUXQJ LP -XJHQGDOWHU XQG LKUH $XVZLUNXQJ DXI GLH NRUUHODWLYH 6WDELOLWlW
LP -XJHQGDOWHU DXFK GXUFK 3LQTXDUW XQG 6LOEHUZHLVHQ EHOHJW ZHUGHQ Ä'LH
.RUUHODWLRQHQ VLQG >GDQQ@ QXU HWZD KDOE VR JUR‰ ZLH EHL /lQJVVFKQLWWVWXGLHQ ]XP
7HPSHUDPHQWLQGHU.LQGKHLWXQG]XU9HUlQGHUXQJGHU3HUV|QOLFKNHLWLPIUKHQXQG
PLWWOHUHQ(UZDFKVHQHQDOWHU³6+HUYRUKHEXQJGXUFK'/,QVRIHUQNDQQGD
YRQ DXVJHJDQJHQ ZHUGHQ GDVV VLFK GLH 6WDELOLWlWVNRHIIL]LHQWHQ GLHVHU 6WXGLH ZlUH
GLH(UKHEXQJGHXWOLFKYRUGHU3XEHUWlWJHZHVHQDOOHQIDOOVQRFKK|KHUJH]HLJWKlW
WHQ
=XVDPPHQIDVVHQGNDQQIHVWJHKDOWHQZHUGHQGDVVGLH)UDJHQDFKGHU0HUNPDOVVWD
ELOLWlWEHUHLQHQJUR‰HQ/lQJVVFKQLWWZLHGHUYRUOLHJHQGHDXVHPSLULVFKHUZLHDXFK
DXV HQWZLFNOXQJVWKHRUHWLVFKHU 6LFKW 6LQQ PDFKW 'DVV GDUEHU KLQDXV JHPl‰ GHU
6HOEVWEHVWLPPXQJVWKHRULH GLH 9HUXUVDFKXQJVSULQ]LSHQ GLHVHU 6WDELOLWlW LQ GLH %H
UHFKQXQJVPRGHOOHPLWHLQIOLH‰HQVWHOOWEHLDOOHQ5HODWLYLHUXQJHQYRQVROFKHQ]HLWOLFK
DXVJHGHKQWHQ/RQJLWXGLQDOVWXGLHQYJOIROJHQGHV.DSGHQ:HVHQVNHUQGLHVHU
$UEHLWGDU
=LHOXQG9RUZHJQDKPHYRQ5HODWLYLHUXQJHQ
1DFK GLHVHQ %HVFKUHLEXQJHQ GHU 6FKOVVHOEHJULIIH XQG GLH LQ GHU (LQOHLWXQJ JURE
IRUPXOLHUWH )UDJHVWHOOXQJ ZLUG QXQ GDV =LHO GLHVHU $UEHLW JHNOlUW (V VROO JHSUIW
ZHUGHQ RE XQG LQZLHIHUQ GLH ÄVR]LDOH (LQJHEXQGHQKHLW³ JHPl‰ GHU 6HOEVWEHVWLP
PXQJVWKHRULH 6'7 XQWHU 9HUZHQGXQJ YRQ OlQJVVFKQLWWOLFKHQ 'DWHQ ELV
GHU /LI(6WXGLH /HEHQVYHUOlXIH LQV IUKH (UZDFKVHQHQDOWHU 3URMHNWOHL
WXQJ )HQG *HRUJ %HUJHU *URE /DXWHUEDFK VLHKH ]XVI *URE XQG (U]LQJHU
]XU%HVWLPPXQJGHU/HLVWXQJVPRWLYDWLRQLP-XJHQGDOWHUXQGGHUEHUXIOLFKHQ
:HLWHUELOGXQJV XQG /HLVWXQJVPRWLYDWLRQ LP (UZDFKVHQHQDOWHU KHUDQJH]RJHQ ZHU
GHQNDQQ
(VHUJHEHQVLFKIROJHQGHYLHU8QWHU]LHOHZHOFKHLP.DSLWHOPLWNRQNUHWHQ)UD
JHVWHOOXQJHQEHUVHW]WZHUGHQ
/LI(6WXGLH1DWLRQDOIRQGV3URMHNW61)Ä9RP-XJHQGOLFKHQ]XP(UZDFKVHQHQ)RO
ORZ8S]XU/lQJVVFKQLWWXQWHUVXFKXQJÃ(QWZLFNOXQJLP-XJHQGDOWHUDXVGHQ-DKUHQ¶³
%HJULIIVGHILQLWLRQHQXQG=LHO
=LHOXQG9RUZHJQDKPHYRQ5HODWLYLHUXQJHQ
3UIHQ GHU (IIHNWH YRQ VR]LDO ZDKUJHQRPPHQHU IDPLOLlUHU XQG DX‰HUIDPLOLlUHU
VR]LDOHU (LQJHEXQGHQKHLW JHPl‰ GHU 6'7 DXI GLH /HLVWXQJVPRWLYDWLRQ XQG DXI
GLHEHUXIOLFKH/HLVWXQJVXQG:HLWHUELOGXQJVPRWLYDWLRQ
3UIHQGHU(IIHNWHGLIIHUHQWLHOOHU:LUNXQJV]XVDPPHQKlQJH
3UIHQ YRQ PRWLYDWLRQDOHQ 6WDELOLWlWV XQG .RQWLQXLWlWVQDFKZHLVHQ YRP IUKHQ
-XJHQGDOWHULQVIUKH(UZDFKVHQHQDOWHU
3UIHQGHUDOOIlOOLJHQ(IIHNWHIDPLOLlUHUXQGDX‰HUIDPLOLlUHUVR]LDOHU%H]LHKXQ
JHQLPIUKHQ-XJHQGDOWHUGLUHNWXQGEHUGLH/HLVWXQJVPRWLYDWLRQLP-XJHQGDO
WHULQGLUHNWDXIGLHEHUXIOLFKH/HLVWXQJVPRWLYDWLRQXQGGLHEHUXIOLFKH:HLWHUELO
GXQJVPRWLYDWLRQLPIUKHQ(UZDFKVHQHQDOWHU-DKUHVSlWHU
'LHIROJHQGHQ$XVIKUXQJHQGLHQHQGHU2IIHQOHJXQJYRQPHWKRGLVFKHQXQGGDWHQ
VDW]EH]RJHQHQ(LJHQKHLWHQLP5DKPHQGLHVHU6WXGLH$OOIlOOLJH5HODWLYLHUXQJHQGHU
%HIXQGHVLQGVRDXVJHZLHVHQXQGIUGHQ/HVHULGHQWLIL]LHUW$OOIlOOLJH*UHQ]HQGHU
]X7DJHJHI|UGHUWHQ(UNHQQWQLVVHZHUGHQVRYRUZHJJHQRPPHQXQGWUDQVSDUHQWJH
PDFKW(VZHUGHQYLHU%HUHLFKHHUOlXWHUWGLHLPQDFKKLQHLQHUDUEHLWHWH)RUVFKXQJV
IUDJHGHU(LQEH]XJGHVH[SORUDWLYHQ&KDUDNWHUVGLH$QDO\VHQIROJHXQGGLH/lQJV
VFKQLWWSUREOHPDWLNEHLWPLQXVWYRQEHU-DKUHQ
,P1DFKKLQHLQHUDUEHLWHWH)RUVFKXQJVIUDJH
'LH .RQVWDQ]HU /RQJLWXGLQDOVWXGLH ZDU HLQ *UR‰SURMHNW GDV GXUFK GLH 'HXWVFKH
)RUVFKXQJVJHPHLQVFKDIW')*ZlKUHQGDFKW-DKUHQILQDQ]LHUWZXUGHXQGYRQYHU
VFKLHGHQHQ)RUVFKXQJVIUDJHQXQWHUVFKLHGOLFKHU'LV]LSOLQHQJHOHLWHWZDU'DV8QWHU
VXFKXQJVGHVLJQXQGGLH,QVWUXPHQWHQYHUZHQGXQJLVWDEHUQLFKWIUHLQH)ROORZ8S
%HIUDJXQJ-DKUHVSlWHULQLUJHQGHLQHU:HLVHYRUEHUHLWHWXQGDXVJHOHJWZRUGHQ
'LHYRUOLHJHQGH)RUVFKXQJVIUDJHXQGGHUHQ%HDQWZRUWXQJLVWDOVRDSRVWHULRULLGHQ
WLIL]LHUWXQGHUDUEHLWHWZRUGHQ'K]XHUVWPXVVWHQVROFKH9DULDEOHQXQG.RQVWUXNWH
DXVGHPJUR‰HQ'DWHQVDW]YRQEHU9DULDEOHQJHIXQGHQZHUGHQZHOFKHHLQHQ
ZHVHQWOLFKHQ %H]XJ ]X GHQ KLHU LQWHUHVVLHUHQGHQ %HUHLFKHQ 0RWLYDWLRQ XQG %H]LH
KXQJKDWWHQ'DQQZDUDE]XNOlUHQDXIZHOFKH0RWLYDWLRQVWKHRULHQ]XUFNJHJULI
IHQZHUGHQN|QQWHXPJUXQGOHJHQGH)UDJHQ]XUOlQJVVFKQLWWOLFKHQ(QWZLFNOXQJGHU
/HUQXQG/HLVWXQJVPRWLYDWLRQEHU-DKUHKLQZHJ]XYHUIROJHQ'DQDFKPXVVWH
JHSUIWZHUGHQREGLHVRGDQQJHZlKOWH7KHRULHGHU6'7VLFKPLWGHQYRUOLHJHQGHQ
9DULDEOHQXQG.RQVWUXNWHQPHWKRGLVFKJHQJHQGQDFKZHLVHQOLH‰,QVEHVRQGHUHGLH
7KHPHQEHUHLFKH (OWHUQ.LQG%H]LHKXQJ /HKUHU6FKOHU%H]LHKXQJ XQG /HUQ XQG
/HLVWXQJVPRWLYDWLRQDYDQFLHUWHQIROJOLFK]X.HUQEHUHLFKHQZHOFKHGHQHVVHQWLHOOHQ
7HLO GHU 6'7 ÄVR]LDOH (LQJHEXQGHQKHLW DOV $XVO|VHU GHU 0RWLYDWLRQ³ RSHUDWLRQDOL
VLHUEDUPDFKWHQ
(LQEH]XJYLHOHU9DULDEOHQPLWHQWVSUHFKHQGHPH[SORUDWLYHQ&KDUDNWHU
'LHVHREHQEHVFKULHEHQH+HUDQJHKHQVZHLVHLVWGDIUYHUDQWZRUWOLFKGDVVHLQH9LHO
]DKOYRQ9DULDEOHQ]XUVR]LDOHQ(LQJHEXQGHQKHLWLQ)DPLOLHXQGLQGHU6FKXOHE]Z
EHLGHU3HHUJURXSLQGLH$QDO\VHQHLQJHIORVVHQLVWXQGGDVVGLH6WXGLHGDGXUFKDXFK
HLQHQ H[SORUDWLYHQ &KDUDNWHUDQWHLO KDW $XFK GLH YHUVFKLHGHQHQ )RUPHQ GHV .RQ
%HJULIIVGHILQLWLRQHQXQG=LHO
=LHOXQG9RUZHJQDKPHYRQ5HODWLYLHUXQJHQ
VWUXNWVÄ(OWHUQ.LQG%H]LHKXQJ³VLQGLQGHQ$QDO\VHQPLWEHUFNVLFKWLJW=XPHLQHQ
ZHLVHQVLHZHQQVLFKDOOH)RUPHQVLJQLILNDQW]HLJHQDXINODUH:LUNXQJHQGHUVR
]LDOHQ (LQJHEXQGHQKHLW DXI GLH 0RWLYDWLRQ KLQ XQG UHGX]LHUHQ VR HLQH DOOIlOOLJH
5HVWEHIUFKWXQJHLQHULQKDOWOLFKHQXQGPHWKRGLVFKHQ=XIlOOLJNHLW'LHVHLQGHU6R
]LDOZLVVHQVFKDIWEHNDQQWH,UUWXPVZDKUVFKHLQOLFKNHLWLVWYRUDOOHPGDUXP]XEHUFN
VLFKWLJHQ ZHLO GLH )RUVFKXQJVIUDJH QDFK GHU (UKHEXQJ HUDUEHLWHW ZXUGH ,QVRIHUQ
GLHQWDOVRGLH9LHO]DKOGHU%HIXQGHXQGGHUHQ]XP7HLOH[SORUDWLYH&KDUDNWHUHLQHP
DXVJHZRJHQHQ (UNHQQWQLVSUR]HVV EHL HLQHP VR ODQJHQ /lQJVVFKQLWW 9LHOH GHU KLHU
JHIXQGHQHQ (LQ]HOEHIXQGH ]XP NXU]HQ /lQJVVFKQLWW ]ZLVFKHQ XQG VLQG
LQ GHQ LQIRUPDWLRQVUHLFKHQ 0RQRJUDILHQ EHU GHQ .RQVWDQ]HU /lQJVVFKQLWW YRQ
3URI'U)HQGDLQGLHVHUGLIIHUHQ]LHUWHQ)RUPQRFKQLFKW
JH]HLJWZRUGHQ
'LH 6WXGLH IRNXVVLHUW XQWHU GHU 6'73HUVSHNWLYH GLH /HLVWXQJVPRWLYDWLRQVHQWZLFN
OXQJDXIJUXQGVR]LDOHU(LQEHWWXQJLQ)DPLOLHXQG6FKXOHEHU-DKUHKLQZHJ
%HZXVVWJHZlKOWH$QDO\VHQIROJH
(V LVW QLFKW GLH $XIJDEH GHU )RUVFKXQJ DOOH 0HVV XQG %HUHFKQXQJVIHKOHU PLW
LJHU 6LFKHUKHLW DXV]XVFKOLH‰HQ VRQGHUQ NRPSOH[LWlWVUHGX]LHUWH 0RGHOOH DXI
]X]HLJHQ ZHOFKH QLFKW YHUZRUIHQ ZHUGHQ $XI GLHVHU %DVLV NRPPHQ YHUVFKLHGHQH
$QDO\VHYHUIDKUHQ]XU$QZHQGXQJ
'LH+\SRWKHVHQSUIXQJHQHUVWUHFNHQVLFKEHUGLHJHVDPWHQ(UJHEQLVNDSLWHO,QHL
QHP HUVWHQ 6FKULWW NRPPHQ .RUUHODWLRQVEHUHFKQXQJHQ EHU GLH JHVDPWH 6WLFK
SUREH KLQZHJ GK )UDXHQ XQG 0lQQHU DOOHU 6FKXOIRUPHQ ]XVDPPHQ ]XU $QZHQ
GXQJ ,Q HLQHP ]ZHLWHQ 6FKULWW ZHUGHQ 3DUWLDONRUUHODWLRQHQ HLQJHVHW]W ZHOFKH
GLH VWDUN EHHLQIOXVVHQGHQ .RQWUROOYDULDEOHQ ]% /HLVWXQJVSRVLWLRQ DXVSDUWLDOLVLH
UHQ'LHVH]ZHL$QDO\VHQZHUGHQEHUGLHJHVDPWHQIDPLOLlUHQXQGGLHDX‰HU
IDPLOLlUHQ9DULDEHOQ]XUVR]LDOHQ(LQJHEXQGHQKHLW6NDOHQXQG(LQ]HOLWHPVLQ.DS
XQG PLW GHQ HQWVSUHFKHQGHQ DEKlQJLJHQ PRWLYDWLRQDOHQ 3HUV|QOLFK
NHLWVPHUNPDOHQPLWXQG-DKUHQJHWlWLJW:HLOVLFKGLH$QZHQGXQJPXOWLSOHU
5HJUHVVLRQVDQDO\VHQDXIJUXQGGLHVHUKRKHQ=DKODQ9DULDEOHQXQGDXFKZHJHQ
GHU 0XOWLNROOLQHDULWlWVSUREOHPH VFKZLHULJ JHVWDOWHW ZHUGHQ GLHVH QXU IU HLQ]HOQH
VLJQLILNDQWH(UJHEQLVVHLP:HLWHUHQEHQXW]W6FKOLH‰OLFKZHUGHQGLHLQGHQHLQ]HO
QHQ $QDO\VHQ NRQ]LVH KHUDXVJHDUEHLWHWHQ 6FKOVVHOYDULDEOHQ PLWWHOV 6WUXNWXUJOHL
FKXQJVPRGHOOHQIHKOHUEHUHLQLJWDQDO\VLHUW
8QWHUGLHVHUPHWKRGLVFKHQ9RUJDQJVZHLVHGUIHQGLHNRUUHODWLYHQXQGSDUWLDONRUUH
ODWLYHQ VLJQLILNDQWHQ =XVDPPHQKlQJH ZRKO DXFK PLW NDXVDOHQ :LUNXQJVPHFKDQLV
PHQ LQ 9HUELQGXQJ JHEUDFKW ZHUGHQ YRU DOOHP GDQQ ZHQQ VLH XQWHU H[SOL]LWHP
7KHRULHEH]XJ]XU6'7VWHKHQREZRKOVROFKH=XVDPPHQKlQJHVWUHQJZLVVHQVFKDIW
OLFKDXFKXPJHNHKUW]ZHLVHLWLJRGHUGXUFKHLQHZHLWHUH9DULDEOHYHUXUVDFKWVHLQ
N|QQWHQ
,P*HJHQVDW]]XU6'7ZHOFKHHLQVHLWLJH:LUNXQJVPHFKDQLVPHQYRQGHU|NRORJLVFKHQ(EHQHDXIGLH
SV\FKLVFKH(EHQHGHV.LQGHVPRGHOOLHUWSURSDJLHUWGLH7KHRULHGHV,QWHUDNWLRQLVPXVJUXQGVlW]OLFKGLHJH
JHQVHLWLJH %HHLQIOXVVXQJ ,Q GHQ 6WUXNWXUJOHLFKXQJVPRGHOOHQ LVW YRU DOOHP QDFK GHU 6'7 YRUJHJDQJHQ
ZRUGHQ
%HJULIIVGHILQLWLRQHQXQG=LHO
=LHOXQG9RUZHJQDKPHYRQ5HODWLYLHUXQJHQ
=XU 7KHPDWLN GHU %HVWLPPXQJ YRQ 3HUV|QOLFKNHLWVPHUNPDOHQ EHU HLQHQ =HLWUDXP
YRQPHKUDOV-DKUHQ
(V GUIWH YRQ YRUQKHUHLQ NODU VHLQ GDVV GLH (UEULQJXQJ HLQHV 8UVDFKHQQDFKZHLVHV
YRQ0RWLYDWLRQEHUHLQHQ=HLWUDXPYRQ]ZHL-DKU]HKQWHQDXFKXQWHU%HUFNVLFKWL
JXQJ HLQHU DGlTXDWHQ 7KHRULH XQG GHU VFKULWWZHLVHQ $QZHQGXQJ YRQ NRPSOH[HU
ZHUGHQGHQ$QDO\VHQLPPHUKLQWHUIUDJWZHUGHQNDQQ'LH5HDOLWlW]HLJWVLFKVHOWHQ
LQ PRGHOOKDIW DXIEHUHLWHWHU :HLVH .RUUHODWLRQV 5HJUHVVLRQV XQG 6WUXNWXUJOHL
FKXQJVNHQQ]DKOHQ IDOOHQ EHU HLQHQ VR JUR‰HQ =HLWUDXP GHPHQWVSUHFKHQG WLHI DXV
'LHV ]HLJW VLFK DXFK LQ GHQ YHUVFKLHGHQHQ %HIXQGHQ LP .DSLWHO YLHU 1XQ N|QQHQ
VLJQLILNDQWH 1DFKZHLVH XQG LQ NRPSOH[HQ 0RGHOOHQ DXIJHVSUWH WKHRULHNRQIRUPH
7HQGHQ]HQ PLW GHP *HQHUDODUJXPHQW LQ GHQ :LQG JHVFKODJHQ ZHUGHQ GDVV HLQH
HLQJHJUHQ]WH )UDJHVWHOOXQJ EH]RJHQ DXI QXU HLQ 3HUV|QOLFKNHLWVPHUNPDO ]X NXU]
JUHLIWXPEHUGLH3HUV|QOLFKNHLWVHQWZLFNOXQJZlKUHQG]ZHL-DKU]HKQWHQEHUKDXSW
UHOHYDQWH$XVVDJHQPDFKHQ]XN|QQHQ0HWKRGLVFKN|QQHGLHVJDUQLFKWJHQJHQG
EHUFNVLFKWLJWZHUGHQVRHLQDOOHQIDOOVZHLWHUHU(LQZDQG
(V LVW KLHU QLFKW GHU 2UW EHU GLH $XVVDJHNUDIW GHU YRUOLHJHQGHQ (UJHEQLVVH DXI
JUXQGGLHVHUJUXQGVlW]OLFKHQhEHUOHJXQJHQPLWGLHVHPODQJHQ/lQJVVFKQLWWHLQ8U
WHLO ]X IlOOHQ 'LHV LVW HLQ VHSDUDWHU ZLVVHQVFKDIWOLFKHU XQG YRU DOOHP PHWKRGRORJL
VFKHU'LVNXUVGHUQLFKW*HJHQVWDQGGLHVHU$UEHLWLVW
8PDEHUJHQDXGLHVHU7KHPDWLNGHQQRFKHWZDV5HFKQXQJ]XWUDJHQLVWEHLGHU3U
IXQJGHUDXIJHVWHOOWHQ+\SRWKHVHQ]X%HJLQQMHZHLOVVRZRKOGHVNULSWLYDOVDXFKEH
ZXVVW H[SORUDWLY YRUJHJDQJHQ ZRUGHQ EHYRU GLH VFKOLH‰HQGH 6WDWLVWLN ]XP =XJ
NDP$XIGHUHLQHQ6HLWHJLEWHVQLFKWLPPHUVFKRQ%HIXQGHEHUVSH]LILVFKH:LU
NXQJVZHLVHQYRQEHVWLPPWHQ9DULDEOHQDXIDQGHUHEHUHLQHQVRJUR‰HQ=HLWUDXP
DXI GHU DQGHUHQ 6HLWH ZHLVW GLH 9HUZHQGXQJ GHU VWDWWOLFKHQ $Q]DKO GHU 9DULDEOHQ
XQG GHUHQ =XVDPPHQKlQJH DXI JUXQGVlW]OLFKH XQG JDQ]KHLWOLFKH 3HUVSHNWLYHQ KLQ
GLHIUDQGHUH)RUVFKXQJVIUDJHQGXUFKDXV%HGHXWXQJKDEHQN|QQWHQ9HUVFKLHGHQV
WH )RUVFKXQJVGHVLGHUDWH VLQG LP 7KHRULHWHLO HQWVSUHFKHQG DXIJHIKUW ZRUGHQ XQG
N|QQHQPLWGHQYRUOLHJHQGHQ(UJHEQLVVHQHUJlQ]WZHUGHQ
7KHRUHWLVFKHU+LQWHUJUXQG
=XU7KHRULHGHU/HLVWXQJVPRWLYDWLRQ
7KHRUHWLVFKHU+LQWHUJUXQG
'DVQlFKVWH8QWHUNDSLWHOZLGPHWVLFKVSH]LILVFKXQGDXVJHGHKQWGHP6FKOVVHO
EHJULII GHU /HLVWXQJVPRWLYDWLRQ 6FKOLH‰OLFK JHKW GDV .DSLWHO YHUWLHIW DXI GLH
6HOEVWEHVWLPPXQJVWKHRULH HLQ XQG LP OHW]WHQ .DSLWHO ZLUG JH]HLJW ZDUXP YRQ
HLQHUXQWHUVFKLHGOLFKHQ/HLVWXQJVVR]LDOLVDWLRQLQ+DXSWVFKXOHXQG*\PQDVLXPDXV
JHJDQJHQZHUGHQNDQQ
=XU7KHRULHGHU/HLVWXQJVPRWLYDWLRQ
$QGLHVHU6WHOOHVROOHQGHU%HJULII/HLVWXQJVPRWLYDWLRQLQVHLQHQZHVHQWOLFKHQ=
JHQXPULVVHQXQGGLH6FKOVVHOPHUNPDOHLQ%H]XJ]XDQGHUHQ0RWLYDWLRQVWKHRULHQ
HU|UWHUWZHUGHQ
'LH$QIlQJHWKHRUHWLVFKHU%HVFKlIWLJXQJPLW/HLVWXQJVPRWLYDWLRQ
'LH 0RWLYDWLRQVSV\FKRORJLHEHIDVVW VLFK VFKRQ ODQJH GDPLW ZLH DP EHVWHQ JHOHUQW
XQG /HLVWXQJHQ HUEUDFKW ZHUGHQ $OV 8UKHEHU GHU /HLVWXQJVPRWLYDWLRQVIRUVFKXQJ
QHQQW5KHLQEHUJ60F&OHOODQG$WNLQVRQ&ODUNXQG/RZHOOXQG
$WNLQVRQ 'HU 3DUDGLJPHQZHFKVHO GHU ÄNRJQLWLYHQ :HQGH³ OHJW HV QDKH
]ZLVFKHQ lOWHUHQ XQG QHXHUHQ 7KHRULHQ ]X XQWHUVFKHLGHQ %LV ]X GHQ HU -DKUHQ
GRPLQLHUWH GDV 9HUVWlUNXQJVOHUQHQ GK HV JLQJ YRU DOOHP XP PHFKDQLVWLVFKH $Q
QDKPHQGHUH[WULQVLVFKHQ9HUVWlUNXQJZDVGHP3DUDGLJPDGHV%HKDYLRULVPXVHQW
VSULFKW'LHVH*UXQGEHU]HXJXQJHQZXUGHQGDQQ]XQHKPHQGLQ)UDJHJHVWHOOW
$OVEHGHXWVDPIUGLH0RWLYDWLRQZXUGHQLFKWPHKUEHWUDFKWHWREMHPDQGLQ
GHU 9HUJDQJHQKHLW IU HLQ EHVWLPPWHV 9HUKDOWHQ YHUVWlUNW ZLUG VRQGHUQ RE
MHPDQG HUZDUWHW LQ GHU =XNXQIW IU HLQ 9HUKDOWHQ EHORKQW ]X ZHUGHQ +LQ
VLFKWOLFKGHUOHLVWXQJVWKHPDWLVFKHQ0RWLYDWLRQIKUWHQ$WNLQVRQXQG0F&OHO
ODQG LQ GHQ HU XQG HU -DKUHQ GDV .RQVWUXNW Ã%HGUIQLV QDFK /HLVWXQJ¶
QHHGIRUDFKLHYHPHQWE]ZQ$FKDOVLQGLYLGXHQVSH]LILVFKHV0RWLYGDIUHLQ
HWZDVEHVVHUVFKQHOOHUHIIL]LHQWHUPLWZHQLJHU$QVWUHQJXQJ]XWXQ$QIlQJ
OLFKZXUGHÃQ$FK¶LP.RQWH[WYRQ:HWWEHZHUEXQG.RQNXUUHQ]WKHPDWLVLHUW
VSlWHU ZXUGH HV ]XQHKPHQG DOV VWDELOHV XQG JHQHUHOOHV 0RWLY GHILQLHUW HLQH
/HLVWXQJ ]X HUEULQJHQ 'DEHL JHZDQQ ]XQHKPHQG GLH Ã(UZDUWXQJ [ :HUW
7KHRULH¶YRQ$WNLQVRQDQ%HGHXWXQJ«6HHO6
'LHLQGLYLGXHOOH6HW]XQJGHV$QVSUXFKVQLYHDXVLQ/HLVWXQJVVLWXDWLRQHQNULVWDOOLVLHU
WH VLFK GDQQEHL +HFNKDXVHQ DOV ]HQWUDOH (UNHQQWQLV KHUDXV 9LHOH 8QWHUVX
FKXQJHQKDEHQGLHVH]ZHLUHODWLYVWDELOHQ$XVSUlJXQJHQÄ+RIIQXQJDXI(UIROJ³XQG
Ä)XUFKWYRU0LVVHUIROJ³EHVWlWLJW:HLQHUKDWGDQQGLH/HLVWXQJVPRWLYDWLRQ
LQGHU$WWULEXWLRQVWKHRULHEH]JOLFKGHU.DXVDOLWlWGLHVHU]ZHL$XVSUlJXQJHQZHLWHU
HUJUQGHW
7KHRUHWLVFKHU+LQWHUJUXQG
=XU7KHRULHGHU/HLVWXQJVPRWLYDWLRQ
,P)ROJHQGHQZHUGHQGLH*UXQGODJHQGHU/HLVWXQJVPRWLYDWLRQGLHVHU]ZHLWHQ*HQH
UDWLRQWKHPDWLVLHUW
=XP%HJULIIÄ/HLVWXQJVPRWLYDWLRQ³LQYHUVFKLHGHQHQ7KHRULHQ
'LH/HLVWXQJVPRWLYDWLRQLVWXQWHUGHQ3HUVRQ8PZHOWEH]JHQHLQVHKUJXWHUIRUVFK
WHV*HELHW6HKUYLHOH6WXGLHQVLQG]XP7KHPD/HLVWXQJVPRWLYDWLRQXQG3UIXQJV
DQJVWGXUFKJHIKUWZRUGHQYJO3HNUXQ6FKLHIHOH6
2EZRKOGLHJHJHQVWDQGVEHUJUHLIHQGH/HLVWXQJVPRWLYDWLRQVIRUVFKXQJLQGHQHU
-DKUHQGXUFKGLHJHJHQVWDQGVEH]RJHQH,QWHUHVVHQIRUVFKXQJHUJlQ]WZRUGHQLVWYJO
3HNUXQXQG6FKLHIHOH6ZLUGDEHUDXFKKHXWHQRFKGLH/HLVWXQJVPRWL
YDWLRQÄDOVHLQHGHU6FKOVVHOPRWLYDWLRQHQDQJHVHKHQEHUGLH0HQVFKHQYHUIJHQ
XP6FKXOHXQG%HUXIHUIROJUHLFK]XEHZlOWLJHQ³EHVRQGHUVLQXQVHUHUOHLVWXQJVRUL
HQWLHUWHQ*HVHOOVFKDIWYJO+RORG\QVN\2HUWHU6
'LH /HLVWXQJVPRWLYDWLRQ HUNOlUW GLH ,QLWLLHUXQJ 5LFKWXQJ XQG ,QWHQVLWlW GHV /HLV
WXQJVYHUKDOWHQVYJO%\UQH(FFOHV:LJILHOG6FKLHIHOH:LOG+RIHU
3HNUXQ (LQH KRFK DXVJHSUlJWH /HLVWXQJVPRWLYDWLRQ EHZLUNW VRPLW GDVV
HLQH 3HUVRQ LKUH +DQGOXQJ VR ODQJH IRUWVHW]W ELV VLH ]X HLQHP EHIULHGLJHQGHQ (U
JHEQLV JHNRPPHQ LVW Ä'HU /HLVWXQJVPRWLYDWLRQVEHJULII EH]HLFKQHW GHQ :XQVFK
E]ZGLH$EVLFKWHWZDV]XOHLVWHQGK(UIROJH]XHU]LHOHQXQG0LVVHUIROJH]XYHU
PHLGHQ ZREHL ]XU %HZHUWXQJ GHV (UJHEQLVVHV GHU /HUQKDQGOXQJ GHU Ã/HLVWXQJ¶
HLQLQGLYLGXHOODOVJOWLJHUDFKWHWHU*WHPD‰VWDEKHUDQJH]RJHQZLUG³:LOG+RIHU
3HNUXQ6'DV=XVDPPHQZLUNHQYRQ(UZDUWXQJXQG:HUW$QUHL]
LVWDXVVFKODJJHEHQGYJO2HUWHU6
'HU %HJULII GHU /HLVWXQJVPRWLYDWLRQ HUNOlUW DOVR /HUQDEVLFKWHQ LP :HVHQWOLFKHQ
GXUFKGLH(UJHEQLVVHYRQ/HUQKDQGOXQJHQXQGGHUHQ)ROJHQIUHLQH3HUVRQVRZLH
DXVGHU(UIROJVZDKUVFKHLQOLFKNHLWYRQ/HUQKDQGOXQJHQQLFKWDEHUDXVGHP$QUHL]
GHU YRP /HUQLQKDOW DXVJHKW 6RPLW LVW GLH /HLVWXQJVPRWLYDWLRQ QLFKW HLQH LQWULQVL
VFKHVRQGHUQHLQHH[WULQVLVFKH)RUPGHU0RWLYDWLRQ
,PVFKXOLVFKHQ.RQWH[W]HLJWVLFKHLQHVWDELOH/HLVWXQJVPRWLYDWLRQYRUDOOHPDXIGHU
9HUKDOWHQVHEHQHÄLQGHU]HQWUDOHQ5HVXOWDQWH³$QVWUHQJXQJVEHUHLWVFKDIWYJO)HQG
6Ä/HUQHQGXUFK]XKDOWHQLVWZRKOHLQHGHU]HQWUDOVWHQ6FKOVVHOTXDOLIL
NDWLRQHQGLHGLH6FKXOHKHXWHYHUPLWWHOW³DD26
%H]JOLFK GHV =XVDPPHQKDQJV ]ZLVFKHQ /HLVWXQJVPRWLYDWLRQ XQG /HUQOHLVWXQJHQ
JLEW HV GLH 0HWDDQDO\VH YRQ 8JXURJOX XQG :DOEHUJ ZHOFKH HLQH GXUFK
VFKQLWWOLFKH .RUUHODWLRQ YRQ U YRUZHLVW 'LHVHU JUR‰HQ %HGHXWXQJ GHU /HLV
WXQJVPRWLYDWLRQKDOWHQDEHU3HNUXQXQG6FKLHIHOHLQ$QOHKQXQJDQGLH0H
WDDQDO\VHYRQ6FKLHIHOHXQG6FKUH\HUHQWJHJHQGDVVLQWULQVLVFKH0RWLYDWLRQ
NRQVLVWHQWSRVLWLYPLWGHQ/HLVWXQJHQYRQ6FKOHUQXQG6WXGHQWHQ]XVDPPHQKlQJW
GXUFKVFKQLWWOLFKH.RUUHODWLRQYRQU ZlKUHQGVLHIUH[WULQVLVFKH0RWLYDWLRQ
LQNRQVLVWHQWDXVIDOOHQ6(EHQVRLQWHUHVVDQWLVWGDVVLQWULQVLVFKH/HUQPRWLYD
WLRQ PLW 6WUDWHJLHQ YHUWLHIWHU ,QIRUPDWLRQVYHUDUEHLWXQJ ]XVDPPHQKlQJW GXUFK
7KHRUHWLVFKHU+LQWHUJUXQG
=XU7KHRULHGHU/HLVWXQJVPRWLYDWLRQ
VFKQLWWOLFKH .RUUHODWLRQ YRQ U ZlKUHQG GDJHJHQ GLH H[WULQVLVFKH 0RWLYDWLRQ
RIW HKHU PLW REHUIOlFKOLFKHQ 6WUDWHJLHQ LQ 9HUELQGXQJ VWHKW U VR 6FKLHIHOH
XQG6FKUH\HUZHLWHU$OVRKDWQLFKWQXUGDV$XVPD‰VRQGHUQDXFKGLH4XDOLWlWGHU
0RWLYDWLRQHLQHQ(LQIOXVVDXIGLH/HLVWXQJ
(VZLUGLQGHUYRUOLHJHQGHQ$UEHLWDEHUGDUDXIYHUZLHVHQGDVVGLH/HLVWXQJVPRWLYD
WLRQ DXIJUXQG GHU WKHRUHWLVFK IXQGLHUWHQ 8UVDFKHQDQQDKPH JHPl‰ GHU 6'7 HLQHU
KRKHQ XQG VRPLW VHOEVWEHVWLPPWHQ )RUP GHU H[WULQVLVFKHQ 0RWLYDWLRQ ]XJHRUGQHW
ZHUGHQNDQQV.DS6RPLWUHODWLYLHUWVLFKRELJH(UNHQQWQLVGDVVH[WULQVLVFKH
0RWLYDWLRQQXUPLWREHUIOlFKOLFKHP/HUQHQ]XVDPPHQKlQJW
*HPl‰0XUSK\XQG$OH[DQGHUGLHVLFKPLWGHU/HUQXQG/HLVWXQJVPRWLYD
WLRQV7HUPLQRORJLHEHIDVVWHQZHUGHQJOREDOH.RQ]HSWHZLHÄ0RWLYDWLRQ³VHOWHQH[
SOL]LWGHILQLHUW,QGHUVFKXOEH]RJHQHQ/LWHUDWXUZLUGLKUHU(LQVFKlW]XQJQDFKKlXILJ
GHU %HJULII GHU /HUQPRWLYDWLRQ YHUZHQGHW ZREHL VLH H[SOL]LW DXI 'HFL XQG 5\DQ
XQG )HQG YHUZHLVHQ $XFK :LOG XQG 5HP\ D YHUZHQGHQ GLH
$QVWUHQJXQJVEHUHLWVFKDIW ÄDOV 0D‰ IU GLH +|KH GHU /HUQPRWLYDWLRQ³ 6 8P
GLH %HJULIIVYHUZHQGXQJ QLFKW XQQ|WLJ NRPSOL]LHUW ]X JHVWDOWHQ ZLUG LQ GHU YRUOLH
JHQGHQ $UEHLW GHU %HJULII /HLVWXQJVPRWLYDWLRQ YHUZHQGHW ZHQQ HV XP GDV KLHU
YHUZHQGHWH.RQVWUXNWLP-XJHQGDOWHUJHKWZHOFKHVGXUFKZDKUJHQRPPHQHVR]LDOH
.RQWH[WHHUNOlUWZLUG(VEHLQKDOWHW,WHPVPLWGHQ%HJULIIHQ$QVWUHQJXQJ(KUJHL]
XQG$XVGDXHUV.DS
6FKOLH‰OLFK VROO QRFK GHU %H]XJ GHV %HJULIIV /HLVWXQJVPRWLYDWLRQ ]XU 7KHRULH EH
JUQGHW ZHUGHQ'DVV GLH 6HOEVWEHVWLPPXQJVWKHRULH XQG GHUHQ7KHVHQ IU GLH 8Q
WHUVXFKXQJGHU/HLVWXQJVPRWLYDWLRQJHHLJQHWVLQGNDQQGXUFK$UEHLWHQ]XP7KHPD
VFKXOEH]RJHQH (LQVWHOOXQJHQ YRQ 6WHLQEHUJ /DPERUQ 'DUOLQJ 0RXQWV XQG 'RUQ
EXVFKGXUFK%HIXQGH]XU/HLVWXQJVPRWLYDWLRQGXUFK7UXGHZLQGXQG
7UXGHZLQGXQG:LQGHOXQGGXUFK$UEHLWHQ]XP7KHPD$QVWUHQJXQJVEHUHLW
VFKDIWGXUFK:LOGXQG:LOGJHVWW]WZHUGHQ=XGHPIKUW8UKDQHLQ
VHLQHPhEHUVLFKWVDUWLNHOGLHÄVR]LDOH0RWLYDWLRQ³'HILQLWLRQXQWHQIROJHQGDOVHL
QHYRQVLHEHQ$UWHQGHU/HUQPRWLYDWLRQDXILQGHPHUH[SOL]LWDXIGLH6HOEVWEHVWLP
PXQJVWKHRULHYHUZHLVW-HGRFKKlOWDXFKHUIHVWGDVVHVKHXWHHLQHGHUDUWLJH9LHOIDOW
YRQ 0RWLYDWLRQVNRQVWUXNWHQ JLEW 5LFKWXQJ $XVGDXHU XQG ,QWHQVLWlW YRQ /HUQYHU
KDOWHQ ]X EHVFKUHLEHQ GDVV HV QLFKW OHLFKW LVW VLFK HLQHQ hEHUEOLFN ]X YHUVFKDIIHQ
YJO 6 'DUDXV NDQQ PDQ VFKOLH‰HQ GDVV YHUVFKLHGHQH 0RWLYDWLRQVWKHRULHQ
JOHLFKH RGHU lKQOLFKH 7HLO.RQVWUXNWH EHLQKDOWHQ ZHOFKH HV HUODXEHQ GLH LQ GHU
YRUOLHJHQGHQ6WXGLHYRUDOOHPVR]LDORULHQWLHUWHXQGEHJUQGHWH/HLVWXQJVPRWLYDWLRQ
]XHUNOlUHQ
'LHVHVR]LDORULHQWLHUWH/HLVWXQJVPRWLYDWLRQEHGHXWHWDOVRGLHÄ2ULHQWLHUXQJDQGHQ
)ROJHQIUXQGGHU%HZHUWXQJGHUHLJHQHQ3HUVRQGXUFK%H]XJVSHUVRQHQZLH(OWHUQ
/HKUHUXQG0LWVFKOHU³:LOG+RIHUXQG3HNUXQ6
7KHRUHWLVFKHU+LQWHUJUXQG
=XU7KHRULHGHU/HLVWXQJVPRWLYDWLRQ
1DFK1LFKROOV NDQQ GDV OHLVWXQJVEH]RJHQH +DQGHOQ DXV ]ZHL XQWHUVFKLHGOL
FKHQ .RQ]HSWLRQHQ UHVXOWLHUHQ GLH 3HUVRQ VWUHEW /HLVWXQJ DQ XP HLQH K|KHUH
)lKLJNHLWDXI]XEDXHQRGHUGLH3HUVRQVWUHEW/HLVWXQJDQXPHLQHK|KHUH)lKLJ
NHLW]XGHPRQVWULHUHQ(UVWHUHVLVWHLQH$XIJDEHQRULHQWLHUXQJLFKP|FKWHGLH6DFKH
YHUVWHKHQ XQG EHVVHU EHKHUUVFKHQ ]ZHLWHUHV HLQH (JR2ULHQWLHUXQJ LFK P|FKWH
EHVVHUDOVGLHDQGHUHQVHLQ'HQ:XQVFKYRQUHOHYDQWHQ%H]XJVSHUVRQHQDOVNRP
SHWHQW ZDKUJHQRPPHQ ]X ZHUGHQ ZLUG YRQ :LOG XQG 5HP\ E HEHQIDOOV DOV
(JRE]Z,FK2ULHQWLHUXQJEH]HLFKQHW
/HLVWXQJVPRWLYDWLRQLQHQWZLFNOXQJVSV\FKRORJLVFKHU+LQVLFKW
'DVV VLFK HLQ .LQG HLQ -XJHQGOLFKHU RGHU HLQH HUZDFKVHQH 3HUVRQ OHLVWXQJVPl‰LJ
DQVWUHQJWE]ZPRWLYLHUWLVWKlQJWVWDUNPLWGHP$OWHUXQGVHLQHU(QWZLFNOXQJ]X
VDPPHQ(VJLEWGLHÄ(QWZLFNOXQJVSKDVHQGHU/HLVWXQJVPRWLYDWLRQ³ZHOFKHVLFKLQ
YLHU6WXIHQZLHIROJW]HLJHQYJO+RORG\QVN\2HUWHU6II3KDVH,9LVW
DXIJUXQGGHU$OWHUVDQJDEHGXUFK'/LQ,9DXQG,9EXQWHUWHLOWZRUGHQ
, )UHXGH DP (IIHNW DE GHP GULWWHQ 0RQDW +LHU NDQQ YRQ HLQHP DEVLFKWVYROOHQ
+DQGHOQGHV.LQGHVJHVSURFKHQZHUGHQXPEHVWLPPWH(IIHNWHLQGHU8PZHOWKHU
YRU]XUXIHQ]%*HJHQVWlQGHYRP7LVFKIDOOHQODVVHQ
,,6HOEHUPDFKHQZROOHQJHJHQ(QGHGHVHUVWHQ-DKUHVDEHULQVEHVRQGHUHLP]ZHL
WHQ-DKU=XPHUVWHQ0DOKDWGDV.LQGHLQH[SOL]LWHV9HUVWlQGQLVHLJHQHU8UKHEHU
VFKDIW(VP|FKWHGLH'LQJHDOOHLQHPDFKHQ(VHUOHEWTXDVLVHLQHHLJHQH6HOEVWZLUN
VDPNHLW'LH%H]XJVSHUVRQHQEHJLQQHQKLHUVFKRQGDV9HUKDOWHQGHV.LQGHVLQ$E
KlQJLJNHLWHLQHU%H]XJVQRUP]XZHUWVFKlW]HQRGHU]XPLVVELOOLJHQ'LHVIKUWGDQQ
EHUHLWV ]X HUVWHQ (UIDKUXQJHQ PLW 6WRO] XQG 9HUOHJHQKHLWVUHDNWLRQHQ GHV .LQGHV
%H]XJQHKPHQGDXIGLH6'7VLQGKLHUGLH.HUQEHJULIIHÄ$XWRQRPLH³XQGÄ/RFXVRI
FDXVDOLW\³DQJHVSURFKHQ
,,, 6WRO] XQG 6FKDP DXIJUXQG HLJHQHU 7FKWLJNHLW DE GUHLHLQKDOE -DKUHQ (UVW DE
GLHVHU3KDVHNDQQ]XPHUVWHQ0DOYRQ/HLVWXQJVPRWLYDWLRQJHVSURFKHQZHUGHQGD
GLH.LQGHULKU+DQGHOQQLFKWPHKUQXUDXIGLHHLJHQH8UKHEHUVFKDIWVRQGHUQDXFK
DXI HLQHQ :HUWHPD‰WDE YRQ 7FKWLJNHLWEH]LHKHQ 'LH .LQGHU VLQG QXQ QLFKW PHKU
HIIHNWPRWLYLHUWVRQGHUQKDQGHOQOHLVWXQJVPRWLYLHUW
,9D=LHORULHQWLHUXQJDEYLHUHLQKDOE-DKUHQ1XQVHW]WVLFKGDV.LQGDXIJUXQGYR
UDXVJHJDQJHQHU (UIROJH =LHOH GK HV VWHOOW HLQ $QVSUXFKVQLYHDX IU GLH HLJHQH
7FKWLJNHLWDXI
,9E 6R]LDOH %H]XJVQRUPRULHQWLHUXQJ DE DFKW -DKUHQ ,P *UXQGVFKXODOWHU EHJLQQW
GDV .LQG ]XQHKPHQG VHLQH /HLVWXQJHQ LP 9HUJOHLFK PLW GHQ DQGHUHQ .LQGHUQ ]X
VHKHQ (V ZHQGHW GLH VR]LDOH %H]XJVQRUP DQ ,P 6HNXQGDUVFKXODOWHU LVW GDQQ GDV
.LQGVRZHLWGDVVHVEHLGH%H]XJVQRUPHQLQGLYLGXHOOXQGVR]LDOMHQDFK6LWXDWLRQ
QHEHQHLQDQGHUJHEUDXFKW(VJHODQJWVR]XHLQHPVWDELOHQ)lKLJNHLWVNRQ]HSW
,QWHUHVVDQWLVWDXFKGDVVMHQDFK(QWZLFNOXQJVVWDQGHLQHHUEUDFKWH/HLVWXQJXQWHU
VFKLHGOLFKHUNOlUWZLUG.LQGHUDEIQI-DKUHQN|QQHQGLH$QVWUHQJXQJDOV(UNOlUXQJ
IUGLH/HLVWXQJHQYHUVWHKHQZHLOHVDXFKVHKUDQVFKDXOLFKLVW'DJHJHQYHUVWHKHQ
7KHRUHWLVFKHU+LQWHUJUXQG
=XU7KHRULHGHU/HLVWXQJVPRWLYDWLRQ
.LQGHU GLH $WWULEXLHUXQJ GHU /HLVWXQJ GXUFK )lKLJNHLW HUVW DE GHP $OWHU YRQ ]HKQ
-DKUHQGD)lKLJNHLWLP*HJHQVDW]]X$QVWUHQJXQJHKHUÄXQVLFKWEDU³EOHLEW'LHV\V
WHPDWLVFKH $QZHQGXQJ GHU )lKLJNHLWVNRPSHQVDWLRQ GK $QVWUHQJXQJ XQG )lKLJ
NHLW DOV NRPSHQVDWRULVFKH 8UVDFKHQIDNWRUHQ YHUVWHKHQ LVW HUVW EHL .LQGHUQ DE FD
-DKUHQP|JOLFKYJO+HFNKDXVHQ+HFNKDXVHQ6+RORG\QVN\
2HUWHU6
'LH /HLVWXQJVPRWLYDWLRQVIRUVFKXQJ GHU HU XQG HU-DKUH HUNOlUWH GLH /HLV
WXQJVPRWLYDWLRQ GXUFK $QWL]LSDWLRQ YRQ 6WRO] XQG 6FKDP 3HNUXQ 6FKLHIHOH
6 +RORG\QVNL EHOHJWH GLHVH (UJHEQLVVHEHL9RUVFKXONLQGHUQ LQ
HLQHUQHXHUHQ6WXGLHGXUFKGLH(UIDVVXQJGHU*HVLFKWVDXVGUFNHYRQ.LQGHUQZHQQ
HLQH%H]XJVSHUVRQDQRGHUDEZHVHQGZDU6HLQ)D]LW/HLVWXQJVPRWLYLHUWHV9HUKDO
WHQLVWLP9RUVFKXODOWHUQRFKZHLWJHKHQGDQGLH3UlVHQ]HLQHUZHUWJHVFKlW]WHQ3HU
VRQJHEXQGHQ6RPLW]HLJWDXFKGLHVHU%HIXQGGDVVGLH%H]LHKXQJ]XU%H]XJVSHU
VRQGLH/HLVWXQJVPRWLYDWLRQZHVHQWOLFKEHVWLPPW
1DFK+HFNKDXVHQXQG+HFNKDXVHQXQG1LFKROOVVLQG.LQGHULP$OWHU
YRQELV-DKUHQDOVRIlKLJ)lKLJNHLWDOV(UNOlUXQJVNRQ]HSWIU/HLVWXQJULFKWLJ
]XEHQXW]HQXQGNRPSHQVDWRULVFKPLW$QVWUHQJXQJ]XYHUNQSIHQ+RKH)lKLJNHLW
NDQQ JHULQJH $QVWUHQJXQJ ZHWWPDFKHQ XQG XPJHNHKUW (EHQVR ZLUG DEHU HUNDQQW
GDVV HLQ 0LQLPXP YRQ )lKLJNHLW IU HLQHQ EHVWLPPWHQ /HLVWXQJVHIIHNW YRUKDQGHQ
VHLQPXVVGHUQLFKWGXUFKYHUPHKUWH$QVWUHQJXQJDXVJHJOLFKHQZHUGHQNDQQ
'LH8QWHUVXFKXQJGHU6WLFKSUREHGHUYRUOLHJHQGHQ$UEHLWVHW]WHEHQKLHUDQ(VVLQG
ELV MlKULJH 6FKOHU ZHOFKH /HLVWXQJHQ GXUFK $QVWUHQJXQJ XQG )lKLJNHLW
DWWULEXLHUHQV.DS
,QVJHVDPW NDQQ IHVWJHKDOWHQ ZHUGHQ GDVV VLFK GLH /HLVWXQJVPRWLYDWLRQ XQG GHUHQ
$WWULEXLHUXQJ VXN]HVVLYH HQWZLFNHOQ 6RZRKO GLH VR]LDOH (LQJHEXQGHQKHLW DOV DXFK
GDV%HGUIQLVQDFK.RPSHWHQ]HUIDKUXQJZLHHVLQGHU6'7SRVWXOLHUWZLUGZLUNHQ
VLFK DOV %HVWLPPXQJVIDNWRUHQ GHU /HUQ XQG /HLVWXQJVPRWLYDWLRQ LQ DOWHUVVSH]LIL
VFKHU:HLVHDXV
=XU6WDELOLWlWGHU/HLVWXQJVPRWLYDWLRQDOVGLVSRVLWLRQDOHV3HUV|QOLFK
NHLWVPHUNPDO
$XVGHQRELJHQ $XVIKUXQJHQLQ HQWZLFNOXQJVSV\FKRORJLVFKHU+LQVLFKWYJO.DS
OlVVWVLFKVFKRQDXIHLQHJHZLVVH6WDELOLWlWGHU/HLVWXQJVPRWLYDWLRQVFKOLH‰HQ
3HUV|QOLFKNHLW NDQQ JHPl‰ 3HNUXQ XQG +HOPNH ]XVDPPHQIDVVHQG DOV *H
VDPWV\VWHPYRQUHODWLY]HLWVWDELOHQLQGLYLGXHOOHQ0HUNPDOHQYHUVWDQGHQZHUGHQ
6LHPHLQHQDOVR0HUNPDOHGLH]HLWEHUGDXHUQGVLQGXQGVLFKYRQDQGHUHQ3HUVRQHQ
XQWHUVFKHLGHQÄ5HODWLY³LVWGDUXPJHEUDXFKWÄZHLOHVNDXPHLQ0HUNPDOJLEWGDV
EHUGLHJHVDPWH/HEHQVVSDQQHKLQZHJVWDELOLVW³6I'LHDOOJHPHLQH%HJULIIV
GHILQLWLRQ GHU GLIIHUHQWLHOOHQ 6WDELOLWlW LVW VFKRQ XQWHU .DSLWHO JHOHLVWHW ZRUGHQ
1XQJHKWHVGDUXP/HLVWXQJVPRWLYDWLRQDOVGLVSRVLWLRQDOHV3HUV|QOLFKNHLWVPHUNPDO
]XLGHQWLIL]LHUHQXQGLQVRIHUQGHUHQOlQJHUIULVWLJH6WDELOLWlW]XEHJUQGHQ
7KHRUHWLVFKHU+LQWHUJUXQG
=XU7KHRULHGHU/HLVWXQJVPRWLYDWLRQ
1DFK 0HLQXQJ YRQ 3HNUXQ XQG +HOPNH JHK|UW GLH /HUQ XQG 3UIXQJVDQ
VWUHQJXQJ]XGHQGLVSRVLWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHQYJO6
'DV LQ GLHVHU $UEHLW DEKlQJLJH .RQVWUXNW /HLVWXQJVPRWLYDWLRQ LVW GDPLW DOVR DOV
GLVSRVLWLRQDOHV3HUV|QOLFKNHLWVPHUNPDODXVJHZLHVHQVD.DS&
,QGHUYRUOLHJHQGHQ8QWHUVXFKXQJZHUGHQDEHUZHLWHUHGLVSRVLWLRQDOHXQGKDELWXHOOH
3HUV|QOLFKNHLWVPHUNPDOH LQ GLH %HUHFKQXQJHQ PLWHLQIOLH‰HQ (V VLQG GLHV QHEHQ
/HLVWXQJVPRWLYDWLRQ ZHLWHUH 9DULDEOHQ ZLH VFKXOLVFKH /HLVWXQJVDQJVW 6HOEVWZLUN
VDPNHLWRGHU%HJDEXQJV]XVFKUHLEXQJV.DS
'LH$VSHNWHGHV/HLVWXQJVYHUKDOWHQVVLQGQDFK.UDXVH(WWULFKXQG-DKQEHL
-XJHQGOLFKHQ VFKRQ KRFKJUDGLJ VWDELOLVLHUW VR GDVV GLH :LUNXQJHQ GHU IDPLOLDOHQ
(LQIOVVHLP/lQJVVFKQLWWVFKZHUQDFKZHLVEDUVHLHQ,KUH8QWHUVXFKXQJVHUJHEQLVVH
VWW]HQGLH7KHVHGDVVGDV/HLVWXQJVYHUKDOWHQGHU-XJHQGOLFKHQDXIIUKHIDPLOLDOH
%HGLQJXQJHQ]XUFNJHKWYJO6
0LW RELJHP =LWDW LVW DQJHGHXWHW GDVV GLH /HLVWXQJVPRWLYDWLRQ LP -XJHQGDOWHU YRU
DOOHPGXUFKGLH]XYRUH[LVWLHUHQGHQXQGSUlJHQGHQ(OWHUQ.LQG%H]LHKXQJHQPLWEH
VWLPPWLVWXQGLQVRIHUQQXUNOHLQH(IIHNWHGHUVR]LDOHQ(LQJHEXQGHQKHLWLPNXU]HQ
/lQJVVFKQLWW$OWHUXQG$OWHU]XHUZDUWHQVLQG
$XFKGLH%HJULIIHÄ6WDWH³XQGÄ7UDLW³XQGLKUH=XVDPPHQKlQJH]XU/HLVWXQJVPR
WLYDWLRQ PVVHQ DQ GLHVHU 6WHOOH HUZlKQW ZHUGHQ $NWXHOOH 0RWLYDWLRQV]XVWlQGH
ZHUGHQ DOV Ä6WDWHV³ EH]HLFKQHW EHUGDXHUQGH 3HUVRQHQPHUNPDOH KLQJHJHQ DOV
Ä7UDLWV³=ZHLWHUH%H]HLFKQXQJLVWPLWGHP%HJULII'LVSRVLWLRQYHUEXQGHQGHP
EHUGDXHUQGHSV\FKLVFKH6WUXNWXUHQ]XJUXQGHOLHJHQHUVWHUH%H]HLFKQXQJLVWPLWKD
ELWXHOOHU0RWLYDWLRQLQ%H]LHKXQJ]XVHW]HQZHOFKHQLFKWNRQWLQXLHUOLFKYRUKDQGHQ
LVWVRQGHUQHKHUDXIGDVDNWXHOOH$XVPD‰GHU0RWLYDWLRQKLQZHLVW]%LQWULQVLVFKH
0RWLYDWLRQYJO6FKLHIHOH.|OOHU6
=ZLVFKHQKDELWXHOOXQGGLVSRVLWLRQDONDQQDXFKLQ$QOHKQXQJDQ3HNUXQXQG6FKLH
IHOH XQWHUVFKLHGHQ ZHUGHQ (LQH DNWXHOOH LQ HLQHU /HUQVLWXDWLRQ ZLHGHUNHK
UHQG DXIWUHWHQGH (PRWLRQ XQG 0RWLYDWLRQ KDELWXHOOHV 3HUV|QOLFKNHLWVPHUNPDO LVW
YRQ ]XJHRUGQHWHQ GLVSRVLWLRQDOHQ 3HUVRQPHUNPDOHQ ]X XQWHUVFKHLGHQ =XU *UXSSH
KDELWXHOOHU (PRWLRQ E]Z 0RWLYDWLRQ JHK|UW ]% GLH LQGLYLGXDOW\SLVFK KlXILJ XQG
LQWHQVLY ZLHGHUNHKUHQGH $QJVW LQ /HLVWXQJVVLWXDWLRQHQ =X GHQ EHUGDXHUQGHQ VR
PDWLVFKHQXQGNRJQLWLYH6WUXNWXUHQNDQQ]%GDVNRPSHWHQ]XQGKDQGOXQJVEH]R
JHQH6HOEVWNRQ]HSWJH]lKOWZHUGHQYJO66RPLWNDQQGLH/HLVWXQJVPRWLYDWL
RQZHQQVLHXQWHUGHU3HUVSHNWLYHYRQEHUHLWVHUOHEWHQXQGYHULQQHUOLFKWHQ6R]LDOL
VDWLRQVHIIHNWHQEHWUDFKWHWZLUGDOV'LVSRVLWLRQEH]HLFKQHWZHUGHQ
'HU %HJULII 'LVSRVLWLRQ ZLUG DXFK EHL 0F&OHOODQG YHUZHQGHW 6HLQHU 0HL
QXQJ QDFK JUQGHW GLH PHQVFKOLFKH 0RWLYDWLRQ DXI GUHL GRPLQDQWHQ %HGUIQLVVHQ
6LHPHLQHQGDPLWÄ0HUNPDOHGLHLQGHULQGLYLGXDOW\SLVFKHQ:LHGHUKROXQJYRQ3UR]HVVHQEHVWHKHQKD
ELWXHOOHU3UR]HVV³66LHKDOWHQIHVWGDVVEH]JOLFKKDELWXHOOHQ3UR]HVVHQEHJULIIOLFKKlXILJDXFKYRQ
Ä'LVSRVLWLRQ³GLH5HGHLVW
7KHRUHWLVFKHU+LQWHUJUXQG
'LH6HOEVWEHVWLPPXQJVWKHRULH6'7
GDV %HGUIQLV QDFK (UIROJ QDFK 0DFKW XQG VR]LDOHU =XJHK|ULJNHLW ,P *HJHQVDW]
]XU6HOEVWEHVWLPPXQJVWKHRULHYDULLHUWGLHVXEMHNWLYH%HGHXWXQJMHGHV%HGUIQLVVHV
JHPl‰0F&OHOODQGYRQ,QGLYLGXXP]X,QGLYLGXXPXQGKlQJWYRPNXOWXUHOOHQ+LQ
WHUJUXQG GHV (LQ]HOQHQ DE 6HLQHU 0HLQXQJ QDFK ODVVHQ VLFK %HGUIQLVVH ZLH GDV
6WUHEHQQDFK1lKH:LUNVDPNHLWXQG(IIL]LHQ]DOV'LVSRVLWLRQHQEHWUDFKWHQGLHDXI
GHU *UXQGODJH DIIHNWLYHU /HUQHUIDKUXQJHQ LQ GHU IUKHQ .LQGKHLW JHELOGHW ZHUGHQ
6RPLWLVWDQJHGHXWHWGDVVXQWHUVFKLHGOLFKHIUKH/HUQHUIDKUXQJHQXQGVR]LDOH.RQ
WH[WHVLFKOlQJHUIULVWLJLQHLQHUHKHUDXI'LVSRVLWLRQDQJHOHJWHQ/HLVWXQJVPRWLYDWLRQ
DXVZLUNHQ
'LH6HOEVWEHVWLPPXQJVWKHRULH6'7
'LH .HUQEHJULIIH GHU 6HOEVWEHVWLPPXQJVWKHRULH RGHU Ä6HOI'HWHUPLQDWLRQ 7KHRU\³
6'7NUHLVHQZLHGHU1DPHVDJWXP VHOEVWEHVWLPPWHV+DQGHOQXQGGHVVHQ9R
UDXVVHW]XQJHQ'LH6'7VWW]WVLFKYRUDOOHPDXIGLHDQJHERUHQHQXQGDOOJHPHLQJO
WLJHQ SV\FKRORJLVFKHQ %HGUIQLVVH %DVLF 1HHGV XQG NULWLVLHUW E]Z HUJlQ]W LQVR
IHUQ ELVKHULJH NRJQLWLYH (UNOlUXQJVDQVlW]H GHU 0RWLYDWLRQ ,Q GHU 6'7 VLQG GDV
$XVPD‰VXEMHNWLYHUOHEWHU$XWRQRPLHGLHZDKUJHQRPPHQHHLJHQH.RPSHWHQ]XQG
GLH VR]LDOH (LQJHEXQGHQKHLW GLH HQWVFKHLGHQGHQ 0RWLYDWLRQVIDNWRUHQ YJO 'HFL 5\DQ
'LH 6HOEVWEHVWLPPXQJVWKHRULH GHU 0RWLYDWLRQ PDFKW JHOWHQG GDVV 0HQVFKHQ
GHQLQWULQVLVFKHQDQJHERUHQHQ:XQVFKKDEHQLKUH8PZHOW]XHUIRUVFKHQ]X
YHUVWHKHQ XQG ÄLQ VLFK DXI]XQHKPHQ³ DVVLPLOLHUHQ 'LH 0RWLYDWLRQ ]XU DNWL
YHQ $XVHLQDQGHUVHW]XQJ PLW GHU 8PZHOW LVW EHUHLWV LQ GHQ IUKHVWHQ 6WDGLHQ
GHU(QWZLFNOXQJJHJHEHQXQGEUDXFKWNHLQH$QOHLWXQJHQXQGlX‰HUHQ=ZlQJH
DD26
1DFKGLHVHP6FKOVVHO]LWDWGDVGLH%HGHXWXQJGHULQWULQVLVFKHQ0RWLYDWLRQKHUYRU
KHEWVROOHQLP)ROJHQGHQYRUDOOHP±LQ.HQQWQLVGLHVHUDQWKURSRORJLVFKHQ*HJH
EHQKHLW ± GLH 8PZHOWIDNWRUHQ XQG NRQWH[WH XQWHUVXFKW ZHUGHQ ZHOFKH HLQH JDQ]
KHLWOLFKH /HUQ XQG /HLVWXQJVPRWLYDWLRQ I|UGHUQ 'LH .HUQNDSLWHO VLQG DOVR XQG=XYRUZHUGHQHLQH9HURUWXQJGHU6'7.DSVRZLHGHUHQ*UXQG
]JH.DSSUlVHQWLHUW
9HURUWXQJ
6HLWGHUÄNRJQLWLYHQ:HQGH³LQGHU3V\FKRORJLHLVWÄHLQHNDXPQRFKEHUVFKDXEDUH
9LHO]DKO YRQ 7KHRULHQ ]X NRJQLWLYHQ (PRWLRQV XQG 0RWLYDWLRQVEHGLQJXQJHQ YRU
JHVFKODJHQZRUGHQ³3HNUXQ6:LJILHOGHWDOELHWHQHLQHDNWXHO
OH XQG QDFK VHKU QDFKYROO]LHKEDUHQ 2EHUEHJULIIHQ JHJOLHGHUWH hEHUVLFKW EHU GLH
/HLVWXQJVPRWLYDWLRQVIRUVFKXQJ 6LH YHUZHQGHQ IROJHQGH EHUJHRUGQHWH .DSLWHO
D Ä.DQQ LFK GLH $XIJDEH HUIOOHQ"³ E Ä:LOO LFK GLH $XIJDEH HUIOOHQ XQG ZD
,Q(QJOLVFKKLHULQEHUVHW]WHU)RUP
7KHRUHWLVFKHU+LQWHUJUXQG
'LH6HOEVWEHVWLPPXQJVWKHRULH6'7
UXP"³ VRZLH FÄ:DV PXVV LFK HUIOOHQ XPEHL GHU$XIJDEHQEHZlOWLJXQJ HUIROJ
UHLFK]XVHLQ"³
8QWHU D ZHUGHQ QHEVW DQGHUHQ ]% GLH 6HOI(IILFDF\7KHRU\ GLH $WWULEXWLRQV
WKHRULHXQGGLHÄ0RGHUQ([SHFWDQF\9DOXH7KHRULHV³EHVFKULHEHQXQWHUEVRGDQQ
,QWHUHVVHQ7KHRULHQ XQG ZLHGHUXP PRGHUQH (UZDUWXQJV:HUW7KHRULHQ XQG XQWHU
FGLHVR]LDONRJQLWLYHQ7KHRULHQGHU6HOEVWUHJXODWLRQXQG0RWLYDWLRQ
6RZRKOGDV([SHFWDQF\9DOXH0RGHOYJO(FFOHV:LJILHOGDOVDXFKGLH
6'7RGHUGLH)ORZ7KHRU\YJO&VLNV]HQWPLKDO\LZHUGHQLQ:LJILHOGHWDO
XQWHU GHP 2EHUNDSLWHO E Ä:LOO LFK GLH $XIJDEH HUIOOHQ XQG ZDUXP"³ ]X
GHQPRGHUQHQ(UZDUWXQJV:HUW7KHRULHQJH]lKOWXQGEHVFKULHEHQ6II'LH
(UZDUWXQJV:HUW7KHRULHQ ZHUGHQ LP (QJOLVFKHQ DXFK 5DWLRQDO&KRLFH7KHRULHQ
JHQDQQW YJO )X‰QRWH 6RPLW VLQG GLH YHUZDQGWHQ 7KHRULHQ ]XU 6'7 LGHQWLIL]LHUW
ZHOFKHVLFKDOOHPLWGHU]HQWUDOHQ)UDJHQDFKGHU9HUXUVDFKXQJGHU/HUQXQG/HLV
WXQJVPRWLYDWLRQEHVFKlIWLJHQ
.XU]EHUEOLFNXQG.HUQHOHPHQWH
'LH 6'7 LVW HLQH JDQ]KHLWOLFKH (QWZLFNOXQJVWKHRULH ,P *UXQGVDW] JHKW HV GDUXP
GDVV GLH DQJHERUHQHQ XQG NXOWXUXQDEKlQJLJHQ SV\FKRORJLVFKHQ %HGUIQLVVH GHV
0HQVFKHQ P|JOLFKVW RSWLPDO EHIULHGLJW ZHUGHQ PVVHQ GDPLW HLQH JHVXQGH (QW
ZLFNOXQJHLQHU3HUVRQHUP|JOLFKW ZLUG:HVHQWOLFK LVWDXFKGDVV VLHQLFKWQXUGHU
6WlUNH GHU 0RWLYDWLRQ VRQGHUQ DXFK GHUHQ $XVULFKWXQJ QDFKJHKW *HUDGH LP SV\
'LHHUZHLWHUWH(UZDUWXQJV:HUW7KHRULHQDFK(FFOHVXQG:LJILHOGXQWHUWHLOWGHQ:HUWDVSHNWLQ
YLHU .RPSRQHQWHQ =LHOHUUHLFKXQJVZHUW LQWULQVLVFKHU :HUW ZDKUJHQRPPHQH .RVWHQ XQG 1W]OLFKNHLW%HLVSLHOVZHLVHLVWEHLHQWVFKHLGHQGZLHEHGHXWVDPGDV+DQGOXQJVHUJHEQLVIUGLH3HUVRQ
LVW-HZLFKWLJHUHVIUVLHLVWGHVWRPHKUVWUHQJWVLHVLFKDQ%HLJHKWHVXPGDV9HUJQJHQDP3UR]HVV
VHOEVW'DPLWHQJYHUEXQGHQLVW]%DXFKGDV)ORZ(UOHEQLVYJO&VLNV]HQWPLKDO\LRGHUJHPl‰GHU
,QWHUHVVHQWKHRULH GLH VXEMHNWLYH :HUWVFKlW]XQJ GHV *HJHQVWDQGVEHUHLFKV YJO 6FKLHIHOH +DQGOXQ
JHQEHLQKDOWHQLPPHUDXFKJHZLVVH.RVWHQZHOFKHGLHZDKUJHQRPPHQHQQHJDWLYHQ$VSHNWHZLH$Q
VWUHQJXQJRGHUGLH)XUFKW]XYHUVDJHQEHLQKDOWHQ8QGOHW]WOLFKJHKWHVEHLXPGLH1W]OLFKNHLWGLHDXV
GHU%HGHXWXQJHLQHU$XIJDEHIUGDV(UUHLFKHQ]XNQIWLJHU=LHOHUHVXOWLHUW(VZLUGJHOHUQWZHLOPDQVLFK
GDUDXV6FKXORGHU%HUXIVFKDQFHQYHUVSULFKW'LHVLVW]%HLQHH[WULQVLVFKH0RWLYDWLRQVIRUP
*UXQGVlW]OLFK ZLUG LQ (UZDUWXQJV:HUW7KHRULHQ DQJHQRPPHQ GDVV VLFK HLQH 3HUVRQ IU MHQH +DQG
OXQJVDOWHUQDWLYHHQWVFKHLGHWGLHIUVLHLQVJHVDPWGHQK|FKVWHQ1XW]HQKDWGKGLHPHLVWHQ9RUWHLOHEULQJW
,Q(UZDUWXQJV:HUW7KHRULHQZLUGDEHUGHU1XW]HQPLWHLQHUZHLWHUHQ(UZDUWXQJVYDULDEOHQJHZLFKWHWGLH
VH HQWVSULFKW GHU VXEMHNWLY DQJHQRPPHQHQ :DKUVFKHLQOLFKNHLW GDVV HV GHQ HUKRIIWHQ 1XW]HQ DXFK JHEHQ
ZLUG%HLVSLHO(LQ6FKOHUVWHKWYRUGHU:DKODXIHLQH3UIXQJ]XOHUQHQRGHUQDFKGHU6FKXOHPLW.ROOH
JHQDE]XPDFKHQ)UEHLGH2SWLRQHQJHQHULHUWHUHLQH5HLKHYRQ.RQVHTXHQ]HQGLHPLWHLQHUPHKURGHU
ZHQLJHUJUR‰HQ:DKUVFKHLQOLFKNHLWHUZDUWHWZHUGHQ(XQGGLHIUGHQ6FKOHUHLQHQPHKURGHUZHQLJHU
KRKHQ:HUW:EHVLW]HQ)UEHLGH2SWLRQHQNDQQQXQHLQHJHZLFKWHWH6XPPHDXVGHP3URGXNW([:
JHELOGHWZHUGHQ'LH2SWLRQPLWGHUK|KHUHQ3URGXNWVXPPH]%VFKOLH‰OLFKGRFKDXIGLH3UIXQJ]XOHU
QHQZLUGPLWJU|‰HUHU:DKUVFKHLQOLFKNHLWJHZlKOWYJO*ROOZLW]HU6FKPLWW6
Ä'LH:DKOGHUPXOWLSOLNDWLYHQ9HUNQSIXQJHUVFKHLQWLQWXLWLYSODXVLEHOGDHLQKRKHU:HUWGHUPLWJHULQJHU
:DKUVFKHLQOLFKNHLWHLQWULWWHEHQVRZHQLJDXVVFKODJJHEHQGVHLQVROOWHZLHHLQJHULQJHU:HUWGHUPLWKRKHU
:DKUVFKHLQOLFKNHLW HLQWULWW ,Q GHU 3KLORVRSKLH ZLUG HLQ VROFKHV 9RUJHKHQ EHLP 3ODQHQ YRQ +DQGOXQJHQ
XQGEHLP)lOOHQYRQ(QWVFKHLGXQJHQDOVYHUQQIWLJLQGHU3V\FKRORJLHXQGLQ|NRQRPLVFKHQ9HUKDOWHQV
WKHRULHQ DOV UDWLRQDO EH]HLFKQHW (QWVSUHFKHQG ZHUGHQ (UZDUWXQJV:HUW7KHRULHQ DXFK DOV 5DWLRQDO
&KRLFH7KHRULHQEH]HLFKQHW³DD26
7KHRUHWLVFKHU+LQWHUJUXQG
'LH6HOEVWEHVWLPPXQJVWKHRULH6'7
FKRORJLVFKHQ.RQWH[WNRPPWHVVHKUGDUDXIDQYRQZHOFKHU4XDOLWlWGLH0RWLYDWLRQ
LVW YJO .UDSS 5\DQ 6 'LH 6'7 XQWHUVFKHLGHW VRPLW QLFKW QXU ]ZL
VFKHQ0RWLYDWLRQXQG$PRWLYDWLRQVRQGHUQVFKOVVHOWGLHVHXQWHUVFKLHGOLFKHQTXD
OLWDWLYHQ0RWLYDWLRQVDXVSUlJXQJHQZHLWHUDXIYJO'HFL5\DQ
'LH GUHL DQJHERUHQHQ SV\FKRORJLVFKH %HGUIQLVVH Ä%DVLF 1HHGV³ ZHOFKH GLH
6HOEVWEHVWLPPXQJVWKHRULHSRVWXOLHUWVLQGIUGLHLQWULQVLVFKHXQGH[WULQVLVFKH0RWL
YDWLRQJOHLFKHUPD‰HQUHOHYDQW(VVLQGGLHVYJO'HFL5\DQ6
%HGUIQLVQDFK.RPSHWHQ]RGHU:LUNVDPNHLW
%HGUIQLVQDFK$XWRQRPLHRGHU6HOEVWEHVWLPPXQJ
%HGUIQLVQDFK(LQJHEXQGHQKHLWRGHUVR]LDOHU=XJHK|ULJNHLW
'LHVH%HGUIQLVVHN|QQHQGHU(LQIDFKKHLWKDOEHUPLWWHOV6FKOVVHOVlW]HQÄLFKDOOHLQH
HQWVFKHLGH³ ÄLFK NDQQ HV³ XQG ÄLFK JHK|UH GD]X³ XPVFKULHEHQ ZHUGHQ 'HU HUVWH
%HJULIIHQWVSULFKWGHUZDKUJHQRPPHQHQ6HOEVWEHVWLPPWKHLWGHU]ZHLWHGHU.RPSH
WHQ]]%RSWLPDOH+HUDXVIRUGHUXQJHQPHLVWHUQXQGGHUGULWWH$VSHNWGHUVR]LDOHQ
(LQJHEXQGHQKHLW ZHOFKHU GHU LQGLYLGXHOOHQ :DKUQHKPXQJ GHU =XJHK|ULJNHLW XQG
GHU%H]LHKXQJHQHQWVSULFKW%HVRQGHUVGDV%HVWUHEHQQDFKVR]LDOHU(LQJHEXQGHQKHLW
VFKHLQWGHQ$XWRUHQIUGLHVHHOLVFKH*HVXQGKHLWHLQH9RUUDQJVWHOOXQJHLQ]XQHKPHQ
YJO 5\DQ 'HFL =XGHP JUQGHQ KRKH )RUPHQ H[WULQVLVFKHU 0RWLYDWLRQ
YRUDOOHPDXIGHP%HGUIQLVQDFKVR]LDOHU=XJHK|ULJNHLWV.DS&'LHVHU
)DNWRUVWHKWLQGHUYRUOLHJHQGHQ$UEHLWDXFKLP=HQWUXP
%HLP HUVWHQ %HGUIQLV EH]LHKHQ VLFK 'HFL XQG 5\DQ 6 LKUHUVHLWV DXI
:KLWHEHLP]ZHLWHQ$VSHNWDXIGH&KDUPVXQGEHLPGULWWHQDXIGHQ
%HJULIIÄ$IILOLDWLRQ³QDFK+DUORZ
%HVRQGHUVLPSlGDJRJLVFKHQ.RQWH[WLVWGLH6'7VHKUUHOHYDQW'HQQVLHJLEWHLQH
$QWZRUW GDUDXI ZDUXP EHVWLPPWH +DQGOXQJV]LHOH PRWLYLHUHQG VLQG XQG ZLH PDQ
GLH ,QWHQWLRQVELOGXQJ YHUVWHKHQ XQG HUNOlUHQ NDQQ XQG ZHLVW )DNWRUHQ LP VR]LDOHQ
.RQWH[W DXV GLH IU GDV $XIWUHWHQ LQWULQVLVFKHU 0RWLYDWLRQ XQG GLH (QWZLFNOXQJ
H[WULQVLVFKHU 0RWLYDWLRQ YHUDQWZRUWOLFK VLQG ZLH GDV LP YRUKHULJHQ .DSLWHO DXVJHZLHVHQZXUGH
:HQQ PDQ GLH 0RWLYDWLRQVIRUVFKXQJ LP *HQHUHOOHQ EHWUDFKWHW ZHUGHQ LP *UXQG
VDW]GUHL.RQ]HSWH]XU(UNOlUXQJGHU+DQGOXQJVHQHUJLHYHUZHQGHWZHOFKHGLHHLQ
]HOQH 3HUVRQ ]X ]LHOJHULFKWHWHP 9HUKDOWHQ IKUW D 3K\VLRORJLVFKH %HGUIQLVVH
7ULHEH E (PRWLRQHQ XQG F SV\FKRORJLVFKH %HGUIQLVVH 'LH 6'7 VWW]W VLFK
HEHQIDOOVDXIGLHHUVWHQ]ZHLJHQDQQWHQ)DNWRUHQ'RFKVLHIRNXVVLHUWYDGHQ6WHO
OHQZHUW GHU SV\FKRORJLVFKHQ %HGUIQLVVH EHL GHU 0RWLYDWLRQVHQWZLFNOXQJ QlPOLFK
GLHÄ%DVLF1HHGV³'LHEHVRQGHUH(UUXQJHQVFKDIWGHU6'7JHJHQEHUYLHOHQDQGH
'HFL XQG 5\DQ YHUZHQGHQ ÄDXWRQRP\³ XQG ÄVHOIGHWHUPLQDWLRQ³ DOV V\QRQ\PH %HJULIIH KLQVLFKWOLFK
*UXQGEHGUIQLVDOVDXFKKLQVLFKWOLFK+DQGOXQJVUHJXODWLRQ
7KHRUHWLVFKHU+LQWHUJUXQG
'LH6HOEVWEHVWLPPXQJVWKHRULH6'7
UHQ0RWLYDWLRQVWKHRULHQ]XPHLVWPLWNRJQLWLYHQ$QVlW]HQLVWDOVRGDVVVLH$XVVD
JHQ EHU GLH SV\FKRORJLVFKHQ 8UVDFKHQ YRQ PRWLYDWLRQDOHQ +DQGOXQJVHQHUJLHQ
PDFKW
1DFK'HFLXQG5\DQVLQGGLH*UXQGEHGUIQLVVHDQJHERUHQHVVHQWLHOOXQGXQLYHUVDO
'LH %HIULHGLJXQJ GLHVHU SV\FKRORJLVFKHQ %HGUIQLVVH NDQQ DEHU DXI XQWHUVFKLHGOL
FKHXQGNRQWH[WDEKlQJLJH:HLVHHUIROJHQZLHIROJHQGHV=LWDWDXVZHLVW
$FFRUGLQJWR6'7WKHVHWKUHHQHHGVFDQEHVDWLVILHGZKLOHHQJDJLQJLQDZLGH
YDULHW\ RI EHKDYLRUV WKDW PD\ GLIIHU DPRQJ LQGLYLGXDOV DQG EH GLIIHUHQWLDOO\
PDQLIHVWLQGLIIHUHQWFXOWXUHVEXWLQDQ\FDVHWKHLUVDWLVIDFWLRQLVHVVHQWLDOIRU
WKH KHDOWK\ GHYHORSPHQW DQG ZHOOEHLQJ RI DOO LQGLYLGXDOV UHJDUGOHVV RI FXO
WXUH'HFL5\DQ6
'LH6'7NDQQLQGLH]ZHL6XEWKHRULHQÄ&RJQLWLYH(YDOXDWLRQ7KHRU\³XQGÄ2UJD
QLVPLF,QWHJUDWLRQ7KHRU\³XQWHUWHLOWZHUGHQ,P)ROJHQGHQZHUGHQEHLGHEHVFKULH
EHQ 'DEHL ZHUGHQ UHOHYDQWH $VSHNWH EH]RJHQ DXI YRUOLHJHQGH )UDJHVWHOOXQJ KHU
YRUJHKREHQ ,QVRIHUQ LVW HUVLFKWOLFK ZDUXP GLH $XVIKUXQJHQ ]XU RUJDQLVPLVFKHQ
,QWHJUDWLRQVWKHRULHV.DSDXVIKUOLFKHUDXVIlOOW'LHH[WULQVLVFKH0RWLYDWLRQ
KDWLQYRUOLHJHQGHU)UDJHVWHOOXQJEHVRQGHUHV*HZLFKW
,QWULQVLVFKH0RWLYDWLRQLQGHUÄ&RJQLWLYH(YDOXDWLRQ7KHRU\³
%HL GHU NRJQLWLYHQ (YDOXDWLRQVWKHRULH JHKW HV YRU DOOHP XP GLH (UUHLFKXQJ GHU
K|FKVWHQ0RWLYDWLRQVVWXIHGLHLQWULQVLVFKH0RWLYDWLRQ(VVLQGLQWHUHVVHQEHVWLPPWH
+DQGOXQJHQ GHUHQ $XIUHFKWHUKDOWXQJ NHLQH H[WHUQHQ RGHU LQWUDSV\FKLVFKHQ $QVW|
‰HZLH9HUVSUHFKXQJHQRGHU'URKXQJHQEHQ|WLJW'LHLQWULQVLVFKH0RWLYDWLRQEH
LQKDOWHW1HXJLHU([SORUDWLRQ6SRQWDQLWlWXQG,QWHUHVVHDQGHQXQPLWWHOEDUHQ*HJH
EHQKHLWHQGHU8PZHOWYJO'HFL5\DQ6
,QWULQVLVFK PRWLYLHUWH 9HUKDOWHQVZHLVHQ JHOWHQ DOV 3URWRW\S VHOEVWEHVWLPPWHQ 9HU
KDOWHQV'DV+DQGHOQVWLPPWPLWGHUHLJHQHQ$XIIDVVXQJEHUHLQZDVHLQHU6HOEVW
EHVWLPPXQJHQWVSULFKWGHU%HJULIIGHU6HOEVWEHVWLPPXQJZLUGLPQlFKVWHQ.DSLWHO
QRFKPHKUNRQNUHWLVLHUW'LHLQWULQVLVFKH0RWLYDWLRQHUNOlUWDOVRZDUXP3HUVRQHQ
IUHL YRQ lX‰HUHP 'UXFN XQG LQQHUHQ =ZlQJHQ QDFK HLQHU 7lWLJNHLW VWUHEHQ LQ GHU
VLHHQJDJLHUWWXQN|QQHQZDVVLHLQWHUHVVLHUW
(QJ GDPLW YHUNQSIW LVW DXFK GDV )ORZ(UOHEHQ QDFK &VLNV]HQWPLKDO\L ZHOFKHVPLWIROJHQGHQ0HUNPDOHQXPVFKULHEHQZHUGHQNDQQ
9HUVFKPHO]HQYRQ+DQGOXQJXQG%HZXVVWVHLQ
=HQWULHUXQJGHU$XIPHUNVDPNHLWDXIGLHPRPHQWDQH7lWLJNHLW
6HOEVWYHUJHVVHQKHLW
$XVEHQYRQ.RQWUROOHEHU+DQGOXQJXQG8PZHOW
2EZRKOGLH)ORZ7KHRULHRKQH$QQDKPHYRQ*UXQGEHGUIQLVVHQZLHEHLGHU6'7
DXVNRPPWVSLHOWGHU.RPSHWHQ]EHJULIIHEHQIDOOVHLQHZLFKWLJH5ROOH)ORZ(UOHEHQ
7KHRUHWLVFKHU+LQWHUJUXQG
'LH6HOEVWEHVWLPPXQJVWKHRULH6'7
NDQQGDQQHLQWUHWHQZHQQ)lKLJNHLWXQG$QIRUGHUXQJRSWLPDODXIHLQDQGHUSDVVHQ
:HLO GLH 3HUVRQ LKUH .RPSHWHQ] DXV HQWZLFNOXQJVSV\FKRORJLVFKHU +LQVLFKW
QRUPDOHUZHLVH VWHLJHUW NDQQ QXU GDQQ ZHLWHUHV )ORZ(UOHEHQ HLQWUHWHQ ZHQQ GLH
$QIRUGHUXQJHQHEHQIDOOVDQJHSDVVWZHUGHQ
'LHEHUXIOLFKH:HLWHUELOGXQJVPRWLYDWLRQNDQQDOV)RUPGHULQWULQVLVFKHQ/HUQPRWL
YDWLRQEH]HLFKQHWZHUGHQZHLOVLHPHLVWHQVYRQ)UHLZLOOLJNHLWXQG,QWHUHVVHJHSUlJW
LVW 1LHPDQG ZLUG QRUPDOHUZHLVH ]X HLQHU :HLWHUELOGXQJ JH]ZXQJHQ -HGRFK OlVVW
VLFKHEHQVRHLQH[WULQVLVFKVHOEVWEHVWLPPWHU$QWHLOHUNHQQHQZHQQPLWGHU:HLWHU
ELOGXQJHLQJHZLVVHV=LHO]%HLQHK|KHUH%HUXIVVWXIHRGHUPHKU3UHVWLJH]XHUUHL
FKHQ YHUVXFKW ZLUG $XV GLHVHP *UXQGH HQWKlOW GHU 7LWHO GLHVHU $UEHLW DXFK GHQ
%HJULII/HUQPRWLYDWLRQ
([WULQVLVFKH0RWLYDWLRQXQG,QWHUQDOLVLHUXQJLQGHUÄ2UJDQLVPLF,QWHJ
UDWLRQ7KHRU\³
,P *HJHQVDW] ]X LQWULQVLVFK PRWLYLHUWHP 9HUKDOWHQ NDQQ H[WULQVLVFK PRWLYLHUWHV
9HUKDOWHQ DOV 9HUKDOWHQ PLW LQVWUXPHQWHOOHU $EVLFKW GHILQLHUW ZHUGHQ YRU DOOHP
ZHQQ HV VLFK XP QLHGHUH )RUPHQ H[WULQVLVFKHU 0RWLYDWLRQ KDQGHOW (V WULWW QLFKW
VSRQWDQ DXI VRQGHUQ HV ZLUG RIWPDOV GXUFK $XIIRUGHUXQJHQ 9HUVSUHFKXQJHQ RGHU
'URKXQJHQLQ*DQJJHVHW]WXQGRGHUDXIUHFKWHUKDOWHQ'LH$XVIKUXQJHLQHU7lWLJ
NHLWOlVVWHLQHSRVLWLYH%HNUlIWLJXQJHUZDUWHQ
'LHÄ2UJDQLVPLF,QWHJUDWLRQ7KHRU\³ZHLVWDEHUDXIGLH7DWVDFKHKLQGDVVH[WULQVL
VFKH 0RWLYDWLRQ QLFKW HLQ NODU XPULVVHQHU =XVWDQG VRQGHUQ HKHU HLQ ,QWHJUDWLRQV
SUR]HVV GDUVWHOOW 'LHVHU 9RUJDQJ KDW ZLHGHUXP PLW VR]LDOLVLHUHQGHQ 0HFKDQLVPHQ
]X WXQ ,P 5DKPHQ GHU (UNXQGXQJ GHU Ä%DVLF 1HHGV³ YHUZHLVHQ 'HFL XQG 5\DQ
DXI HLQH 0HWDWKHRULH ZHOFKHU GHU 6'7 ]XJUXQGH OLHJW ³7R H[SOLFDWH WKH
PHDQLQJRIQHHGVLQ6'7ZHFRQVLGHUQRWRQO\WKHWKHRUHWLFDOFRQFHSWEXWDOVRWKH
RUJDQLVPLFGLDOHFWLFDOPHWDWKHRU\WKDWXQGHUOLHVLW´6
8PGLH,QWHUQDOLVLHUXQJVXQG,QWHJUDWLRQVSUR]HVVH%GLHVHU0HWDWKHRULHYHUVWHKHQ
]X N|QQHQ ZHUGHQ GLH %HJULIIH RUJDQLVPLVFK XQG GLDOHNWLVFK LP )ROJHQGHQ ]XHUVW
HUNOlUW $ 6FKOLH‰OLFK ZLUG GDV .RQWLQXXP GHU 0RWLYDWLRQVW\SHQ & QlKHU EH
WUDFKWHWXQGEHVFKULHEHQ
$2UJDQLVPLVFKH'LDOHNWLN
'LH %HJULIIH RUJDQLVPLVFK XQG GLDOHNWLVFK ZHOFKH LQ GHU 0HWDWKHRULH YHUZHQGHW
ZHUGHQEHVFKUHLEHQ'HFLXQG5\DQZLHIROJW
7KH VWDUWLQJ SRLQW IRU 6'7 LV WKH SRVWXODWH WKDW KXPDQV DUH DFWLYH JURZWK
RULHQWHGRUJDQLVPVZKRDUHQDWXUDOO\LQFOLQHGWRZDUGLQWHJUDWLRQRIWKHLUSV\
FKLF HOHPHQWV LQWR D XQLILHG VHQVH RI VHOI DQG LQWHJUDWLRQ RI WKHPVHOYHV LQWR
ODUJHU VRFLDO VWUXFWXUHV ,Q RWKHU ZRUGV 6'7 VXJJHVWV WKDW LW LV SDUW RI WKH
DGDSWLYHGHVLJQRIWKHKXPDQRUJDQLVPWRHQJDJHLQWHUHVWLQJDFWLYLWLHVWRH[
7KHRUHWLVFKHU+LQWHUJUXQG
'LH6HOEVWEHVWLPPXQJVWKHRULH6'7
HUFLVHFDSDFLWLHVWRSXUVXHFRQQHFWHGQHVVLQVRFLDOJURXSVDQGWRLQWHJUDWHLQ
WUDSV\FKLFDQGLQWHUSHUVRQDOH[SHULHQFHVLQWRDUHODWLYHXQLW\'HFL5\DQ
6
$OVGLDOHNWLVFKEH]HLFKQHQZLUGLH7KHRULHZHLOHLQHSHUPDQHQWHLQWHUDNWLYH
%H]LHKXQJ]ZLVFKHQGLHVHPRUJDQLVPLVFKHQOQWHJUDWLRQVSUR]HVVXQGGHQ(LQ
IOVVHQGHUVR]LDOHQ8PZHOWXQWHUVWHOOWZLUG'HFL5\DQ6
2UJDQLVPLVFKZHLVWDOVRJHPl‰RELJHQ=LWDWHQDXIGHQ$VSHNWKLQGDVV0HQVFKHQ
HYROXWLRQVEHGLQJW DNWLYH ZDFKVWXPVRULHQWLHUWH 2UJDQLVPHQ VLQG GLH GD]X WHQGLH
UHQ LQWUDSV\FKLVFKHXQG LQWHUSHUVRQDOH (UIDKUXQJHQ ]X HLQHU(LQKHLWYHUVFKPHO]HQ
]X ODVVHQ 6LH P|FKWHQ DNWLY VHLQ LKUH )lKLJNHLWHQ DQZHQGHQ XQG ]HLJHQ XQG GDV
P|JOLFKVW LQ HLQHP VR]LDOHQ 6HWWLQJ GHU HPRWLRQDOHQ (LQJHEXQGHQKHLW $OV GLDOHN
WLVFKNDQQGLH0HWDWKHRULHGDUXPEH]HLFKQHWZHUGHQZHLOVLFKGLHVR]LDOH8PZHOW
XQGGHURUJDQLVPLVFKH,QWHJUDWLRQVSUR]HVVJHJHQVHLWLJEHHLQIOXVVHQ
'LH6WUXNWXUGHVÄ6HOEVW³LVWOHW]WOLFKDOVRJHSUlJWGXUFKGDVPHQVFKOLFKH%HGUIQLV
QDFK RUJDQLVPLVFKHQ ,QWHJUDWLRQVSUR]HVVHQ ZHOFKH LQ GHQ $XVHLQDQGHUVHW]XQJHQ
PLW GHU VR]LDOHQ :HOW WlJOLFK DEODXIHQ 'LH GUHL SV\FKRORJLVFKHQ %HGUIQLVVH (LQ
JHEXQGHQKHLW .RPSHWHQ] XQG $XWRQRPLH VLQG GLH ZHVHQWOLFKHQ %HGLQJXQJHQ GD
PLW VLFK GLH DQJHERUHQHQ1HLJXQJHQ GHV 0HQVFKHQ QDFK $NWLYLWlW :DFKVWXP ,Q
WHJUDWLRQ SV\FKLVFKHU (OHPHQWH XQG ,QWHJUDWLRQ LQ VR]LDOHQ 6WUXNWXUHQ JHVXQG DXV
SUlJHQN|QQHQYJO'HFL5\DQ'DV.RQ]HSWGHU2UJDQLVPLVFKHQ,QWHJUD
WLRQVWKHRULHHQWVSULFKWPHWDSKRULVFKHLQHU9RUVWHOOXQJYRQÄ3IOHJH³XQGÄ:DFKVHQ
ODVVHQ³ LP *HJHQVDW] ]X 9RUVWHOOXQJHQ XQG %HJULIIHQ ZLH Ä.RQWUROOH³ XQG Ä/HQ
NXQJ³
%,QWHUQDOLVLHUXQJE]Z,QWHJUDWLRQ=XP.HUQSUR]HVVGHU6HOEVWEHVWLPPXQJ
(VKlQJWVRZRKOYRQGHU$UWXQG:HLVHGHUVR]LDOHQ8PZHOWZLHDXFKYRQGHQLQ
QHUHQ5HVVRXUFHQXQG(UIDKUXQJHQGHU3HUVRQDEREXQGZLHGLHSV\FKRORJLVFKHQ
*UXQGEHGUIQLVVHGHV0HQVFKHQEHIULHGLJWZHUGHQ
:LUVLQGGHU$XIIDVVXQJGDVVGHU0HQVFKGLHQDWUOLFKH7HQGHQ]KDW5HJX
ODWLRQVPHFKDQLVPHQGHUVR]LDOHQ8PZHOW]XLQWHUQDOLVLHUHQXPVLFKPLWDQ
GHUHQ 3HUVRQHQ YHUEXQGHQ ]X IKOHQ XQG 0LWJOLHG GHU VR]LDOHQ 8PZHOW ]X
ZHUGHQ'XUFKGLH,QWHJUDWLRQGLHVHUVR]LDOYHUPLWWHOWHQ9HUKDOWHQVZHLVHQLQ
GDVLQGLYLGXHOOH6HOEVWVFKDIIWGLH3HUVRQ]XJOHLFKGLH0|JOLFKNHLWGDVHLJHQH
+DQGHOQDOVVHOEVWEHVWLPPW]XHUIDKUHQ'HFL5\DQ6+HUYRU
KHEXQJGXUFK'/
'XUFK HLQHQ VROFKHQ 6R]LDOLVDWLRQVSUR]HVV E]Z ÄGLH ,QWHJUDWLRQ GLHVHU VR]LDO YHU
PLWWHOWHQ9HUKDOWHQVZHLVHQLQGDVLQGLYLGXHOOH6HOEVW³HEGJHODQJWGLH3HUVRQ]XP
VHOEVWEHVWLPPWHQ +DQGHOQ 9RUDXVVHW]XQJ GDIU LVW GLH VR]LDOH (LQJHEXQGHQKHLW LQ
HLQHPÄDN]HSWLHUWHQVR]LDOHQ0LOLHX³
7KHRUHWLVFKHU+LQWHUJUXQG
'LH6HOEVWEHVWLPPXQJVWKHRULH6'7
'LH(QWZLFNOXQJ]XU6HOEVWEHVWLPPXQJILQGHWVWDWWLQGHPGLH6LQQKDIWLJNHLWJHVHOO
VFKDIWOLFKHU:HUWHXQG9HUKDOWHQVUHJHOQUHIOHNWLHUWXQGLQGDV6HOEVWNRQ]HSWLQWHJ
ULHUW ZLUG 'LHVH 7UDQVIRUPDWLRQ ± YRQ H[WULQVLVFK PRWLYLHUW ]X VHOEVWEHVWLPPW ±
QLPPW %H]XJ DXI GHQ ÄORFXV RI FDXVDOLW\³ Ä:XUGH GDV HLJHQH +DQGHOQ ]XYRU DOV
YRQDX‰HQYHUDQODVVWRGHUHU]ZXQJHQHUDFKWHWZLUGHVQXQDOVIUHLZLOOLJXQGVHOEVW
EHVWLPPWHUOHEW³:LOG5HP\D6
+LHULVWDXFKGHU.HUQSXQNWGHU6'7EH]JOLFKYRUOLHJHQGHU)UDJHVWHOOXQJHUVLFKW
OLFK'LH7UDQVIRUPDWLRQYRQHLQHUH[WULQVLVFKHQXQGVRPLWDX‰HQJHVWHXHUWHQ0RWL
YDWLRQLQHLQHVHOEVWEHVWLPPWHXQGVRPLWLQQHQJHVWHXHUWHDEHULQGHU)RUPLPPHU
QRFK H[WULQVLVFKH /HUQ XQG /HLVWXQJVPRWLYDWLRQ SDVVLHUW GDQQ ZHQQ GLH 3HUVRQ
IUHLZLOOLJ GLH YRQ DX‰HQ JHVHW]WHQ $QVSUFKH LQWHUQDOLVLHUW XQG VLFK GHU ZDKUJH
QRPPHQH2UWGHU+DQGOXQJVYHUXUVDFKXQJQXQQDFKLQQHQYHUVFKLHEW'HFLXQG5\
DQXQWHUVFKHLGHQGUHL6WXIHQEHLGHU,QWHUQDOLVLHUXQJDEJHJUHQ]WYRQHLQHU9RUVWXIH
GHU ÄH[WHUQDOHQ 5HJXODWLRQ³ ,P )ROJHQGHQ ZLUG GDV .RQWLQXXP GHV ]XQHKPHQG
VHOEVWEHVWLPPWHQ/HUQHQVYRUJHVWHOOW
&.RQWLQXXPGHU0RWLYDWLRQVW\SHQPLW5HJXODWLRQVVWLO+DQGOXQJVYHUXUVDFKXQJ
XQGNRUUHVSRQGLHUHQGHQ3UR]HVVHQ
9HUKDOWHQ
VHOEVWEHVWLPPW
QLFKWVHOEVWEHVWLPPW
,QWULQVLVFKH
0RWLYDWLRQ
([WULQVLVFKH0RWLYDWLRQ
0RWLYDWLRQVW\S
$PRWLYDWLRQ
5HJXODWLRQV
VWLO
1LFKW
5HJXODWLRQ
([WHUQDOH
5HJXODWLRQ
,QWURML]LHUWH
5HJXODWLRQ
,GHQWLIL]LHUWH
5HJXODWLRQ
,QWHJULHUWH
5HJXODWLRQ
,QWULQVLVFKH
5HJXODWLRQ
:DKUJHQRP
PHQHU
2UWGHU
.DXVDOLWlW
XQSHUV|QOLFK
H[WHUQDO
HWZDV
H[WHUQDO
HWZDV
LQWHUQDO
LQWHUQDO
LQWHUQDO
5HOHYDQWH
5HJXODWLRQVSUR
]HVVH
‡ .HLQH
:HUWVFKlW]XQJ
‡ ,QNRPSHWHQ]
‡ 0DQJHODQ
.RQWUROOH
‡ %HIROJXQJ
‡ (LQZLOOLJXQJ
‡ ([WHUQH
%HORKQXQJHQ
XQG
%HVWUDIXQJHQ
‡ 6HOEVWNRQWUROOH
‡ ,FK
,QYROYLHUWKHLW
‡ ,QWHUQH
%HORKQXQJHQ
XQG
%HVWUDIXQJHQ
‡ SHUV
:LFKWLJNHLW
‡ %HZXVVWHV
:HUWVFKlW]HQ
‡ .RQJUXHQ]
‡ %HZXVVWKHLW
‡ 6\QWWKHVHPLW
GHP6HOEVW
‡ ,QWHUHVVH
‡ 6LFKHUIUHXHQ
‡ ,QKlUHQWH
%HIULHGLJXQJ
%HLVSLHOIUDJHQ
ZDUXPVWUHQJVW
GXGLFKDQ"
‡ ,FKVHKHQLFKW
ZDVGLHVH
$NWLYLWlWPLU
EULQJHQVROO
$EELOGXQJ
‡ :HLOLFKHVWXQ ‡ :HLOLFKPLFK ‡ :HLOLFK
PXVV
VFKlPHZHQQ
JODXEHGDVV
LFKHVQLFKW
GLHVH$NWLYLWlW
ZLFKWLJIU
VFKDIIH
PLFKLVW
.RQWLQXXPGHU0RWLYDWLRQVW\SHQYJO'HFL5\DQ6
‡ :HLOLFKVSlWHU ‡ :HLOPLUGLHVH
HLQPDO$U]W
$NWLYLWlW6SDVV
ZHUGHQZLOO
PDFKW
$XI'HXWVFKEHUVHW]WXQGDQJHUHLFKHUWPLW%HLVSLHOIUDJHQQDFK*XD\9DOOHUDQGXQG%ODQFKDUG*UROQLFNXQG5\DQ
XQGEHLJHIJWHP%HLVSLHODXIJUXQGIHKOHQGHU1HQQXQJHLQHV,WHPVLQ6,06VLWXDWLRQDOPRWLYDWLRQVFDOHJHPl‰*XD\HWDO
DXI6WXIHLQWHUQDOHU5HJXODWLRQ
$EELOGXQJ ]HLJW GLH 8QWHUVFKHLGXQJ ]ZLVFKHQ $PRWLYDWLRQ H[WULQVLVFKHU XQG
LQWULQVLVFKHU0RWLYDWLRQ'DEHLZLUGHUVLFKWOLFKGDVVGLHH[WULQVLVFKH0RWLYDWLRQLQ
YLHU8QWHUW\SHQE]Z5HJXODWLRQVVWLOHXQWHUWHLOWZLUG'LHIUGLH6HOEVWEHVWLPPXQJ
7KHRUHWLVFKHU+LQWHUJUXQG
'LH6HOEVWEHVWLPPXQJVWKHRULH6'7
UHOHYDQWH 'LPHQVLRQ LVW GHU 2UW GHU +DQGOXQJVYHUXUVDFKXQJ GLH Ä&DXVDOLW\³ ZHO
FKH DOV 8UVDFKH:LUNXQJV=XVDPPHQKDQJ EHVFKULHEHQ ZHUGHQ NDQQ ,VW GLHVH
+DQGOXQJVYHUXUVDFKXQJ E]Z GLH 5HJXODWLRQ ÄLQWHUQDO³ GDQQ VSULFKW PDQ YRQ
6HOEVWEHVWLPPXQJ,VWGDVJH]HLJWHPRWLYDWLRQDOH9HUKDOWHQH[WHUQDODXVJHO|VWZRU
GHQVSULFKWPDQYRQH[WULQVLVFKHURGHULQVWUXPHQWHOOHU0RWLYDWLRQ
'LH6WXIHQÄLGHQWLIL]LHUWH³XQGÄLQWHJULHUWH³5HJXODWLRQZHUGHQDOVRLPPHUQRFKGHU
H[WULQVLVFKHQ 0RWLYDWLRQ ]XJHRUGQHW MHGRFK KDEHQ VLH EHUHLWV VHOEVWEHVWLPPWHQ
&KDUDNWHUZHLOVLHOHW]WOLFKYRQLQQHQDXVJHO|VWZRUGHQVLQG'HUZDKUJHQRPPHQH
2UW GHU 9HUXUVDFKXQJ LVW LQWHUQDO 'HU ZHVHQWOLFKH 3UR]HVV LVW GDEHL IROJHQGHU
Ä([WULQVLVFK PRWLYLHUWH 9HUKDOWHQVZHLVHQ N|QQHQ GXUFK GLH 3UR]HVVH GHU ,QWHUQDOL
VLHUXQJXQG,QWHJUDWLRQLQVHOEVWEHVWLPPWH+DQGOXQJHQEHUIKUWZHUGHQ³'HFL
5\DQ6%HLPGLHVHP]HQWUDOHQ.RQ]HSWGHVÄ3HUFHLYHG/RFXVRI&DX
VDOLW\³DOVZDKUJHQRPPHQHU2UWGHU+DQGOXQJVNRQWUROOHVWW]HQVLFK'HFLXQG5\DQ
DXIGH&KDUPV
'HFL XQG 5\DQ GD]X Ä,Q GHP $XVPD‰ LQ GHP HLQH 3HUVRQ HLQH PRWLYLHUWH
+DQGOXQJ DOV IUHL JHZlKOW HUOHEW JLOW VLH DOV VHOEVWEHVWLPPW RGHU DXWRQRP ,Q GHP
$XVPD‰ LQ GHP VLH DOV HU]ZXQJHQ HUOHEW ZLUG JLOW VLH DOV NRQWUROOLHUW³ 6 1RFKHWZDVVSH]LILVFKHUZLUGHVEHL'HFL9DOOHUDQG3HOOHWLHUXQG5\DQEH
VFKULHEHQ
:KHQ D EHKDYLRU LV VHOIGHWHUPLQHG WKH SHUVRQ SHUFHLYHV WKDW WKH ORFXV RI
FDXVDOLW\LVLQWHUQDOWRKLVRUKHUVHOIZKHUHDVZKHQLWLVFRQWUROOHGWKHSHU
FHLYHGORFXVRIFDXVDOLW\LVH[WHUQDOWRWKHVHOI7KHLPSRUWDQWSRLQWLQWKLVGLV
WLQFWLRQLVWKDWERWKVHOIGHWHUPLQHGDQGFRQWUROOHGEHKDYLRUVDUHPRWLYDWHGRU
LQWHQWLRQDOEXWWKHLUUHJXODWRU\SURFHVVHVDUHYHU\GLIIHUHQW6
$OV]HQWUDOH(UNHQQWQLVJLOW6HOEVWEHVWLPPWH0RWLYDWLRQNDQQVRZRKOLQWULQVLVFKDOV
DXFKH[WULQVLVFKHU1DWXUVHLQ
'LHK|FKVWH6WXIHGHUH[WULQVLVFKHQ0RWLYDWLRQEHLQKDOWHWGHQ%HJULII.RQJUXHQ]V
$EELOGXQJ.RQJUXHQWHV9HUKDOWHQJHK|UWDOVR]XU6WXIHÄLQWHJULHUWH5HJXODWL
RQ³:HQQ-XJHQGOLFKHGLH,WHPVÄ,FKVWLPPHPLWPHLQHQ(OWHUQEHUHLQZDVLFKLQ
GHU6FKXOHOHLVWHQVROO³RGHUÄ«ZLHLFK PLFKEHQHKPHQ VROO³YJO9DULDEOH P
PLQ.DSEHIUZRUWHQGDQQVLQGJHUDGHGLHVH(LQVWXIXQJHQNRPSDWLEHOPLW
GLHVHUVHOEVWEHVWLPPWHQ/HLVWXQJVPRWLYDWLRQ6LHVWLPPHQPLWLKUHQ(OWHUQEHUHLQ
XQGKDEHQVRPLWGLHDQVLHKHUDQJHWUDJHQH9HUKDOWHQVXQG(LQVWHOOXQJVHUZDUWXQJHQ
YHULQQHUOLFKWVRGDVVVLHQXQDXVLKQHQKHUDXVVHOEVWEHVWLPPWKDQGHOQ'LH$N]HS
WDQ] GHU HOWHUOLFKHQ (UZDUWXQJHQ XQG (U]LHKXQJV]LHOH GXUFK GLH .LQGHU LVW ]XGHP
HLQ ZHVHQWOLFKHV 0HUNPDO GHU (OWHUQ.LQG%H]LHKXQJVTXDOLWlW YJO 7URPPVGRUII
6
'HFL XQG 5\DQ XPVFKUHLEHQ GLH EHLGHQ %HJULIIH GHU ,QWHUQDOLVLHUXQJ ZLH
IROJW
7KHRUHWLVFKHU+LQWHUJUXQG
'LH6HOEVWEHVWLPPXQJVWKHRULH6'7
,QWHUQDOLVDWLRQ LVW GHU 3UR]HVV GXUFK GHQ H[WHUQDOH :HUWH LQ GLHLQWHUQDOHQ
5HJXODWLRQVSUR]HVVH HLQHU 3HUVRQ EHUQRPPHQ ZHUGHQ 0HLVVQHU 6FKDIHU,QWHJUDWLRQLVWGHUZHLWHUJHKHQGH3UR]HVVGHUGLHLQWHUQDOLVLHU
WHQ :HUWH XQG 5HJXODWLRQVSULQ]LSLHQ GHP LQGLYLGXHOOHQ 6HOEVW HLQJOLHGHUW
'HFL5\DQ6
1DFK$XIIDVVXQJGHU6'7KDEHQ0HQVFKHQGLHQDWUOLFKH7HQGHQ]5HJXODWLRQVPH
FKDQLVPHQ GHU VR]LDOHQ 8PZHOW ]X LQWHUQDOLVLHUHQ XP VLFK PLW DQGHUHQ 3HUVRQHQ
YHUEXQGHQ]XIKOHQXQG0LWJOLHGGHUVR]LDOHQ8PZHOW]XZHUGHQ'LH%HGHXWXQJ
LVWHLQHGRSSHOWH'XUFKGLH,QWHJUDWLRQGLHVHUVR]LDOYHUPLWWHOWHQ9HUKDOWHQVZHLVHQ
XQG 9HUKDOWHQVQRUPHQ LQ GDV LQGLYLGXHOOH 6HOEVW VFKDIIW GLH 3HUVRQ ]XJOHLFK GLH
0|JOLFKNHLW GDV HLJHQH +DQGHOQ DOV VHOEVWEHVWLPPW XQG DXWRQRP ]X HUIDKUHQ XQG
VLFKPLWGHQDQGHUHQ3HUVRQHQYHUEXQGHQ]XIKOHQ$XWRQRPLHXQG(LQJHEXQGHQ
KHLWVFKOLH‰HQVLFKDOVRQLFKWDXV
,P5DKPHQGHUYRUOLHJHQGHQ)UDJHVWHOOXQJUXQGXPGDVVR]LDOH6HWWLQJLQ/HUQVLWX
DWLRQHQLVW)ROJHQGHV]HQWUDO9RUDXVVHW]XQJIUGLH9HULQQHUOLFKXQJYRQ/HLVWXQJV
XQG /HUQKDOWXQJHQ VLQG DQJHSDVVWH )RUGHUXQJHQ LQ HLQHP RSWLPDOHQ VR]LDOHQ 0L
OLHX GDV GLH HQWVSUHFKHQGHQ 9HUKDOWHQVWHQGHQ]HQ XQWHUVWW]W XQG YHUVWlUNW )D]LW
8QWHUVFKLHGOLFKHVR]LDOH.RQWH[WHZLUNHQXQWHUVFKLHGOLFKHIIHNWLYDXIGLH0RWLYDWL
RQVHQWZLFNOXQJHLQ
'=XGHQYLHU7\SHQH[WULQVLVFKHU9HUKDOWHQVUHJXODWLRQ
'LHYLHU7\SHQH[WULQVLVFKHU9HUKDOWHQVUHJXODWLRQZLHVLHLQ$EELOGXQJDXIJH
IKUW VLQG HQWVSUHFKHQ HLQHP .RQWLQXXP PLW GHQ EHLGHQ (QGSXQNWHQ ÄKHWHURJHQH
.RQWUROOH³XQGÄ6HOEVWEHVWLPPXQJ³,Q$EJUHQ]XQJ]XYLHOHQDQGHUHQ0RWLYDWLRQV
WKHRULHQ LVW QLFKW GLH 6WlUNH VRQGHUQ GLH 4XDOLWlW GHU 0RWLYDWLRQ ± GLH HUUHLFKWHQ
6WXIHQ ± HQWVFKHLGHQG *HPl‰ GHU RUJDQLVPLVFKHQ ,QWHJUDWLRQVWKHRULH ZLUG DOVR
QLFKW PHKU JHPl‰ GHU NODVVLVFKHQ 8QWHUVFKHLGXQJ ]ZLVFKHQ LQWULQVLVFKHU XQG
H[WULQVLVFKHU 0RWLYDWLRQ XQWHUVFKLHGHQ VRQGHUQ QDFK GHP *UDG GHU 6HOEVWEHVWLP
PXQJ([WULQVLVFKH0RWLYDWLRQGHV7\SVXQGN|QQHQJHQDXVRZLHGLHLQWULQVL
VFKH0RWLYDWLRQDOVÄVHOEVWEHVWLPPWH0RWLYDWLRQ³EH]HLFKQHWZHUGHQYJO6FKLHIHOH
.|OOHU6,P)ROJHQGHQVLQGGLHYLHU)RUPHQH[WULQVLVFKHU0RWLYDWL
RQEHVFKULHEHQ
7\S([WHUQDOH5HJXODWLRQ
$XIJUXQG GHU VWDUNHQ 9HUKDOWHQVNRQWUROOH YRQ DX‰HQ LVW $XWRQRPLH QLFKW YRUKDQ
GHQ $XI GLHVH UHJXOLHUWHQ 9HUKDOWHQVZHLVHQ KDW GDV ,QGLYLGXXP NHLQHQ GLUHNWHQ
(LQIOX‰(VLVW]ZDULQWHQWLRQDODEHUDEKlQJLJYRQlX‰HUHQ$QUHJXQJVXQG6WHXH
8QWHUGHPHQJOLVFKXQGODWHLQLVFKJHSUlJWHQ%HJULII,QWHUQDOLVDWLRQZLUGLP)UHPGZ|UWHUEXFKDXIGHQ
GHXWVFKHQ%HJULII,QWHUQDOLVLHUXQJYHUZLHVHQ
(LQJHEXQGHQKHLWVEHGUIQLVVHYHUKDOWHQVLFKQLFKWDQWLWKHWLVFK]XGHQ%HGUIQLVVHQ.RPSHWHQ]XQG$X
WRQRPLH5\DQ
7KHRUHWLVFKHU+LQWHUJUXQG
'LH6HOEVWEHVWLPPXQJVWKHRULH6'7
UXQJVIDNWRUHQ(VJHKWGDUXP+DQGOXQJHQDXV]XIKUHQXPHLQH%HORKQXQJ]XEH
NRPPHQ RGHU DEHU HLQH %HVWUDIXQJ ]X YHUPHLGHQ 'DV 9HUKDOWHQ HQWVSULFKW ZHGHU
GHQ3ULQ]LSLHQGHU$XWRQRPLHQRFKGHU)UHLZLOOLJNHLW
7\S,QWURML]LHUWH5HJXODWLRQ
'LH LQWURML]LHUWH 5HJXODWLRQ LVW GLH HUVWH 6WXIH GHV ,QWHUQDOLVLHUXQJVSUR]HVVHV +LHU
ZHUGHQ +DQGOXQJHQ DXVJHIKUW XP 6FKXOG RGHU 6FKDPJHIKOH YRU]XEHXJHQ (V
VLQGVRPLW9HUKDOWHQVZHLVHQGLHGHPLQQHUHP'UXFNIROJHQ6LHEH]LHKHQVLFKDXI
(UHLJQLVVHGLH IU GLH 6HOEVWDFKWXQJ UHOHYDQW VLQG'LH LQWURML]LHUWH5HJXODWLRQEH
VFKUHLEWVRPLWHLQH)RUPGHU0RWLYDWLRQEHLGHUGLH9HUKDOWHQVZHLVHQGXUFKLQQHUH
.UlIWHNRQWUROOLHUWRGHUHU]ZXQJHQZHUGHQGLHDX‰HUKDOEGHV.HUQEHUHLFKVGHVLQ
GLYLGXHOOHQ6HOEVWOLHJHQ0DQNDQQDXFKVDJHQGDVVGHUZDKUJHQRPPHQH2UWGHU
+DQGOXQJVYHUXUVDFKXQJ H[WHUQDO OLHJW (LQ 6FKOHU OHUQW DXI HLQH 3UIXQJ XP GDV
XQDQJHQHKPH*HIKO]XYHUPHLGHQGDVPLWHLQHUVFKOHFKWHQ1RWHYHUEXQGHQLVW
7\S,GHQWLIL]LHUWH5HJXODWLRQ
9RQLGHQWLIL]LHUWHU5HJXODWLRQVSULFKW PDQZHQQHLQH9HUKDOWHQVZHLVHYRP6HOEVW
DOV SHUV|QOLFK ZLFKWLJ RGHU ZHUWYROO DQHUNDQQW ZLUG Ä'LHVH ,GHQWLILNDWLRQ PLW GHU
7lWLJNHLWLVWQXQYRUKDQGHQ0DQWXWHWZDVQLFKWHLQIDFKGHVKDOEZHLOPDQGDV*H
IKO KDW HV WXQ ]X VROOHQ VRQGHUQ ZHLO PDQ HV IU ZLFKWLJ KlOW 'LHVH SHUV|QOLFKH
5HOHYDQ] UHVXOWLHUW GDUDXV GDVV PDQ VLFK PLW GHQ ]XJUXQGH OLHJHQGHQ :HUWHQ XQG
=LHOHQLGHQWLIL]LHUWXQGVLHLQGDVLQGLYLGXHOOH6HOEVWNRQ]HSWLQWHJULHUWKDW³'HFL
5\DQ6'HUZDKUJHQRPPH2UWGHU+DQGOXQJVXUVDFKHOLHJWDEHULPPHU
QRFKDX‰HUKDOEGHV,QGLYLGXXPV(LQ6FKOHUOHUQWDXIHLQH3UIXQJGDUXPLQWHQVLY
ZHLOGHU6WRIIZLFKWLJIUVHLQHQVSlWHUHQ:XQVFKEHUXILVW
7\S,QWHJULHUWH5HJXODWLRQ
,QWHJULHUWHUHJXOLHUWH0RWLYDWLRQLVWHLQH)RUPGHUH[WULQVLVFKHQ0RWLYDWLRQPLWGHP
K|FKVWHQ *UDG DQ 6HOEVWEHVWLPPXQJ 6LH VWHKWDP (QGH GHV ,QWHUQDOLVLHUXQJV
JHVFKHKHQV Ä6LH LVW GDV (UJHEQLV GHU ,QWHJUDWLRQ YRQ=LHOHQ 1RUPHQ XQG +DQG
OXQJVVWUDWHJLHQPLWGHQHQVLFKGDV,QGLYLGXXPLGHQWLIL]LHUWXQGGLHHVLQGDVNRKl
UHQWH6HOEVWNRQ]HSWLQWHJULHUWKDW³HEG'DV9HUKDOWHQZLUGMHGRFKQLFKWXPVHLQHU
VHOEVW :LOOHQ GXUFKJHIKUW ZLH GDV EHL GHU LQWULQVLVFKHQ 0RWLYDWLRQ GHU )DOO LVW
VRQGHUQXPHLQEHVWLPPWHV(UJHEQLV]XHUUHLFKHQ(LQ6FKOHUOHUQWGDUXPLQWHQVLY
DXIHLQH0XVLNJHVFKLFKWHSUIXQJZHLOHUVLFK]XP 0XVLNHUEHUXIHQIKOWXQGGLH
VHQ%HUXIZlKOHQZLUG
'LH LQWHJULHUWH )RUP GHU H[WULQVLVFKHQ 0RWLYDWLRQ XQG GLH LQWULQVLVFKH 0RWLYDWLRQ
VLQG GLH %DVLV VHOEVWEHVWLPPWHQ +DQGHOQV 6LH VLQG HLQDQGHU GXUFKDXV lKQOLFK GD
VLHEHLGH4XDOLWlWHQEHVLW]HQGLHGLH6HOEVWEHVWLPPXQJNRQVWLWXLHUHQ:lKUHQGLQ
WULQVLVFKPRWLYLHUWH9HUKDOWHQVZHLVHQDXWRWHOLVFKHU1DWXUVLQGEHVLW]WLQWHJULHUWHV
Ä&VLNV]HQWPLKDO\LEHQXW]WGHQ%HJULIIÃDXWRWHOLVFK¶XPGLHVSRQWDQH(UIDKUXQJGLHVHU$UWIUHXG
YROOHQ7XQV]XNHQQ]HLFKQHQ³'HFL5\DQ6
7KHRUHWLVFKHU+LQWHUJUXQG
'LH6HOEVWEHVWLPPXQJVWKHRULH6'7
H[WULQVLVFKHV 9HUKDOWHQ LPPHU QRFK HLQH LQVWUXPHQWHOOH )XQNWLRQ 'LH +DQGOXQJHQ
ZHUGHQDEHUHEHQIDOOVIUHLZLOOLJXQGVHOEVWEHVWLPPWDXVJHIKUWZLUGZHLOGDV,QGL
YLGXXPGDV+DQGOXQJVHUJHEQLVVXEMHNWLYKRFKEHZHUWHW
,Q GHU 6WXGLH YRQ 5\DQ XQG &RQQHOO LQ GHU .LQGHU EH]JOLFK LQWURML]LHUWHU
XQG LGHQWLIL]LHUWHU 5HJXODWLRQ XQWHUVXFKW ZXUGHQ NDP HLQ LQWHUHVVDQWHV 5HVXOWDW
]XP 9RUVFKHLQ %HLGH *UXSSHQ KDWWHQ VLFK JOHLFKHUPD‰HQ 0KH JHJHEHQ $XFK
QDFKGHQ$XVVDJHQGHU(OWHUQZDUGLH/HUQXQG/HLVWXQJVPRWLYDWLRQEHLGHULQWURML
]LHUWXQGLGHQWLIL]LHUWUHJXOLHUWHQ*UXSSHQKRFK-HGRFK]HLJWHVLFKGDVV,QWURMHNWLRQ
HKHU PLW 6FKXODQJVW XQG XQ]XUHLFKHQGHU %HZlOWLJXQJ YRQ 9HUVDJHQVHUOHEQLVVHQ
QDFK 0LVVHUIROJ NRUUHOLHUWH ZlKUHQG ,GHQWLILNDWLRQ VHKU YLHO VWlUNHU PLW ,QWHUHVVH
6FKXOIUHXGHXQGJXWHU%HZlOWLJXQJYRQ0LVVHUIROJHQLQ9HUELQGXQJVWDQG
8PGLH%HGHXWXQJGHU,QWHUQDOLVLHUXQJDXIGHU%DVLVGHURUJDQLVPLVFKHQ,QWHJUDWL
RQVWKHRULH]XVDPPHQIDVVHQGKHUYRU]XKHEHQVHLHQ:LOGHWDO]LWLHUW
.RPPW HV ]X HLQHU GDXHUKDIWHQ )UXVWUDWLRQ GLHVHU %HGUIQLVVH %DVLF 1HHGV
QDFK $XWRQRPLH XQG .RPSHWHQ]HUOHEHQ VRZLH QDFK VR]LDOHU (LQELQGXQJ LVW
GLH ,QWHUQDOLVLHUXQJ JHVHOOVFKDIWOLFKHU :HUWH 6WDQGDUGV XQG 9HUKDOWHQVUHJHOQ
JHIlKUGHWXQGGLH'LVWDQ]GHU6FKOHULQQHQXQG6FKOHU]XU6FKXOHXQG]XGHQ
VFKXOLVFKHQ ,QKDOWHQ VROOWH VWHLJHQ 'LH )ROJH LVW HLQH 9HUVFKLHEXQJ GHV *H
ZLFKWV YRQ VHOEVWEHVWLPPWHQ )RUPHQ GHU /HUQPRWLYDWLRQ ± GLH GDGXUFK JH
NHQQ]HLFKQHWVLQGGDVV/HUQWlWLJNHLWHQÃIUHLZLOOLJ¶GKRKQHLQQHUHQRGHUlX
‰HUHQ =ZDQJ DXVJHIKUW ZHUGHQ YJO ]% .UDSS &VLNV]HQWPLKDO\L 6FKLHIHOH ± KLQ ]X IUHPGEHVWLPPWHQ H[WULQVLVFKHQ 0RWLYHQ XQG =LH
OHQ6
'LH SV\FKRORJLVFKHQ %HGLQJXQJHQ VWHOOHQ DOVR GDV Ä$ XQG 2³ HLQHU HUIROJUHLFKHQ
,QWHUQDOLVLHUXQJGDU
:HVHQWOLFKH(LJHQKHLWHQGHU6'7
+LHU JHKW HV YRU DOOHP XP VSH]LHOOH %HJULIIH GHU 6'7 ZLH .RUUXPSLHUXQJVHIIHNW
XQG6LPSOH[VWUXNWXU(VVROOHQ$VSHNWH]XU6SUDFKHNRPPHQGLHDXFKKHXWHQRFK
XQWHUVFKLHGOLFKJHZHUWHWXQGLQVRIHUQNULWLVLHUWZHUGHQ'HQQREXQGXQWHUZHOFKHQ
%HGLQJXQJHQVHOEVWEHVWLPPWH)RUPHQGHU/HUQPRWLYDWLRQYHUULQJHUWZHUGHQZHQQ
GDV%HGUIQLVQDFK$XWRQRPLHHUOHEHQXQGGDVNLQGOLFKH)lKLJNHLWVNRQ]HSW]XZH
QLJEHUFNVLFKWLJWRGHUHLQ*HIKOVR]LDOHU,VRODWLRQXQG*HULQJVFKlW]XQJKHUYRUJH
UXIHQ ZLUG ZLUG LPPHU ZLHGHUNRQWURYHUVGLVNXWLHUW YJO 'HFL .RHVWQHU 5\DQ
$.RUUXPSLHUXQJVWKHVH
=DKOUHLFKH HPSLULVFKH 6WXGLHQ KlWWHQ QDFKJHZLHVHQ VR 'HFL .RHVWQHU XQG 5\DQ
GDVVHLQH3HUVRQZHOFKHVLFKNRPSHWHQWXQGVHOEVWZLUNVDPIKOWNHLQHLQ
7KHRUHWLVFKHU+LQWHUJUXQG
'LH6HOEVWEHVWLPPXQJVWKHRULH6'7
WULQVLVFKH0RWLYDWLRQHQWZLFNHOQZLUGZHQQVLHJOHLFK]HLWLJGDV*HIKOKDWYRQDX
‰HQNRQWUROOLHUW]XVHLQ6'LHVHlX‰HUH.RQWUROOHGHILQLHUHQ.UDSSXQG5\DQ
6 DOV Ä%HORKQXQJ 6WUDIDQGURKXQJ RGHU DQGHUH )RUPHQ YRQ =ZDQJ³
'LHVHUVRJHQDQQWH.RUUXPSLHUXQJVHIIHNWVRUJWHIU.RQWURYHUVHQ=XQHQQHQLVWGLH
0HWDDQDO\VH YRQ &DPHURQ XQG 3LHUFH ZHOFKH HLQH .ULVHGHU 6HOEVWEHVWLP
PXQJVWKHRULH DXVO|VWH .UDSS XQG 5\DQ ELODQ]LHUHQ GDVV GLH VFKHLQEDUHQ
:LGHUVSUFKH DXIJUXQG YRQ XQWHUVFKLHGOLFKHQ .DWHJRULVLHUXQJHQ EHKDYLRULVWLVFK
E]Z VR]LDONRJQLWLY HQWVWDQGHQ VLQG XQG EH]JOLFK GHU +DXSWHIIHNWH DOV DXFK GHU
PRGHULHUHQGHQ (IIHNWH WKHRULHNRQIRUPH 6'7%HIXQGH DOV JOWLJ HUNOlUW ZHUGHQ
N|QQHQYJO6
:LOGXQG+RIHU6ILQGHQLQLKUHU8QWHUVXFKXQJ]%DEHUNHLQH%HOHJH
IUGLHLQGHU6'7HQWKDOWHQHÄ.RUUXPSLHUXQJVWKHVHZRQDFKVWDUNNRQWUROOLHUHQGH
HU]LHKHULVFKH8PZHOWHQHLQ$EVLQNHQGHULQWULQVLVFKHQ0RWLYDWLRQHUZDUWHQODVVHQ
$XFK :LOG +RIHU XQG 3HNUXQ ELODQ]LHUHQ GDVV QDFK KHXWLJHP (UNHQQWQLV
VWDQGGHU(LQVDW]YRQ%HORKQXQJHQQLFKWJHQHUHOOHLQHYRUKDQGHQHLQWULQVLVFKH0R
WLYDWLRQYHUULQJHUWYJO6
,QVJHVDPW VSULFKW GLHVHU %HIXQG GDIU GDVV (OWHUQ XQG /HKUHU NODUH 9HUKDOWHQVHU
ZDUWXQJHQ DQ GLH .LQGHU XQG -XJHQGOLFKHQ ULFKWHQ GUIHQ )|UGHUQ XQG )RUGHUQ
VFKOLH‰HQVLFKQLFKWDXVXQGEHKDOWHQLKUH:LFKWLJNHLWEHVRQGHUVLPKHXWHQ(U]LH
KXQJVDOOWDJ 6RIHUQ GLHVH +DOWXQJ PLW HLQHP DXWRULWDWLYHQ (U]LHKXQJVVWLO JH]HLJW
ZLUGEHVWHKWNHLQH*HIDKUIUHLQHQHJDWLYH:LUNXQJ'HQQJHPl‰:LOGXQG+RIHU
6VWHOOWVLFKH[WULQVLVFKH0RWLYDWLRQSULPlUDOVHLQH)XQNWLRQDXWRULWlUHU
(U]LHKXQJVSUDNWLNHQGDU
%6LPSOH[VWUXNWXU
'LH 6LPSOH[VWUXNWXU EHVDJW GDVV GLH MHZHLOV DXIHLQDQGHU IROJHQGHQ 6WXIHQ PLWHLQ
DQGHU K|KHU NRUUHOLHUHQ DOV GLH ZHLWHU HQWIHUQW OLHJHQGHQ YJO 5\DQ &RQQHOO
%XII LGHQWLIL]LHUWH LQ VHLQHU H[SORUDWLYHQ 6WXGLH HLQHQ 0LVFKW\S PLW
LQWULQVLVFKHQ XQG IUHPGEHVWLPPWH[WULQVLVFKHQ $QWHLOHQ ZHOFKHU DXFK QRFK PLW
VWHLJHQGHP$OWHUGHXWOLFKKlXILJHUDXIWULWW(UKlOWH[SOL]LWIHVWGDVVPLWVWHLJHQGHU
6FKXOVWXIHIUHPGEHVWLPPWH[WULQVLVFKH PRWLYDWLRQDOH$QWHLOHDQ%HGHXWXQJJHZLQ
QHQ'LHVZLGHUVSULFKWDOVRNODUGHU6LPSOH[VWUXNWXUGHU6'7ZRQDFKPLWHLQHUDX
WRPDWLVFKHQ(QWZLFNOXQJYRQH[WULQVLVFKHU]XLQWULQVLVFKHU/HUQPRWLYDWLRQ]XUHFK
QHQLVWYJO6'LHV]HLJWGDVVYRUHLQHUDOO]XURPDQWLVFKHQ 9RUVWHOOXQJGHU
)RNXVVLHUXQJDXILQWULQVLVFKH0RWLYDWLRQLQGHU6FKXOHJHZDUQWZHUGHQPXVV
'DVQlFKVWH.DSLWHOJHKWYRUDOOHPDXIGLHLQGHU6FKXOHYRUKHUUVFKHQGHH[WULQVLVFKH
0RWLYDWLRQHLQ(VLVWDQJH]HLJWGDVV/HKUSHUVRQHQXQG(OWHUQEHLVFKXOLVFKHQ$Q
JHOHJHQKHLWHQ JHJHQEHU GHQ .LQGHUQ XQG -XJHQGOLFKHQ HLQH DQJHSDVVWH +DOWXQJ
HLQQHKPHQ6LHVROOWHQYRQHLQHUDOOHLQLJHQ$XVULFKWXQJDXILQWULQVLVFKH0RWLYDWLRQ
$EVWDQGQHKPHQXQGGLHK|FKVWH6WXIHH[WULQVLVFKHU0RWLYDWLRQHEHQVREHUFNVLFK
WLJHQ(VJHKWLPPHUDXFKGDUXP9HUKDOWHQVZHLVHQ]XI|UGHUQZHOFKHDXIH[WULQ
VLVFKUHJXOLHUWHQXQGVRPLWVHOEVWEHVWLPPWHU0RWLYDWLRQEDVLHUHQ'LH%H]LHKXQJV
7KHRUHWLVFKHU+LQWHUJUXQG
8QWHUVFKLHGOLFKH/HLVWXQJVVR]LDOLVDWLRQLQ+DXSWVFKXOHXQG*\PQDVLXP"
SIOHJH LVW HLQH ZHVHQWOLFKH 'HWHUPLQDQWH GLHVHV )|UGHUXQJVSUR]HVVHV ZLH QDFKIRO
JHQGQRFKJH]HLJWZHUGHQZLUG
8QWHUVFKLHGOLFKH/HLVWXQJVVR]LDOLVDWLRQLQ+DXSWVFKXOHXQG*\PQDVLXP"
,POHW]WHQ8QWHUNDSLWHOGHVWKHRUHWLVFKHQ+LQWHUJUXQGVVROODXIGHQ=XVDPPHQKDQJ
]ZLVFKHQ H[WULQVLVFK VHOEVWEHVWLPPWHU 0RWLYDWLRQ GHU ,QWHUQDOLVLHUXQJ XQG ÄDEV
WUDNWHQ³)RUGHUXQJHQLQGHU6FKXOHKLQJHZLHVHQZHUGHQGHUVLFKMHQDFK6FKXOIRUP
VHKUGLIIHUHQWLHOO]HLJWVRGLH.HUQWKHVH
3LHWHUZHOFKHVLFKLQWHQVLYPLWGHUWKHRUHWLVFKHQ(UNXQGXQJXQG'HILQLWLRQ
GHVVHOEVWEHVWLPPWHQ/HUQHQVDXVHLQDQGHUJHVHW]WKDWFKDUDNWHULVLHUWGLH6HOEVWEH
VWLPPXQJ LQ $QOHKQXQJ DQ YHUVFKLHGHQH 7KHRULHQ DXI YLHU (EHQHQ DXI GHU PHWD
NRJQLWLYHQDXIGHUNRJQLWLYHQDXIGHUYROLWLRQDOHQXQGDXIGHUPRWLYDWLRQDOHQYJO
'LH YRUOLHJHQGH $UEHLW IRNXVVLHUW LQ LKUHU )UDJHVWHOOXQJ QXU GLH PRWLYDWLRQDOH
.RPSRQHQWHGHU6HOEVWEHVWLPPXQJ
'LH$UEHLWJHKWXDYRQIROJHQGHU7KHVHDXV'XUFKGDVLQ6FKXOHXQG6WXGLXPKlX
ILJ YRUKHUUVFKHQGH 3ULQ]LS DEVWUDNWHU /HLVWXQJVHUEULQJXQJ LQ )RUP OHEHQVNRQWH[W
DEJHO|VWHU/HLVWXQJVQDFKZHLVH3UIXQJHQXQGhEXQJHQZLUGGLHH[WULQVLVFK PRWL
YLHUWH/HLWXQJVHUEULQJXQJYRQ/HUQHQGHQ]XHLQHU6FKOVVHONRPSHWHQ]GHVÄJHKHL
PHQ /HKUSODQV³ ,QWULQVLVFKH $VSHNWH VSLHOHQ GDEHL HEHQIDOOV HLQH ZLFKWLJH 5ROOH
VHL HV ]XU 8QWHUVWW]XQJ GLHVHV H[WULQVLVFKHQ 'XUFKKDOWHZLOOHQV RGHU EHL GHU :DKO
GHU 6FKXOIRUP RGHU GHV EHDEVLFKWLJWHQ 6WXGLXPV 'RFK XP GLH 6FKXOODXIEDKQ HU
IROJUHLFK ]X DEVROYLHUHQ LVW YD HLQH JUR‰H 3RUWLRQ H[WULQVLVFKHU /HLVWXQJVPRWLYD
WLRQQ|WLJZDVQLFKWVHOWHQPLW)UXVWUDWLRQVWROHUDQ]XQGÄ.XOLVVHQOHUQHQ³YJO/HK
WLQHQ6]XWXQKDW
.UDXVHXQWHUVXFKWH]XP%HLVSLHOZHOFKH=LHOH6WXGLHUHQGHEHLP%HVXFKYRQ
/HKUYHUDQVWDOWXQJHQYHUIROJHQ,QHUVWHU/LQLHZDUHQHVJHPl‰LKUHQ$XVZHUWXQJHQ
IROJHQGH Ä« XP GRUW Ã6FKHLQH¶ ]X HUZHUEHQ VLFK PLW SUIXQJVUHOHYDQWHQ /HKU
LQKDOWHQ]XEHVFKlIWLJHQDOOJHPHLQVFKQHOOHUGDV6WXGLXPEHHQGHQ]XN|QQHQRGHU
ZHLOGHU%HVXFKJDQ]HLQIDFK3IOLFKWLVW³6(GHOPDQQSIOLFKWHWGLHVHU
(UNHQQWQLVEHLLQGHPHUIHVWKlOWGDVVLQVHLQHQ0RWLYDWLRQVSV\FKRORJLH6HPLQDULHQ
ÄLQWULQVLVFKH 0RWLYDWLRQ PDQFKPDO DOV ÃHKHU UHOHYDQW LQ )UHL]HLW XQG +REE\¶ XQG
ÃZHQLJHUUHOHYDQWLQ6FKXOHXQG8QLYHUVLWlW¶DQJHVHKHQZLUG³66HLQHU0HL
QXQJQDFK]HLJWVLFKKLHUGDV(UJHEQLVHLQHUGUHL]HKQMlKULJHQVFKXOLVFKHQ6R]LDOLVD
WLRQVJHVFKLFKWH
6HOEVWEHVWLPPXQJNDQQLQYHUVFKLHGHQHQ%HUHLFKHQJHIRUGHUWZHUGHQ0HWDWKHRUHWLVFKHQWVSULFKWGLHVH
+DOWXQJHLQHPNRQVWUXNWLYLVWLVFKHQ/HKU/HUQ%HJULII3LHWHUGHILQLHUW6HOEVWEHVWLPPXQJUHFKWXP
IDVVHQG(LQ6FKOHUGHUVHOEVWEHVWLPPWOHUQHQZLOOVROOWHLQGHU/DJHVHLQ/HUQEHGUIQLVVHIHVW]XVWHOOHQ
/HUQ]LHOH]XHUNHQQHQGDVSDVVHQGH/HUQDQJHERWVHOEVWDXV]XZlKOHQGLH/HUQ]HLWXQGGLH/HUQPHGLHQ
IHVW]XOHJHQEHU/HUQWHFKQLNHQYHUIJHQGLHLQVHLQHP/HUQSUR]HVVNRQWLQXLHUOLFKDQJHSDVVWZHUGHQXQG
VFKOLH‰OLFKGHQ/HUQSUR]HVVVHOEVWNRQWUROOLHUHQEHZHUWHQXQGPLWGHU=LHOHUUHLFKXQJDE]XVFKOLH‰HQYJO
6
7KHRUHWLVFKHU+LQWHUJUXQG
8QWHUVFKLHGOLFKH/HLVWXQJVVR]LDOLVDWLRQLQ+DXSWVFKXOHXQG*\PQDVLXP"
'LHVH 6WXGLHUHQGHQ VLQG DOVR YRU DOOHP H[WULQVLVFK PRWLYLHUW 6LQG VLH GDEHL DEHU
VHOEVWEHVWLPPW"'HU$XWRQRPLHEHJULIIGHU6'7VRUJWKlXILJIU0LVVYHUVWlQGQLVVH
$XWRQRPLHLVWQDFK$XIIDVVXQJGHU6'7ÄNHLQHVZHJVJOHLFK]XVHW]HQPLW8QDEKlQ
JLJNHLW YRQ GHU VR]LDOHQ 8PJHEXQJ VRQGHUQ EH]LHKW VLFK GDUDXI RE HLQH 3HUVRQ
PLW GHQ $QUHJXQJHQ 9RUJDEHQ RGHU 1RUPHQ GHU 8PZHOW EHUHLQVWLPPW XQG GHV
KDOEIUHLZLOOLJEHUHLWLVWGDVHLJHQH9HUKDOWHQGDUDQ]XRULHQWLHUHQ³.UDSS5\DQ
66RPLWNDQQGLHVHhEHUHLQVWLPPXQJDOVYRQLQQHQYHUXUVDFKWXQGVRPLW
DOVVHOEVWEHVWLPPWH0RWLYDWLRQEH]HLFKQHWZHUGHQ :HVHQWOLFKEHLGLHVHP7\SGHU
0RWLYDWLRQ LVW GDVV GLH 3HUVRQ EHL GHU 9RUJHKHQVZHLVH ZLH VLH HLQ JHZLVVHV =LHO
HUUHLFKW$XWRQRPLHHUOHEW
(LQ H[HPSODULVFKHV %HLVSLHO IU GLH :LUNXQJ GLHVHU$XWRQRPLHE]Z GHV 8UKHEHU
VFKDIWVJHIKOV 2ULJLQ ]HLJW GDV (UJHEQLV HLQHU ,QWHUYHQWLRQVVWXGLH 'DULQ ZXUGHQ
LQ*UXQGVFKXONODVVHQGLH(IIHNWLYLWlWGUHLHU7UDLQLQJVPHWKRGHQIU/HKUHUEHU
SUIW5KHLQEHUJXQG.UXJZHLVHQLQGHU%LODQ]IROJHQGHV(UJHEQLVDXV(LQH
7UDLQLQJVPHWKRGH ZDU HLQ NRJQLWLYHV 7UDLQLQJ XQG EHVWDQG GDULQ GLH PRWLYDWL
RQVSV\FKRORJLVFKHQ.RQ]HSWH]XYHUPLWWHOQXQG$QZHQGXQJVP|JOLFKNHLWHQ]XGLV
NXWLHUHQ'LH7UDLQLQJVYDULDQWHZDUHLQ9HUKDOWHQVWUDLQLQJ(VZXUGHQ]XVlW]OLFK
5HDOLVDWLRQVYDULDQWHQ DXI 9HUKDOWHQVHEHQH HLQJHEW %HL GHU 9DULDQWH 2ULJLQ
$QVDW]ÄZDUHQWVFKHLGHQGGDVVGLH/HKUHULQQHQLQGHQ7UDLQLQJVVLW]XQJHQÃNDXVDOH
$XWRQRPLH¶LP6LQQHGH&KDUPVHUOHEWHQXQGVLFKDOV8UKHEHUHLJHQHQ+DQ
GHOQV VHKHQ NRQQWHQ 'D]X ZXUGH GHQ 7HLOQHKPHULQQHQ QDFK HLQHU WKHRUHWLVFKHQ
(LQIKUXQJGLHZHLWHUH8PVHW]XQJZLHDXFKGLH3ODQXQJGHU6LW]XQJHQVHOEVWEHU
ODVVHQ³ 6 *HPl‰ GHQ 8QWHUULFKWVEHREDFKWXQJHQ YHUlQGHUWHQGLH /HKUHU GHU
2ULJLQ
*UXSSH LKU 9HUKDOWHQ DP VWlUNVWHQ LQ WUDLQLQJVJHZQVFKWHU :HLVH ,QVEH
VRQGHUHEHLGHULP9RUXQG1DFKWHVWYHUJOHLFKHUKREHQHQ6FKOHUPHUNPDOHQ3U
IXQJVDQJVW6FKXOXQOXVWHWF]HLJWHGLH0HWKRGHGHV
2ULJLQ
$QVDW]ZHVHQWOLFKH(I
IHNWH
$XFK+HFNKDXVHQXQG%DQGXUDKDEHQGDV(UOHEQLVGHU8UKHEHUVFKDIW
YRQ +DQGOXQJ IU GLH 0RWLYDWLRQ QHEHQ 'HFL XQG 5\DQ DOV ]HQWUDO DQJHVH
KHQ,VWHVQXQGLHVHOEVWEHVWLPPWHLQWHUQDORGHUGLHQXUH[WHUQDOUHJXOLHUWH)RUP
GHU0RWLYDWLRQGLHLQGHU6FKXOHDPPHLVWHQJHI|UGHUWXQGJHIRUGHUWZLUG"
,Q$QOHKQXQJDQGDV3ULQ]LSGHU'HNRQWH[WXDOLVLHUXQJVWHOOHQ8OLFK6
XQG 2HUWHU 6 II IHVW GDVV H[WULQVLVFK PRWLYLHUWH 6FKOHU JHJHQEHU LQ
WULQVLVFKPRWLYLHUWHQHKHULP9RUWHLOVLQG'HQQ/HUQLQKDOWHVLQGLQGHU6FKXOHPHLV
WHQV QLFKW DXV GHP XQPLWWHOEDUHQ /HEHQV]XVDPPHQKDQJ GHU 6FKOHU JHJULIIHQ (V
JHKWQLFKWGDUXPZHOFKH*HIKOHXQG)UDJHQGLH6FKOHULQGLH6FKXOHKLQHLQWUD
JHQ HV JHKW RIW YLHOPHKU XP GLH $QHLJQXQJ DEVWUDNWHU %HJULIIH XQG .DWHJRULHQ
0DQGHQNH]%DQ7H[WEXQJHQLQGHU3ULPDUVFKXOHLQGHQHQ:RUWHGHQDEVWUDNWHQ
.DWHJRULHQÄ$GMHNWLYH³Ä1RPHQ³XVZ]XJHRUGQHWZHUGHQPVVHQ
'HU6FKXODOOWDJYHUODQJWYRQGHQ6FKOHUQPHLVWHQVGDVVVLHXQWHUVFKLHGOLFKH/HUQ
LQKDOWH VFKQHOO OHUQHQ JDQ] HJDO RE VLH VLFK GDIU LQWHUHVVLHUHQ RGHU QLFKW 'HQQ
SULPlU ZLUG GDV /HUQHQ XQG GLH *HGlFKWQLVOHLVWXQJ EHORKQW ,QVRIHUQ LVW DOVR GLH
7KHRUHWLVFKHU+LQWHUJUXQG
8QWHUVFKLHGOLFKH/HLVWXQJVVR]LDOLVDWLRQLQ+DXSWVFKXOHXQG*\PQDVLXP"
0RWLYDWLRQVHKUHQJDQGLH/HLVWXQJVHUIOOXQJJHNQSIW'LH1RWHQZHUGHQ]XPHL
JHQWOLFKHQ=LHOGHU/HUQEHPKXQJHQÄ*HQDXGDULQQlPOLFKLQGHU)RUGHUXQJXQG
)|UGHUXQJ HLQHU DEVWUDNWHQ ± HEHQ LQKDOWVXQDEKlQJLJHQ ± /HLVWXQJVEHUHLWVFKDIW
OLHJW HLQHU GHU ZLFKWLJVWHQ 6R]LDOLVDWLRQVHIIHNWH GHU 6FKXOH³ 8OLFK 6 +HUYRUKHEXQJGXUFK'/
'LHVHV=LWDWNDQQQDFKGHU6'7VRDXIJHIDVVWZHUGHQGDVVGHUZLFKWLJVWH6R]LDOLVD
WLRQVHIIHNW GHU 6FKXOH QLFKW LQ GHU9HUPLWWOXQJ GHU LQKDOWVDEKlQJLJHQ LQWULQVLVFKHQ
/HUQPRWLYDWLRQVRQGHUQLQGHU9HUPLWWOXQJXQG6WDELOLVLHUXQJHLQHUH[WULQVLVFKDEHU
VHOEVWEHVWLPPWHQ/HUQXQG/HLVWXQJVPRWLYDWLRQ]XVHKHQLVWGLHZHVHQWOLFKGXUFK
HLQHHUIROJUHLFKH6R]LDOLVDWLRQXQG,QWHUQDOLVLHUXQJYRQ:HUWHQXQG$UEHLWVHLQVWHO
OXQJHQ PLWWHOV(UIOOXQJGHUGUHL*UXQGEHGUIQLVVH]XVWDQGHNRPPWXQGGDQQOlQ
JHUIULVWLJZLUNVDPEOHLEW
:HLO*\PQDVLDVWHQOHW]WOLFKQLFKW]XP%HVXFKGHV*\PQDVLXPVJH]ZXQJHQZRUGHQ
VLQG LVW DQ]XQHKPHQ GDVV GLHVH -XJHQGOLFKHQ OHLVWXQJVEH]RJHQHV 9HUKDOWHQ DP
PHLVWHQ YHULQQHUOLFKW KDEHQ LQGHP VLH JUXQGVlW]OLFK MD JHVDJW KDEHQ ]XP /HUQHQ
DXFKYRQDEVWUDNWHQ7KHPHQ$OV(QG]LHOVWHKWGDV$ELWXUZHOFKHVLKQHQYLHOH7
UHQ]XU.DUULHUHXQG%HUXIVZDKO|IIQHW:HLOVLHVLFKDXIHLQHOlQJHUH/HUQ]HLWHLQ
JHVWHOOWKDEHQEUDXFKHQ6LH]XU$XIUHFKWHUKDOWXQJGLHVHUWlJOLFKHQ/HLVWXQJVHUEULQ
JXQJ RSWLPDOH %H]LHKXQJHQ ]X %H]XJVSHUVRQHQ XQG GDV (UOHEHQ YRQ $XWRQRPLH
'DV .RPSHWHQ]JHIKO GUIWH IU GLH $XVSUlJXQJ LKUHU /HLVWXQJVPRWLYDWLRQ ZDKU
VFKHLQOLFK ZHQLJHU *HZLFKW HUKDOWHQ ZHLO VLH PLW GHP (UUHLFKHQ GHU K|FKVWHQ
6FKXOIRUP VFKRQ HLQH JUXQGVlW]OLFKH %HJDEXQJVEHVWlWLJXQJ HUKDOWHQ KDEHQ 'LHVH
ZLUNWZDKUVFKHLQOLFKYRUDOOHPLQODQJIULVWLJHU+LQVLFKW
%HL-XJHQGOLFKHQGHU+DXSWVFKXOHGUIWHGLHVHU3UR]HVVDXIJUXQGGHVDQGHUVDUWLJHQ
6FKXONRQWH[WHVXQGGHVVHQ$XVULFKWXQJMHGRFKXQJOHLFKDEODXIHQ,QGHPVLHLQHLQH
6FKXOIRUPHLQJHWHLOWZRUGHQVLQGGLHGHQWLHIVWHQVR]LDOHQ6WDWXVKDWGUIWHLKU%H
JDEXQJVNRQ]HSW QHJDWLY EHHLQIOXVVW ZRUGHQ VHLQ :HLO GDV .RPSHWHQ]JHIKO QDFK
GHU6'7DEHUHLQH%HGLQJXQJIUGLH/HUQXQG/HLVWXQJVPRWLYDWLRQLVWGUIWHVLFK
HLQ0DQJHOGDYRQLQEHVRQGHUHU:HLVHDXVZLUNHQ(VN|QQWHVHLQGDVVHVNXU]IULV
WLJ ]XP &RROLQJ2XW(IIHNW YJO YRQ +HQWLJ NRPPW RGHU DEHU GDVV GDV
0DQJHOEHGUIQLVLQODQJIULVWLJHU+LQVLFKWZLUNVDPZLUG
'LH.HUQK\SRWKHVHODXWHW-XJHQGOLFKHGHU+DXSWVFKXOHVLQGXQGEOHLEHQDXVDQGH
UHQ *UQGHQ OHLVWXQJVPRWLYLHUW DOV -XJHQGOLFKH GHV *\PQDVLXPV GLH ,QWHUQDOLVLH
UXQJ OlXIW LQ XQWHUVFKLHGOLFKHU +LQVLFKW DE =ZDU WUDJHQ VR]LDOH (LQJHEXQGHQKHLW
$XWRQRPLH XQG .RPSHWHQ]HUOHEHQ EHL +DXSWVFKOHUQ HEHQIDOOV ]XU 6WlUNXQJ GHU
/HLVWXQJVPRWLYDWLRQEHLMHGRFKLQZHLWJHULQJHUHURGHUDQGHUHU:HLVHDOVEHLGHQLQ
VFKRQJU|VVHUHP0D‰HÄOHLVWXQJVDQVWUHQJXQJVVR]LDOLVLHUWHQ³*\PQDVLDVWHQ
'LH GDWHQJHVWW]WH 7KHVH YRQ 0DVFKH $OPDJUR 3XOLGR XQG 6FKHHOH GDVV
VLFKGLH(OWHUQ.LQG%H]LHKXQJDXIJUXQGQLFKWHUIROJWHUILQDQ]LHOOHUXQGEHUXIOLFKHU
$XWRQRPLH YRQ *\PQDVLDVWHQ VWlUNHU DOV EHL GHQ DXV]XELOGHQGHQ -XJHQGOLFKHQ
]HLJW N|QQWH KLHU LQV %LOG SDVVHQ 6LH HUKLHOWHQ GHQ DXI GHQ HUVWHQ %OLFN ÄSDUDGR
7KHRUHWLVFKHU+LQWHUJUXQG
8QWHUVFKLHGOLFKH/HLVWXQJVVR]LDOLVDWLRQLQ+DXSWVFKXOHXQG*\PQDVLXP"
[H>Q@%HIXQGGDVVGLH,QGLYLGXDWLRQGRUWZHLWHUYRUDQVFKUHLWHWZR 6FKULWWHLQGHQ
(UZDFKVHQHQVWDWXVQLFKWHUIROJHQ³6
%HLP 9HUJOHLFK GHU (OWHUQ.LQG,QWHUDNWLRQHQ EHL $XV]XELOGHQGHQ XQG 6FKOHUQ
NRQQWHQ 0DVFKH HW DO DOVR VLJQLILNDQWH 8QWHUVFKLHGH IHVW]XVWHOOHQ Ä:R «
ILQDQ]LHOOH XQG EHUXIOLFKH $XWRQRPLH QLFKW HUUHLFKW ZLUG HQWZLFNHOW VLFK DXFK GLH
(OWHUQ.LQG%H]LHKXQJ VWlUNHU LQ 5LFKWXQJ DXI HLQHSDUWQHUVFKDIWOLFKH :HFKVHOVHL
WLJNHLW XQG ZHQLJHU DXI HLQH $EO|VXQJ KLQ³ HEG 'LHV EH]HLFKQHQ VLH DOV HLQH
ÄZHLWHU IRUWJHVFKULWWHQH :HFKVHOVHLWLJNHLW GHU %H]LHKXQJ³ ]ZLVFKHQ (OWHUQ XQG -X
JHQGOLFKHQ 8QG GLHVHU P|JOLFKH %HIXQG KDW JHPl‰ 6'7 ZLHGHUXP HLQH :LUNXQJ
DXIGLH6R]LDOLVDWLRQGHU/HLVWXQJVPRWLYDWLRQ
)RUVFKXQJVVWDQG
8QWHUVFKLHGOLFKH/HLVWXQJVVR]LDOLVDWLRQLQ+DXSWVFKXOHXQG*\PQDVLXP"
)RUVFKXQJVVWDQG
,P)ROJHQGHQZHUGHQGLHLQHPSLULVFKHQ6WXGLHQQDFKJHZLHVHQHQ=XVDPPHQKlQJH
]ZLVFKHQPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHQLQVEHVRQGHUHGHU/HLVWXQJVPR
WLYDWLRQ XQG GHQ .RQWUROOYDULDEOHQ .DS ]ZLVFKHQ GHU /HLVWXQJVPRWLYDWLRQ
XQGGHUIDPLOLlUHQ.DSXQGDX‰HUIDPLOLlUHQ(LQJHEXQGHQKHLW.DSDXI
JH]HLJW ,P :HLWHUHQ ZLUG EHU GLHVEH]JOLFKH GLIIHUHQWLHOOH .DS XQG
OlQJVVFKQLWWOLFKH.DS%HIXQGHEHULFKWHW$XFK%HIXQGHUXQGXPGLH6WDELOLWlW
PRWLYDWLRQDOHU 3HUV|QOLFKNHLWVPHUNPDOH YRP IUKHQ -XJHQGDOWHU ELV LQV IUKH (U
ZDFKVHQHQDOWHU .DS ZHUGHQ IU GLH %HDQWZRUWXQJ GHU )UDJHVWHOOXQJ ]XVDP
PHQJHWUDJHQ,QGHQ.DSLWHOQXQGVWHKWGLHJDQ]KHLWOLFKH6LFKWGHU3HUV|Q
OLFKNHLWVHQWZLFNOXQJDXIJUXQGYRQVR]LDOHQ$VSHNWHQLQ(OWHUQKDXVXQG6FKXOHEHU
GHQ /HEHQVODXI EHWUDFKWHW LP 9RUGHUJUXQG ,Q GHQ HLQ]HOQHQ .DSLWHOQ ELV ZLUGMHZHLOVLPPHUEHUGLHJUXQGVlW]OLFKH%HGHXWXQJXQGGLH$XVSUlJXQJGHVHQW
VSUHFKHQGHQ .RQVWUXNWV EHULFKWHW EHYRU DXI GHQ HLJHQWOLFK LQWHUHVVLHUHQGHQ :LU
NXQJV]XVDPPHQKDQJHLQJHJDQJHQZLUG
'HU )RUVFKXQJVVWDQG ZLUG LQ GHQ .DSLWHOQ ELV V\VWHPDWLVFK HQWODQJ HLQHU
6WUXNWXUDXIJH]HLJWZHOFKHVLFKHQJDQGLH)RUVFKXQJVIUDJHQ.DSXQGDQGDV
5DKPHQPRGHOO.DSKlOWGDVHLQJDQJVVFKRQLQGHUhEHUVLFKWYRUJHVWHOOWZXU
GH .DS ,Q GLHVHU 6WUXNWXU ZHUGHQ GLH HQWVSUHFKHQGHQ HLQ]HOQHQ .RQVWUXNWH
XQG 9DULDEOHQ GHV /LI('DWHQVDW]HV DXIJHIKUW XQG ZLVVHQVFKDIWOLFK EHOHJW 'LHV
NRPPW HLQHU GHWDLOOLHUWHQ VSH]LILVFKHQ 8QWHUPDXHUXQJ GHU )UDJHVWHOOXQJ XQG GHU
HQWVSUHFKHQGHQ+\SRWKHVHQJOHLFK$EELOGXQJYJO.DSLWHOXQG$EELOGXQJ
YJO.DSLWHO]HLJHQEHUVLFKWOLFKZHOFKH8QWHUVXFKXQJVHEHQHQLQZHOFKHQ
.DSLWHOQEHKDQGHOWZHUGHQ
,QGHQ:HUNHQYRQ)HQGVLQGHLQLJH%HIXQGHGLHVHV(UJHEQLVWHLOVZLH
VFKRQHUZlKQWEHUHLWVEHVFKULHEHQ$OOHUGLQJVJHKWGLHYRUOLHJHQGH6WXGLHGLIIHUHQ
WLHOOHQ)UDJHQQDFKXQGLQWHUHVVLHUWVLFKIUGLHVFKXOXQGVFKLFKWVSH]LILVFKHOlQJHU
IULVWLJH%HGHXWXQJGHUVR]LDOHQ(LQEHWWXQJIUGLH9RUKHUVDJHGHU/HLVWXQJVPRWLYD
WLRQ LP -XJHQG XQG (UZDFKVHQHQDOWHU ,QVRIHUQ VWW]W VLFK GLHVHU 7KHRULHWHLO DOVR
QLFKW VR VHKU DXI )HQGV 3XEOLNDWLRQHQ VRQGHUQ DXI :HUNH DXV GHP GHXWVFK XQG
HQJOLVFKVSUDFKLJHQ 5DXP LQ GHQ %HUHLFKHQ 3V\FKRORJLH 3lGDJRJLN XQG (QWZLFN
OXQJVSV\FKRORJLH
)RUVFKXQJVVWDQG
/HLVWXQJVPRWLYDWLRQXQG.RQWUROOYDULDEOHQ
/HLVWXQJVPRWLYDWLRQXQG.RQWUROOYDULDEOHQ
=XU%HGHXWXQJPRWLYDWLRQDOHU3HUV|QOLFKNHLWVPHUNPDOHLP-XJHQGDOWHU
'LHQDFKIROJHQGNXUVLYDXIJHIKUWHQ3HUV|QOLFKNHLWVPHUNPDOHVLQGDOVPRWLYDWLRQD
OH3HUV|QOLFKNHLWVPHUNPDOHDXVJHZLHVHQYJO.DSLWHO&(VVLQGMHQH9DULDE
OHQGLHVLFKLQYHUVFKLHGHQHQ6WXGLHQDOVEHGHXWVDP]HLJWHQ
/HLVWXQJVPRWLYDWLRQ
'LH%HGHXWXQJGHU$XIUHFKWHUKDOWXQJHLQHU/HLVWXQJVPRWLYDWLRQLQGHU6FKXO]HLWDOV
DXFKLP/HEHQVNRQWH[WZXUGHLPYRUGHUHQ7HLOV.DSDXVIKUOLFKEHOHJW
:HQQQXQJHPl‰:LOGHWDOEHUHLWVDP(QGHGHU*UXQGVFKXO]HLWHLQ$EVLQ
NHQVHOEVWEHVWLPPWHU)RUPHQGHU/HUQPRWLYDWLRQEHREDFKWEDULVWVWHOOWVLFKGLH)UD
JHZLHGHUVFKXOLVFKH(U]LHKXQJVXQG%LOGXQJVSUR]HVVJHVWDOWHWVHLQPVVWHGDPLW
/HUQHQXQG/HLVWXQJVHUEULQJXQJDOVSHUV|QOLFKEHGHXWVDPEOHLEHQZUGHQ
6FKXOLVFKH /HLVWXQJVDQJVW %HJDEXQJV]XVFKUHLEXQJ XQG 6HOEVWZLUNVDPNHLWVEHU
]HXJXQJ
Ä6HOEVWZLUNVDPNHLW ZLUG DOV ZLFKWLJH 9RUDXVVHW]XQJ IU NRPSHWHQWH 6HOEVW XQG
+DQGOXQJVUHJXODWLRQ JHVHKHQ LQGHP VLH 'HQNHQ )KOHQ XQG +DQGHOQ VRZLH ± LQ
PRWLYDWLRQDOHUXQGYROLWLRQDOHU+LQVLFKW±=LHOVHW]XQJ$QVWUHQJXQJXQG$XVGDXHU
EHHLQIOXVVW(LQH9LHO]DKOHPSLULVFKHU%HIXQGHEHOHJWGDVV6HOEVWZLUNVDPNHLW0R
WLYDWLRQ/HLVWXQJVKDQGHOQXQG/HEHQVEHZlOWLJXQJI|UGHUQNDQQ³-HUXVDOHP
6$XVGLHVHU)HVWVWHOOXQJKHUDXVLVWHVULFKWLJLQ5HJUHVVLRQVDQDO\VHQ]XU9RU
KHUVDJH GHU /HLVWXQJVPRWLYDWLRQ GDV .RQVWUXNW 6HOEVWZLUNVDPNHLWVEHU]HXJXQJ DOV
XQDEKlQJLJH9DULDEOHPLWHLQ]XEH]LHKHQ
'DV .RQ]HSW GHU 6HOEVWZLUNVDPNHLWVHUZDUWXQJ QDFK %DQGXUD ÄHIILFDF\ H[SHFWD
WLRQ³ EHUFNVLFKWLJW OHGLJOLFK GLH 'LPHQVLRQ GHU (UZDUWXQJHQ (V YHUQDFKOlVVLJW
VRPLWGLH:HUWGLPHQVLRQGHVÄ(UZDUWXQJV:HUW0RGHOOV³)DVWDOOHPRGHUQHQNRJ
QLWLYHQ0RWLYDWLRQVWKHRULHQEHUFNVLFKWLJHQDEHUGLHVHQ$VSHNWYJO.UDSS5\
DQ6
'LH6HOEVWZLUNVDPNHLWVHUZDUWXQJEHLQKDOWHWJHPl‰.UDSSXQG5\DQHEGGLHIRO
JHQGHQ3KlQRPHQH
Ä'LH VXEMHNWLYH hEHU]HXJXQJ VFKZLHULJH $XIJDEHQ RGHU /HEHQVSUREOHPH DXI
*UXQGHLJHQHU.RPSHWHQ]EHZlOWLJHQ]XN|QQHQ³6FKZDU]HU6
Ä.RQWUROOH EHU NQIWLJH 3HUVRQ8PZHOW%H]JH DXVEHQ XQG DXIUHFKW HUKDOWHQ
]XN|QQHQ³.UDSS5\DQ6
:LHVLFKLP(UJHEQLVWHLOQRFK]HLJHQZLUGZHLVHQDOOH3HUV|QOLFKNHLWVDVSHNWHHLQHQGLUHNWHQRGHULQGL
UHNWEHOHJEDUHQ=XVDPPHQKDQJPLWGHU/HLVWXQJVPRWLYDWLRQDXI
3HNUXQXQG6FKLHIHOHZHLVHQGDUDXIKLQGDVV6HOEVWZLUNVDPNHLWVHUZDUWXQJHQPLW6FKXOOHLVWXQ
JHQHKHULQHLQHU:HFKVHOZLUNXQJVWDWWLQHLQHP8UVDFKH:LUNXQJV=XVDPPHQKDQJVWHKHQZREHLGHU0R
WLYDWLRQVSUR]HVVYHUPXWOLFKHLQHYHUPLWWHOQGH)XQNWLRQKDWYJO6
)RUVFKXQJVVWDQG
/HLVWXQJVPRWLYDWLRQXQG.RQWUROOYDULDEOHQ
'LH9HUELQGXQJGHU6HOEVWZLUNVDPNHLWVEHU]HXJXQJ]XU6'7ZLUGGXUFK.UDSSXQG
5\DQSRVWXOLHUW6LHVWHOOHQIHVWGDVVGLH6HOEVWZLUNVDPNHLWVEHU]HXJXQJPLW
.RQWUROOEHU]HXJXQJHQ ZDKUJHQRPPHQHU .RPSHWHQ]HUIDKUXQJ +DQGOXQJVHUJHE
QLVHUZDUWXQJ RGHU 2SWLPLVPXV YHUZDQGW LVW YJO 6 'HU (LQEH]XJ GHV .RQ
VWUXNWV 6HOEVWZLUNVDPNHLWVEHU]HXJXQJ LQ GHQ YRUOLHJHQGHQ %HUHFKQXQJHQ LVW DOVR
WKHRULHNRQIRUP 'DV NRJQLWLYRULHQWLHUWH .RQVWUXNW ZLUNW DEHU PRWLYDWLRQVWKHRUH
WLVFKQXUEHJUHQ]WZLH.UDSSXQG5\DQIHVWKDOWHQ6LHVLQGGHUÄ$XIIDVVXQJ
GDVVUHLQNRJQLWLYH$QVlW]HQLFKWDXVUHLFKHQXPGDV0RWLYDWLRQVJHVFKHKHQLQVHL
QHUJDQ]HQ%UHLWHDQJHPHVVHQ]XEHVFKUHLEHQXQG]XHUNOlUHQ³6'HU(UIROJ
GHU6'7EHUXKWYDDXIGHUHQ(UNOlUXQJVEHLWUDJ
6FKXOLVFKH1RUPYHUOHW]XQJXQG5DXFKHQ
'LH9DULDEOHVFKXOLVFKH1RUPYHUOHW]XQJNDQQJHPl‰6HLW]XQG5DXVFKHDOV
3HUV|QOLFKNHLWVPHUNPDOÄLPHQJHUHQ6LQQH³EH]HLFKQHWZHUGHQ
$JJUHVVLRQ XQG *HZDOW HLQHUVHLWV XQG 'URJHQJHEUDXFK DQGHUHUVHLWV VWHOOHQ GLH MX
JHQGVSH]LILVFKHQ .ULVHQLQGLNDWRUHQ GDU YJO )HQG 6 'LH )UDJH QDFK
GHP UHJHOPlVVLJHQ 5DXFKHQ KDW VLFK EHUHLWV LQ Ä6PRNLQJ LQ $GROHVFHQFH DQG /LIH
&RXUVH 7UDQVLWLRQV³ DOV ]HQWUDOHU )DNWRU IU GLH OlQJHUIULVWLJH 3HUV|QOLFKNHLWVHQW
ZLFNOXQJXQGGLHIUKHQhEHUJlQJHYRQGHU$GROHV]HQ]]XP(UZDFKVHQHQDOWHUKHU
DXVJHVWHOOWYJO/RRVHU)HQG'HU(LQVWLHJV]HLWSXQNWGHV5DXFKHQVLVW]X
GHP LQ KRKHP 0D‰H YRP %LOGXQJVQLYHDX DEKlQJLJ Ä9RQ GHQ MlKULJHQ +DXSW
VFKOHUQUDXFKHQFDWlJOLFKGUHLXQGPHKU=LJDUHWWHQYRQGHQ*\PQDVLDVWHQ
QXU³)HQG6
*HPl‰ )HQG NDQQ DXFK GLH VFKXOLVFKH 1RUPYHUOHW]XQJ ]XP Ä6\QGURP GHU
/HLVWXQJVGLVWDQ]³ 6 JH]lKOW ZHUGHQ 'LHV KlQJW DXFK PLW GHP ,QWHUQDOLVLH
UXQJVSUR]HVV]XVDPPHQÄ-HPHKUGLH6FKOHUDOVRGLHVFKXOLVFKHQ/HUQXQG/HLV
WXQJVDQIRUGHUXQJHQ LQWHUQDOLVLHUW KDEHQ XPVR ZHQLJHU VLQG VLH DQIlOOLJ IU DEZHL
FKHQGHV9HUKDOWHQ³)HQG.Q|U]HU1DJO6SHFKW9lWK6]XVG]LDUD6
%HVRQGHUVEHLPhEHUJDQJYRQGHU]XU.ODVVHWUHIIHQ/HKUHUKlXILJDXIRSSRVL
WLRQHOOHV9HUKDOWHQGHU6FKOHU%HLP9HUJOHLFKPLW'DWHQDXVGHU6FKZHL]NRQQWH
)HQGMHGRFK]HLJHQGDVVGDV$XVPD‰DEKlQJLJYRQGHU.XOWXUVHLQNDQQ6FKZHL]HU
.LQGHU PDFKWHQ ± PLW $XVQDKPH GHV 6FKZlQ]HQV ± HLQHQ VR]LDOHUHQ (LQGUXFN DOV
GHXWVFKHÄ6FKZHL]HU6FKOHUVLQG«GLV]LSOLQLHUWHUXQG]LYLOLVLHUWHU³)HQG
6
$XI MHGHQ )DOO N|QQHQ GLH VFKXOLVFKH 1RUPYHUOHW]XQJ XQG GDV 5DXFKHQ ]X OHLV
WXQJVPRWLYDWLRQVUHOHYDQWHQ 3HUV|QOLFKNHLWVDVSHNWHQ JH]lKOW ZHUGHQ ZHOFKH HV LP
6LQQHGHULQWHUDNWLRQLVWLVFKHQ7KHRULHEHLGHU3UIXQJGHU6'7]XXQWHUVXFKHQJLOW
,QGHUYRUOLHJHQGHQ6WXGLHZLUGDOVRSXQNWXHOODXFKXQWHUVXFKWZHOFKH=XVDPPHQ
KlQJH ]ZLVFKHQ VFKXOLVFKHU 1RUPYHUOHW]XQJ E]Z 1LNRWLQNRQVXP XQG /HLVWXQJV
PRWLYDWLRQLP/lQJVVFKQLWWIHVW]XVWHOOHQVLQG'LHVHQHJDWLYJHSUlJWHQÄ(LJHQNRP
SRQHQWHQ³GHV.LQGHV-XJHQGOLFKHQVLQGLP=XVDPPHQKDQJPLWGHU7KHRULHGHV,Q
WHUDNWLRQLVPXV]XVHKHQEHLGHUGLH6R]LDOLVDWLRQDXFKYRQGHU3HUVRQVHOEVWDXVJH
KHQ
)RUVFKXQJVVWDQG
/HLVWXQJVPRWLYDWLRQXQG.RQWUROOYDULDEOHQ
(OWHUQ.LQG.RQVHQVEH]JOLFK/HLVWXQJ*ODXEHQXQG9HUKDOWHQ
'LH 9DULDEOHQ EH]JOLFK (OWHUQ.LQG.RQVHQV Ä(..RQVHQV³ LQ $VSHNWHQ ZLH
/HLVWXQJ *ODXEHQ XQG %HQHKPHQ V ,QVWUXPHQW .DS N|QQHQ LP 6LQQH GHU
6'7 DOV $VSHNWH GHU $XWRQRPLH YHUVWDQGHQ ZHUGHQ .UDSS XQG 5\DQ YHU
ZHLVHQH[SOL]LWDXIGLHYRQHLQHU3HUVRQÄHUOHEWHLQQHUHhEHUHLQVWLPPXQJ]ZLVFKHQ
GHPZDVVLHVHOEVWIUZLFKWLJKlOWXQGJHUQHWXQP|FKWHXQGGHQLQGHUDNWXHOOHQ
6LWXDWLRQ JHIRUGHUWHQ $XIJDEHQVWHOOXQJHQ³ 6 +HUYRUKHEXQJ GXUFK '/ 'HU
$XWRQRPLHEHJULII LVW QDFK $XIIDVVXQJ GHU 6'7 ÄNHLQHVZHJV JOHLFK]XVHW]HQ PLW
8QDEKlQJLJNHLWYRQGHUVR]LDOHQ8PJHEXQJVRQGHUQEH]LHKWVLFKGDUDXIREHLQH
3HUVRQPLWGHQ$QUHJXQJHQ9RUJDEHQRGHU1RUPHQGHU8PZHOWEHUHLQVWLPPWXQG
GHVKDOE IUHLZLOOLJ EHUHLW LVW GDV HLJHQH 9HUKDOWHQ GDUDQ ]X RULHQWLHUHQ³ DD2 6
,QVRIHUQNDQQDOVRGLHhEHUHLQVWLPPXQJGHULQQHUHQ6LFKWGHV-XJHQGOLFKHQPLW
GHQ(OWHUQJHPl‰GHU6'7DOVHLQ0D‰GHU$XWRQRPLHJHQRPPHQZHUGHQ
%LOGXQJVRULHQWLHUXQJXQG=XNXQIWVEHZlOWLJXQJ
,Q$QOHKQXQJDQGLH-XJHQGW\SRORJLHQYJO/HQ]ODVVHQVLFKLQHLQHP5DVWHU
PLW]ZHL$FKVHQGLHELOGXQJVRULHQWLHUWHQ-XJHQGOLFKHQDOVHLQHUVHLWVYHUDQWZRUWOLFK
XQGVLFKHUKHLWVRULHQWLHUW$FKVHXQGDOVNXOWXURULHQWLHUW$FKVHDQGHUHUVHLWV
HLQVWXIHQ6LHJUHQ]HQVLFKDOVRDEYRQGHQHOWHUQRULHQWLHUWHQ-XJHQGOLFKHQYRQGHQ
JHVFKOHFKWVUROOHQDN]HQWXLHUHQGHQ XQG GHQ VXEMHNWRULHQWLHUWHQ -XJHQGOLFKHQ YJO
)HQG 6 6RZRKO GLH =XNXQIWVEHZlOWLJXQJVEHU]HXJXQJ DOV DXFK GLH
%LOGXQJVRULHQWLHUXQJ VROOHQ DOV UHOHYDQWH 3HUV|QOLFKNHLWVPHUNPDOH DXI LKUH OlQJHU
IULVWLJH%HGHXWXQJXQWHUVXFKWZHUGHQ
$OOJHPHLQHV,QWHUHVVHGHV.LQGHVDXVGHU(OWHUQVLFKW(
3HUV|QOLFKHV,QWHUHVVHZLHHVLQGLHVHU8QWHUVXFKXQJDXV6LFKWGHU(OWHUQEHUGDV
.LQGEHULFKWHWZXUGHNDQQDXVLQWHUHVVHQWKHRUHWLVFKHU6LFKWGHU6'76WXIHÄ,QWHJ
UDWLRQ³]XJHRUGQHWZHUGHQ'HU2UWGHUZDKUJHQRPPHQHQ+DQGOXQJVNRQWUROOHSHU
FHLYHGORFXVRIFRQWUROLVWQDFKLQQHQYHUOHJWYJO.UDSS5\DQ6
1DFK.UDSSNDQQGHU,QWHUHVVHQEHJULIILQ]ZHL.RPSRQHQWHQXQWHUWHLOWZHU
GHQVLWXDWLYHV,QWHUHVVH]%1HXJLHU=XZHQGXQJ]XP*HJHQVWDQGXQGDNWXHO
OH $XVHLQDQGHUVHW]XQJ GDPLW XQG ,QWHUHVVH DOV 3HUV|QOLFKNHLWVGLPHQVLRQ ZHO
FKH HLQ GDXHUKDIWHU RGHU ODQJ DQKDOWHQGHU %HVWDQGWHLO GHU 3HUVRQ8PZHOW
2ULHQWLHUXQJGDUVWHOOW
'DV RELJH ,WHP ZLH HV EHL GHQ (OWHUQ HUKREHQ ZXUGH YJO :RUWODXW XQWHU .DS
QLPPW%H]XJ]XU]ZHLWHQ.RPSRQHQWH(VLVWDOVRHLQGDXHUKDIWHURGHUODQJ
DQKDOWHQGHV,QWHUHVVHJHPHLQW,QVRIHUQNDQQGLHVHV,WHPDXFKLQGHQOlQJVVFKQLWWOL
FKHQ$QDO\VHQLP5DKPHQHLQHUGLVSRVLWLRQDOHQ3HUV|QOLFKNHLWVHLJHQVFKDIWYHUZHQ
GHWZHUGHQ
*HPl‰GHUPHWDWKHRUHWLVFKHQ.DWHJRULHQHLQWHLOXQJYRQ0RWLYDWLRQVWKHRULHQQDFK3HNUXQ6
JHK|UHQ,QWHUHVVHQ]XGHU]ZHLWHQ+DXSWNDWHJRULHÄ9DOHQ]HQ³
)RUVFKXQJVVWDQG
/HLVWXQJVPRWLYDWLRQXQG.RQWUROOYDULDEOHQ
=XP(LQIOXVVYRQ.RQWUROOYDULDEOHQDXIPRWLYDWLRQDOH3HUV|QOLFKNHLWV
PHUNPDOHLP-XJHQGDOWHU
,P)ROJHQGHQZHUGHQGLH(LQIOVVHGHU.RQWUROOYDULDEOHQVR]LDOGHPRJUDILVFKHXQG
VR]LDOVWUXNWXUHOOH 0HUNPDOH ZLH *HVFKOHFKW %LOGXQJVVFKLFKW )DPLOLHQVWDWXV VD
.DSDXIGLH0RWLYDWLRQVODJHYRQ-XJHQGOLFKHQDXVJHZLHVHQ(VKDQGHOWVLFK
GDEHLYRUDOOHPXPGLH(UNOlUXQJGHU/HUQXQG/HLVWXQJVPRWLYDWLRQ
:HLO GLH )UDJHVWHOOXQJ GLHVHU $UEHLW SV\FKRORJLVFKHU 1DWXU LVW ZHUGHQ GLH VR]LR
GHPRJUDILVFKHQ 9DULDEOHQ QXU DOV Ä1HEHQVFKDXSODW]³EHUFNVLFKWLJW ,QVRIHUQ ZHU
GHQ VLH DXFK DOV .RQWUROOYDULDEOHQEH]HLFKQHW ZHOFKH GD]X GLHQHQ GLH :LUNXQJHQ
GHU SV\FKRORJLVFKHQ .RQVWUXNWH XQWHU .RQWUROOH GHU VR]LDOVWUXNWXUHOOHQ 9DULDEOHQ
DXI]X]HLJHQ'LH9DULDEOHQVLQGGHU5HLKHQDFKDXIJHIKUWVRZLHVLHDXFKLP'D
WHQVDW]XQGLQGHQGHVNULSWLYHQ%HUHFKQXQJHQLQGLHVHU6WXGLHGDUJHVWHOOWZHUGHQ
D *HVFKOHFKWXQG6FKXOIRUP
'LH %HGHXWXQJ YRQ *HVFKOHFKW XQG 6FKXOIRUP IU GLH /HLVWXQJVPRWLYDWLRQV
HQWZLFNOXQJZLUGDXVIKUOLFKXQWHUGHP.DSLWHODXIJH]HLJW
E 1DWLRQDOLWlWXQG6WDGW/DQG=XJHK|ULJNHLW
'D DXVOlQGLVFKH (OWHUQ JHPl‰ GHU 6KHOO6WXGLH PHKU DOV GHXWVFKH HLQHQ HKHU
DXWRULWlUHQ(U]LHKXQJVVWLOKDEHQYJO0QFKPHLHU6NDQQLQVJHVDPW±
EH]RJHQDXIGLH6'7±HLQHHKHUQHJDWLYH:LUNXQJDXIGLH/HLVWXQJVPRWLYDWLRQHU
ZDUWHWZHUGHQ$XWRULWlUH9HUKDOWHQVZHLVHQVLQGDEHUQLFKW]XYHUZHFKVHOQPLWDX
WRULWDWLYHP 9HUKDOWHQ ZDV PLW HLQHU VHKU JXWHQ (OWHUQ.LQG%H]LHKXQJ HLQKHUJHKW
V.DS
8QWHUVFKLHGH LP 6FKXONOLPD XQG LQ GHQ PRWLYDWLRQDOHQ 3HUV|QOLFKNHLWVPHUNPDOHQ
YRQ 6FKOHUQ ]% $JJUHVVLRQ /HLVWXQJVGUXFN9HUKDOWHQ « DXIJUXQG GHU 6WDGW
/DQG=XJHK|ULJNHLWVLQGGDGXUFK]XHUNOlUHQÄGDVV6FKXOHQLQGHQVR]LRNXOWXUHOOHQ
.RQWH[WHLQHU5HJLRQHLQJHEHWWHWVLQGVHLGLHVHLQNDWKROLVFKHV'RUIRGHUHLQHSUR
WHVWDQWLVFKH0LWWHOVWDGW³)HQG6
F 6R]LR|NRQRPLVFKHU6WDWXVGHU(OWHUQXQGVR]LDOH6FKLFKW
'LH 6FKLFKW]XJHK|ULJNHLW VRUJW ZLH GDV LQ YLHOHQ 8QWHUVXFKXQJHQ EHVWlWLJW ZXUGH
]%+HOPNH:HLQHUWLQVRIHUQIUSRVLWLYHVFKXOLVFKH/HLVWXQJHQDOVYRU
DOOHPGDVVFKLFKWDEKlQJLJH(U]LHKXQJVYHUKDOWHQGHU(OWHUQGHQHLJHQWOLFKHQ(IIHNW
EHZLUNWYJO3HNUXQ6
'HV :HLWHUHQ NDQQ DXFK GHU IROJHQGH (IIHNW HLQWUHIIHQ Ä(QWJHJHQ DOOWDJV
SV\FKRORJLVFKHQ$QQDKPHQVLQG6FKOHUXPVRZHQLJHULQWULQVLVFKPRWLYLHUWMHK|
KHUGLH6FKXODEVFKOVVHGHU(OWHUQDXVIDOOHQ³:LOG+RIHU6'HPQDFK
N|QQWH GLH JHULQJHUH /HUQIUHXGH VR]LDOSULYLOHJLHUWHUHU -XJHQGOLFKHU GDUDXI ]XUFN
]XIKUHQ VHLQ GDVV GHU %HVXFK GHV *\PQDVLXPV KLHU PLW JU|‰HUHU 6HOEVW
6R]LRGHPRJUDILVFKHXQGVR]LDOVWUXNWXUHOOHDOVDXFKXPZHOWEHGLQJWH)DNWRUHQZHOFKHLQGLUHNWHLQ9HU
KDOWHQEHHLQIOXVVHQZHUGHQ]XGHQGLVWDOHQ)DNWRUHQJH]lKOW
)RUVFKXQJVVWDQG
/HLVWXQJVPRWLYDWLRQXQG.RQWUROOYDULDEOHQ
YHUVWlQGOLFKNHLW HUIROJW XQG VRPLW HKHU HLQH %HODVWXQJ VWDWW HLQHU +HUDXVIRUGHUXQJ
JOHLFKNRPPW 'LHVHV %HLVSLHO ]HLJW GDVV MH QDFK 6FKXOW\S GHU VR]LR|NRQRPLVFKH
6WDWXV HLQH EHVRQGHUH %HGHXWXQJ HUKlOW 6FKXOW\SHQVSH]LILVFKH %HUHFKQXQJHQ VLQG
DOVRVLQQYROO
G 6R]LDOVWUXNWXUHOOH9DULDEOHQ]XU)DPLOLH)DPLOLHQIRUP%HUXIVWlWLJNHLW0XWWHU
7HQGHQ]LHOO ]HLJHQ .LQGHU DXV QLFKW WUDGLWLRQHOOHQ )DPLOLHQ (LQ(OWHUQ 6FKHL
GXQJVXQG6WLHIHOWHUQIDPLOLHQJHJHQEHUWUDGLWLRQHOOHQJHULQJHUH6FKXOOHLVWXQJHQ
ZREHLGLH8QWHUVFKLHGHPHLVWHQVJHULQJDXVIDOOHQ$XFKGHU*HVFKZLVWHUDQ]DKOXQG
GHU )DPLOLHQJU|‰H ZLUG HKHU ZHQLJ (UNOlUXQJVNUDIW ]XJHVSURFKHQ YJO 3HNUXQ
6
,QGHU6WXGLHÄ.LQGHU³]HLJWVLFKGDVVGLH.LQGHULP$OWHUYRQ-DKUHQLQ
'HXWVFKODQGJUXQGVlW]OLFKPLWGHUHOWHUOLFKHQ=XZHQGXQJ]XIULHGHQVLQG$OOHUGLQJV
LVW DXIIDOOHQG GDVV .LQGHU PLW DOOHLQ HU]LHKHQGHQ (OWHUQWHLOHQ GLH EHUXIVWlWLJ VLQG
VLFK YRQ .LQGHUQ PLW (OWHUQ ZHOFKH EHLGH EHUXIVWlWLJ VLQG LQ GHU HLQJHVFKlW]WHQ
=XZHQGXQJ XQWHUVFKHLGHQ %HL HUVWHUHQ VDJHQ GDVV VLH ]XZHQLJ =XZHQGXQJ
EHNRPPHQ%HL]ZHLWHUHQHLQ(OWHUQWHLO9ROO]HLWHLQ(OWHUQWHLO7HLO]HLWEHUXIVWlWLJ
VDJHQGLHVQXUGHU.LQGHUYJO6FKQHHNORWK/HYHQ6
'DGLH=XZHQGXQJDOVRDEKlQJLJYRQGHU)DPLOLHQIRUPXQGGHU%HUXIVWlWLJNHLWGHU
(OWHUQVHLQNDQQLVWDXFKYRQHLQHP(LQIOXVVDXIGLH/HLVWXQJVPRWLYDWLRQDXV]XJH
KHQ
H /HLVWXQJVSRVLWLRQLQGHU.ODVVHXQG,QWHOOHNW
:HQQ PDQ YRP =XVDPPHQKDQJ ]ZLVFKHQ 1RWHQ UHODWLYHU /HLVWXQJVSRVLWLRQ XQG
/HLVWXQJVPRWLYDWLRQ VSULFKW LVW KlXILJ YRP %H]XJVJUXSSHQHIIHNW GLH 5HGH Ä'DV
%HGUIQLV QDFK .RPSHWHQ]HUIDKUXQJ EH]LHKW VLFK lKQOLFK ZLH GHU %HJULII GHU
6HOEVWZLUNVDPNHLW«DXIGDV*HIKOGDVVPDQPLWVHLQHPHLJHQHQ9HUKDOWHQHWZDV
EHZLUNHQNDQQ«³.UDSS6:HQQQXQDEHUGLH9HUZHQGXQJGHUVR
]LDOHQ %H]XJVJUXSSHQQRUP LQ GHU 6FKXOH GHUDUW ZLUNW GDVV JXWH 6FKOHU VWHWV JXW
EOHLEHQXQGHKHUZHQLJHUJXWH6FKOHUVWHWV5FNPHOGXQJHQYRQÄNQDSSJHQJHQG³
RGHUÄXQJHQJHQG³HUKDOWHQVLQG]ZLVFKHQGHQ1RWHQE]ZGHUUHODWLYHQ/HLVWXQJV
SRVLWLRQ LQQHUKDOE GHU .ODVVH XQG GHU /HLVWXQJVPRWLYDWLRQ :HFKVHOZLUNXQJHQ ]X
HUZDUWHQ'LHVZLUGGXUFKIROJHQGHV=LWDWKHUDXVJHKREHQ
8QVHUH 6WXGLH ZHLVW DXI GHQ ZLFKWLJHQ $XVVWUDKOXQJVHIIHNW KLQ GHQ GHU
6FKXOEHUHLFK PLW VHLQHQ EHGHXWHQGHQ 0DUNLHUXQJHQ IU GLH ]XNQIWLJH %H
UXIVSRVLWLRQ LQ GHU /HEHQVSKDVH -XJHQG EHVLW]W 'LH 3RVLWLRQ LQ GHU VFKXOL
VFKHQ /HLVWXQJVKLHUDUFKLH HUZHLVW VLFK DOV $XVJDQJVSXQNW XQG $XVO|VHU IU
GDV SV\FKRVR]LDOH %HILQGHQ YRQ -XJHQGOLFKHQ DXFK LQ GHQ DX‰HUVFKXOLVFKHQ
/HEHQVEHUHLFKHQ YRU DOOHP GHU )DPLOLH 'HU )DPLOLH NRPPW GLH ]HQWUDOH
5ROOH GHU 6WHXHUXQJ GHU VSlWHUHQ EHUXIOLFKHQ .DUULHUH ]X 'LH %HZHUWXQJ
VFKXOLVFKHU/HLVWXQJHQXQWHUGHP*HVLFKWVSXQNWLKUHU.DUULHUHEHGHXWXQJJH
K|UW PLW ]X GLHVHQ $XIJDEHQ 'LH %H]LHKXQJ ]ZLVFKHQ (OWHUQ XQG -XJHQGOL
)RUVFKXQJVVWDQG
/HLVWXQJVPRWLYDWLRQXQG.RQWUROOYDULDEOHQ
FKHQZLUGGXUFKVFKXOLVFKH/HLVWXQJVVFKZLHULJNHLWHQVWDUNEHODVWHW+ROOHU
+XUUHOPDQQ6+HUYRUKHEXQJGXUFK'/
,QZHOFKH6FKXOIRUP-XJHQGOLFKH DXIGHU6HNXQGDUVWXIH,HLQJHWHLOW ZHUGHQXQGLQ
ZHOFKHUUHODWLYHQ/HLVWXQJVSRVLWLRQVLFKGLHVHLQQHUKDOEGHU.ODVVHEHILQGHQGUIWH
GHP]XIROJH LQ %H]XJ DXI GLH .DUULHUH GLH %HZHUWXQJ GXUFK GLH (OWHUQ XQG GHUHQ
%H]LHKXQJVJHVWDOWXQJLQVLJQLILNDQWHU:HLVH]XVDPPHQKlQJHQ'LHVLVWHLQHZHLWHUH
%HJUQGXQJZDUXPVFKXOIRUPVSH]LILVFKH%HUHFKQXQJHQJHWlWLJWZHUGHQ
=XU/HLVWXQJVPRWLYDWLRQVVWDELOLWlWXQG]XP=XVDPPHQKDQJ]ZLVFKHQ
PRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHQ
(LQHKRKH$XIJDEHQRULHQWLHUXQJKRKHV,QWHUHVVHXQGHLQHDXVJHSUlJWHLGHQWLIL]LHUWH
5HJXODWLRQJHKWPLWHLQHUKRKHQ$QVWUHQJXQJVEHUHLWVFKDIWHLQKHUYJO:LOG5H
P\D63HUVRQHQPLWKRKHQ/HLVWXQJVPRWLYDWLRQVZHUWHQOHJHQHLQHDXV
GDXHUQGHUHXQGKlUWHUH$UEHLWVZHLVH±DXFKLQGHU6FKXOH±DQGHQ7DJDOV3HUVRQHQ
PLW WLHIHP /HLVWXQJVPRWLY YJO &KRL 6FKPLGW 6 (V ]HLJW VLFK DOVR
GDVVGLHPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHXQWHUHLQDQGHUHQJ]XVDPPHQKlQ
JHQ Ä0HQVFKOLFKHV /HUQHQ LVW ZHVHQWOLFK YRQ 3HUV|QOLFKNHLWVHLJHQVFKDIWHQ GHV
/HUQHQGHQDEKlQJLJ9RQGDKHUQLPPWGLH3HUV|QOLFKNHLW(LQIOXVVDXIGHQ/HUQSUR
]HVV³$VHQGRUSI6,Q$QOHKQXQJDQ%DQGXUDXQGLKUHHLJHQHQ
:HUNHIDVVHQ-HUXVDOHPXQG6FKZDU]HUGLH6HOEVWZLUNVDPNHLWVEHU]HXJXQJ
ZLHIROJW]XVDPPHQ
+RKH6HOEVWZLUNVDPNHLWI|UGHUWGDV$XIVXFKHQOHLVWXQJVWKHPDWLVFKHU6LWXDWL
RQHQ VRZLH GLH $QVWUHQJXQJ XQG $XVGDXHU EHL GHU %HZlOWLJXQJ NULWLVFKHU
/HUQVLWXDWLRQHQZRGXUFKGLH(UIROJVZDKUVFKHLQOLFKNHLWHUK|KWZLUG3RVLWLYH
/HLVWXQJVHUIDKUXQJHQZLHGHUXPEHJQVWLJHQ+RIIQXQJDXI(UIROJPRWLYDWLR
QDOI|UGHUOLFKH$WWULEXWLRQHQXQGSUREOHPDQJHPHVVHQH/|VXQJHQ=XVlW]OLFK
ZLUG GLH 6HOEVWZLUNVDPNHLWVEHU]HXJXQJ ZHLWHU VWDELOLVLHUW -HUXVDOHP 6FKZDU]HU6
+LHUDXV OlVVW VLFK DEOHLWHQ GDVV GLH VFKXOLVFKH 6HOEVWZLUNVDPNHLWVEHU]HXJXQJ DXI
GLH /HLVWXQJVPRWLYDWLRQ ZLUNW VLH DEHU UFNZLUNHQG ZHLWHU VWDELOLVLHUW ZLUG 'LH
6HOEVWZLUNVDPNHLWNDQQDOVRDOVXQDEKlQJLJHXQGLP)DOOHGHUEHUXIOLFKHQ6LWXDWLRQ
DOVDEKlQJLJH9DULDEOHEHUXIOLFKH6HOEVWZLUNVDPNHLWV,QVWUXPHQWHLQ.DS
IU GLH YRUOLHJHQGH )UDJHVWHOOXQJ YHUZHQGHW ZHUGHQ bKQOLFK ZLH EHL GHU 6HOEVW
ZLUNVDPNHLW JLEW HV DXFK EHL GHU /HLVWXQJVPRWLYDWLRQ HLQHQ 6WDELOLWlWVSUR]HVV
IHVW]XVWHOOHQVD.DS
=XGHQPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHQLP(UZDFKVHQHQDOWHU
'LH EHUXIOLFKH /HLVWXQJVPRWLYDWLRQ GLH EHUXIOLFKH :HLWHUELOGXQJVPRWLYDWLRQ XQG
GLHEHUXIOLFKH6HOEVWZLUNVDPNHLWLP$OWHUYRQ-DKUHQVWHOOHQLQGLHVHU$UEHLWGLH
ZHVHQWOLFKHQDEKlQJLJHQ9DULDEOHQGDU
)RUVFKXQJVVWDQG
)DPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
)DPLOLHXQG$UEHLWVLQGGLH]HQWUDOHQ%HGHXWXQJVIHOGHUGHUPRGHUQHQ*HVHOOVFKDIW
6WUXNWXUHOOHXQGTXDOLWDWLYH$VSHNWHKDEHQVLFKLQGHU)DPLOLHLQGHQOHW]WHQ-DK
UHQ VHKU VWDUN JHZDQGHOW 'RFK QRFK GHXWOLFKHU KDW GHU :DQGHO LP $UEHLWVOHEHQ
VWDWWJHIXQGHQYJO5RVHQVWLHO6
:LH YHUKDOWHQ VLFK $UEHLWV]XIULHGHQKHLW XQG EHGLQJXQJHQ XQG 0RWLYDWLRQ LP (U
ZDFKVHQHQDOWHU]XHLQDQGHU":HQLJTXDOLIL]LHUWHEHUXIOLFKH7lWLJNHLWHQGLHYRQ0R
QRWRQLH HLQHP EHJUHQ]WHQ +DQGOXQJVVSLHOUDXP XQG ZHQLJ VR]LDOHQ .RQWDNWP|J
OLFKNHLWHQJHNHQQ]HLFKQHWVLQGZLUNHQVLFKSHUV|QOLFKNHLWVVFKlGLJHQGDXV)ROJHQ
GH :LUNXQJHQ ODVVHQ VLFK IHVWVWHOOHQ (LQHQJXQJ YRQ ,QWHUHVVHQ $EEDX GHU JHLVWL
JHQ)OH[LELOLWlWXQGP|JOLFKHUZHLVHVRJDU,QWHOOLJHQ](LQVFKUlQNXQJDXIHLQHSDV
VLYH)UHL]HLWJHVWDOWXQJZLHEHUPl‰LJHV)HUQVHKHQGHSUHVVLYH*HVWLPPWKHLWXQGDOV
)ROJHGDYRQHLQHUHSUHVVLYH$UWXQG:HLVHGHV8PJDQJVPLWGHQHLJHQHQ.LQGHUQ
YJO9ROSHUW
Ä,PTXDOLIL]LHUWHQ%HUHLFKKDWGLH$UEHLWQLFKWVHOWHQ]XU)ROJHGDVVVLHYRPJDQ]HQ
0HQVFKHQ%HVLW]HUJUHLIWVRGDVVGLHVHULQVHOEVWEHVWLPPWHU)UHPGEHVWLPPXQJZHLW
PHKUDOVYHUWUDJOLFKYHUHLQEDUWLQGHU:RFKHDUEHLWHW³5RVHQVWLHO±ELV
6WXQGHQ LP PLWWOHUHQ 0DQDJHPHQW 6WXQGHQ LP 7RS0DQDJHPHQW YJO 6WUHLFK
,P:HVHQWOLFKHQGUIWHGLHDNWXHOOH/HEHQVVLWXDWLRQIUGLH$XVSUlJXQJGHU
EHUXIOLFKHQ/HLVWXQJVPRWLYDWLRQYHUDQWZRUWOLFKVHLQ1DWUOLFKLVWDEHUDXFKGDVHU
UHLFKWH%LOGXQJVQLYHDXE]ZGLH4XDOLILNDWLRQIUGLHPRWLYDWLRQDOHQ$XVSUlJXQJHQ
EHVWLPPHQG
(V ZUGH GHQ 5DKPHQ GLHVHU $UEHLW VSUHQJHQ ZHQQ GLH GUHL PRWLYDWLRQDOHQ .RQ
VWUXNWH GHV (UZDFKVHQHQDOWHUV LQ LKUHU JDQ]HQ *HJHQZDUWVEH]RJHQKHLW XQG GHUHQ
(UNOlUXQJEHVFKULHEHQXQGDQDO\VLHUWZUGHQ-HGRFKZHUGHQ=XVDPPHQKlQJH PLW
GHQ =XIULHGHQKHLWHQ EHU EHGHXWVDPH /HEHQVEHUHLFKH LP (UZDFKVHQHQDOWHU DXIJH
]HLJW,P=HQWUXPGHU$UEHLWVWHKWGLH)UDJHREHVODQJIULVWLJH(IIHNWHVR]LDOHU(LQ
JHEXQGHQKHLWYRP-XJHQGDOWHUELVLQV(UZDFKVHQHQDOWHUJLEW'LHVHZHUGHQVFKXO
IRUPVSH]LILVFKDQDO\VLHUW
)DPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
=XU/HLVWXQJVPRWLYDWLRQVI|UGHUXQJLP(OWHUQKDXV
:LH :LJILHOG HW DO 6 II DXVIKUHQ VLQG GLH KDXSWVlFKOLFKHQ $VSHNWH
IUHLQHRSWLPDOH/HLVWXQJVPRWLYDWLRQVI|UGHUXQJ]XKDXVHLQHLQHPDSRVLWLYHQ(U
]LHKXQJVNOLPD E LQ KHUDXVIRUGHUQGHQ JHQHUHOOHQ hEHU]HXJXQJHQ(LQVWHOOXQJHQ
GHU(OWHUQJHJHQEHUGHU/HLVWXQJVIlKLJNHLWLKUHV.LQGHVFLQVSH]LILVFKHQDXIGDV
.LQG EH]RJHQHQ DQJHSDVVWHQ hEHU]HXJXQJHQ GHU (OWHUQ XQG G LP LQWHOOHNWXHOOHQ
XQGPRWLYDWLRQDOHQ$QUHJXQJVJHKDOWGHU(OWHUQKDXVHV5lXPH%FKHU.XOWXU«
]X VHKHQ 'DV (U]LHKXQJVNOLPD ZLUG GDEHL XQWHUWHLOW LQ HLQH DQJHPHVVHQH 6WUXNWX
ULHUWKHLWLP$OOWDJHLQNRQVLVWHQWHVXQGXQWHUVWW]HQGHVÄSDUHQWLQJ³V(U]LHKXQJV
VWLO .DS XQG HLQHQ LQVRIHUQ HUIROJUHLFKHQ ,PLWDWLRQVOHUQSUR]HVV JHPl‰ GHU
7KHRULHGHU,QWHUQDOLVLHUXQJYRQ:HUWHQDD26
)RUVFKXQJVVWDQG
)DPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
=DKOUHLFKH 6WXGLHQ OLHIHUQ HPSLULVFKH (YLGHQ] IU GLH OHUQ XQG OHLVWXQJVUHOHYDQWH
5ROOH GHV (OWHUQKDXVHV =LPPHUPDQQ 6SDQJOHU :LOG +RIHU 3HNUXQ
:LOG:LOG,QGLHVHQ%HIXQGHQNRPPHQGLH5HVVRXUFHQ]XP$XV
GUXFNDXIGLHGLH)DPLOLH]XUFNJUHLIHQNDQQXPGLHPLWGHP6\VWHP6FKXOHYHU
EXQGHQHQ $QIRUGHUXQJHQ ]X EHZlOWLJHQ )U HLQH JHQDXHUH .DWHJRULVLHUXQJ GHU
9LHO]DKO P|JOLFKHU )DPLOLHQPHUNPDOH VHL KLHU DXI GDV 9LHUVFKLFKWHQ0RGHOO YJO
$EELOGXQJYHUZLHVHQLQGHVVHQ=HQWUXP VLFK GLHVFKXOLVFKH(QWZLFNOXQJEH
VWHKHQGDXV/HUQPRWLYDWLRQXQG6FKXOOHLVWXQJEHILQGHWYJO:LOGXQG+RIHU
6
6FKXOLVFKH/HLVWXQJ
/HUQPRWLYDWLRQ
XVZ
6FKXOEH]RJHQH(OWHUQ.LQG,QWHUDNWLRQ
(OWHUOLFKH(U]LHKXQJ
+lXVOLFKHU$QUHJXQJVJHKDOW
)DPLOLHQVWUXNWXUHOOHVR]LR|NRQRPLVFKH0HUNPDOH
$EELOGXQJ
,QWHJUDWLYHV 0RGHOO IDPLOLDOHU 6R]LDOLVDWLRQ EH]JOLFK VFKXOLVFKHU (QWZLFNOXQJ LQ $QOHKQXQJ DQ 5\DQ $GDPV
*XOORWWD:HLVVEHUJ+DPSWRQ]LWLHUWQDFK:LOGXQG+RIHU6
'LH IDPLOLDOHQ %HGLQJXQJHQ VFKXOLVFKHU (QWZLFNOXQJ N|QQHQ GHPQDFK DXI IROJHQ
GHQYLHU(EHQHQXQWHUVFKLHGHQZHUGHQYJOHEG
6FKXOEH]RJHQH (OWHUQ.LQG,QWHUDNWLRQHQ JHK|UHQ ]X GHQ 9DULDEOHQ GLH XQPLW
WHOEDUDXIGLHVFKXOLVFKH(QWZLFNOXQJHLQZLUNHQ
(OWHUOLFKH (U]LHKXQJVVWLOH VLQG QLFKW XQPLWWHOEDU DXI KlXVOLFKH /HKU/HUQ
6LWXDWLRQHQDXVJHULFKWHW(VZLUGMHGRFKDQJHQRPPHQGDVVVLHGLHSV\FKRVR]LDOH
(QWZLFNOXQJ+HUDQZDFKVHQGHUEHHLQIOXVVHQXQGLQGLUHNW]XP7UDJHQNRPPHQ
$XIGHUGULWWHQ(EHQHEHILQGHWVLFKGLH IDPLOLlUH/HUQXQG(QWZLFNOXQJVXPJH
EXQJZHOFKHDXVGHUSK\VLNDOLVFKHQXQGVR]LDOHQ8PJHEXQJEHVWHKWGLHMHQDFK
$QUHJXQJVJHKDOWXQWHUVFKLHGOLFKH(UIDKUXQJVP|JOLFKNHLWHQEHUHLWVWHOOHQNDQQ
5HVVRXUFHQZHUGHQLQ|NRQRPLVFKHU$XVGUXFNVZHLVHDXFKPLWGHPPHWDSKRULVFKHQ%HJULIIGHVÄ.DSL
WDOV EH]HLFKQHW YJO6WHFKHU 'DPLW VLQGÄPDWHULHOOH 5HVVRXUFHQ GHU )DPLOLHQXPZHOW DEHU DXFK
GDV ÄNXOWXUHOOH XQG GDV ÄVR]LDOH .DSLWDO DQJHVSURFKHQ YJO Ä5HSURGXNWLRQ VR]LDOHU 8QJOHLFKKHLW³ QDFK
%RXUGLHXE]ZÄ6R]LDONDSLWDODQVDW]³QDFK&ROHPDQ
Ä(LQPLWWOHUHU$QUHJXQJVJHKDOWLVWPLWHLQHPK|KHUHQ(UIROJVPRWLYJHNRSSHOWDOVHLQQLHGULJHURGHUHLQ
KRKHU$QUHJXQJVJHKDOW³2HUWHU0RQWDGD6,QGLHVHP6LQQHLVWZHGHUHLQPLW6SLHOVDFKHQ
EHUIOOWHV .LQGHU]LPPHU QRFK HLQ GLHVEH]JOLFK ZHQLJ DXVJHVWDWWHWHV .LQGHU]LPPHU LGHDO GHU PLWWOHUH
$QUHJXQJVJHKDOWGXUFKHLQHEHUVFKDXEDUH$Q]DKOYRQ6SLHOVDFKHQLVWGDIUYHUDQWZRUWOLFKGDVVVLFKGDV
.LQG]XUHFKWILQGHWXQGVHLQH0RWLYDWLRQ]LHOJHULFKWHWVWHXHUQNDQQ
)RUVFKXQJVVWDQG
)DPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
8QG VFKOLH‰OLFK VSLHOHQ IDPLOLHQVWUXNWXUHOOH XQG VR]LR|NRQRPLVFKH 0HUNPDOH
ZLH GLH %LOGXQJ GHU (OWHUQ GLH )DPLOLHQIRUP RGHU GLH $Q]DKO GHU .LQGHU HLQH
5ROOHEHLGHUVFKXOLVFKHQ(QWZLFNOXQJGHV.LQGHV
,P=HQWUXPGHU RELJHQ$EELOGXQJEHILQGHW VLFKGLH.DWHJRULHGHUVFKXOLVFKHQ
(QWZLFNOXQJGHV.LQGHV(VKDQGHOWVLFKGDEHL±QHEHQ6FKXOQRWHQ±ÄZHVHQWOLFKXP
VFKXOLVFKH /HUQPRWLYDWLRQ XP GDV VR]LDOH 9HUKDOWHQ LQ GHU 6FKXOH VRZLH XP GLH
6FKXOODXIEDKQ GLH HLQ .LQG HLQVFKOlJW³ DD2 +HUYRUKHEXQJ GXUFK '/ 'LHVH
YLHU .RQVWUXNWH 6FKXOQRWHQ VR]LDOHV 9HUKDOWHQ /HUQPRWLYDWLRQ XQG 6FKXOODXI
EDKQVLQGJHPl‰GHQ$XWRUHQLQ$EELOGXQJ]XVDPPHQJHIDVVWZHLOVLHKlXILJ
LQWHUNRUUHOLHUWVLQG
'LH(QWIHUQXQJGHUYHUVFKLHGHQHQ(EHQHQDOVDQJUHQ]HQGHÄ6FKDOHQYRP=HQWUXP
YHUGHXWOLFKHQQDFK:LOGXQG+RIHUGDV$XVPD‰DQWKHRUHWLVFKHU1lKH]XP
.RQVWUXNWGHUVFKXOLVFKHQ(QWZLFNOXQJ
6RPLW LVW XQWHUPDXHUW ZDUXP GLH YRUOLHJHQGH )UDJHVWHOOXQJ LQ GHQ 6WUXNWXUJOHL
FKXQJVPRGHOOEHUHFKQXQJHQ YRU DOOHP GHQ (LQIOXVV GHU %H]LHKXQJ XQG ,QWHUDNWLRQ
YRQ 6HLWHQ GHU (OWHUQ XQG /HKUSHUVRQ DXI GLH /HLVWXQJVPRWLYDWLRQ GHV .LQGHV IR
NXVVLHUW'LH(EHQHÄVFKXOEH]RJHQH(OWHUQ.LQG,QWHUDNWLRQHQ³OLHJWLP9LHUVFKLFK
WHQ0RGHOOQlPOLFKDPQlFKVWHQEHLP.HUQÄ/HUQPRWLYDWLRQ³
=X GHQ (EHQHQ ÄVFKXOEH]RJHQH (OWHUQ.LQG,QWHUDNWLRQHQ³ XQG ÄHOWHUOLFKH (U]LH
KXQJ³YJO$EELOGXQJN|QQHQXQWHUGHUHQWZLFNOXQJVSV\FKRORJLVFKHQ3HUVSHN
WLYHDXFKQRFKIROJHQGH]ZHL$VSHNWHVXEVXPLHUWZHUGHQ
6HOEVWVWlQGLJNHLWVHU]LHKXQJ 'DV 6HOEHUPDFKHQZROOHQ KDW HQWVFKHLGHQG PLW GHU
/HLVWXQJVPRWLYDWLRQ]XWXQ(LQHIUKH(U]LHKXQJ]XU6HOEVWlQGLJNHLWZLUNWVLFK
SRVLWLYDXIGLHVSlWHUH/HLVWXQJVPRWLYDWLRQGHV.LQGHVDXV-HGRFKLVWGDEHLQLFKW
GLH )UK]HLWLJNHLW GLHVHU 6HOEVWlQGLJNHLWVHU]LHKXQJ YRQ %HGHXWXQJ VRQGHUQ GLH
(QWZLFNOXQJVDQJHPHVVHQKHLWYJO2HUWHU6,QGHU5HJHOHUNHQQHQ
(OWHUQZDQQXQGLQZLHIHUQVLHLKU.LQGRSWLPDOI|UGHUQN|QQHQ
(U]LHKXQJ GXUFK DQJHSDVVWH %HNUlIWLJXQJ *HPl‰ EHKDYLRULVWLVFKHU 3ULQ]LSLHQ
N|QQWH PDQ VFKOVVLJ DEOHLWHQ /RE XQG %HORKQXQJ ZlUHQ I|UGHUOLFK XQG 7DGHO
XQG6WUDIHZUGHQVLFKQDFKWHLOLJDXIGLH/HLVWXQJVPRWLYDWLRQDXVZLUNHQ$XFK
KLHU PXVV GLIIHUHQ]LHUW ZHUGHQ 'HQQ ZlKUHQG ÃKlXILJHV /RE XQG ZHQLJ 7DGHO¶
IU MQJHUH .LQGHU HLQH SRVLWLYH :LUNXQJ KDW NDQQ EHL lOWHUHQ HWZD =HKQ ELV
=Z|OIMlKULJHQ HKHU 'HPRWLYDWLRQ IHVWJHVWHOOW ZHUGHQ 2HUWHU 6 ]L
WLHUW5HLIGHUEHREDFKWHWHGDVV0WWHUHUIROJVPRWLYLHUWHU6|KQHKDOEVR
YLHO SRVLWLYH %HNUlIWLJXQJHQ DXVVSUDFKHQ ZLH 0WWHU PLVVHUIROJVRULHQWLHUWHU
6|KQH'LHVH$EKlQJLJNHLWGHU%HNUlIWLJXQJYRP$OWHUZLUGDXFKGXUFKGLH8Q
WHUVXFKXQJ YRQ +HFNKDXVHQ XQG 2VZDOG JHVWW]W ,P *UXQGVDW] NDQQ
DXFKLQ$QOHKQXQJDQGHQ.RUUXPSLHUXQJVHIIHNWYRQ9HUVWlUNXQJHQYJO'HFL
.RHVWQHU5\DQVD.DSDQJHIKUWZHUGHQGDVVKlXILJH%HNUlI
WLJXQJHQQDFK(UIROJHQHKHUYHUPLHGHQZHUGHQVROOWHQ$XFK:LOGHWDO
'LHVHV:HUNLVWÄQXU³HLQH'LSORPDUEHLW'DV6HNXQGlU]LWDWZLUGLP)ROJHQGHQQRFKZHLWHUEHOHJW
)RUVFKXQJVVWDQG
)DPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
KDEHQ QDFKJHZLHVHQ (OWHUQ VROOHQ ]HLJHQ GDVV VLH YRQ GHQ .LQGHUQ ULFKWLJH
/|VXQJHQHUZDUWHQYJO6
)UGLHQDFKKDOWLJH)|UGHUXQJGHU/HLVWXQJVPRWLYDWLRQLQGHU)DPLOLHN|QQHQIRO
JHQGH YRQ (FFOHV VRZLH *UROQLFN XQG 5\DQ HUJUQGHWHQ )DNWRUHQ
DXIJHIKUW ZHUGHQ D ,QYROYLHUWKHLW (QJDJHPHQW E 8QWHUVWW]XQJ IU DXWRQR
PHV9HUKDOWHQXQGF6WUXNWXU'DVDNWLYH,QWHUHVVHDP.LQGGDV:LVVHQEHUGDV
.LQGXQGGLH%HUHLWVFKDIWLQGLH(U]LHKXQJ]XLQYHVWLHUHQUHSUlVHQWLHUHQGHQHUVWHQ
)DNWRU'DV.LQG]XHLJHQHQ/|VXQJHQ]XPRWLYLHUHQHQWVSULFKWGHP]ZHLWHQ)DN
WRUXQGGHUGULWWH)DNWRUNDQQÄDOVGDV$XVPD‰PLWZHOFKHQ(OWHUQNODUHXQGGDXHU
KDIWH5LFKWOLQLHQ(UZDUWXQJHQXQG5HJHOQIU9HUKDOWHQYRUVHKHQ³EH]HLFKQHWZHU
GHQYJO2HUWHU6'LH$VSHNWHDXQGFVLQGLPODWHQWHQ)DNWRUÄ(OWHUQ
.LQG%H]LHKXQJ³LQGHQ6WUXNWXUJOHLFKXQJVPRGHOOHQYRUKDQGHQYJO(UJHEQLVVHLQ
.DS
8QWHU GHU %HUFNVLFKWLJXQJ GHU 7KHRULH GHV ,QWHUDNWLRQLVPXV NDQQ PDQ VLFK GHQ
(LQIOXVVIDPLOLlUHU%HGLQJXQJHQDXIGLHVFKXOLVFKH(QWZLFNOXQJLQGUHLIDFKHU:HLVH
YRUVWHOOHQYJO:LOGXQG+RIHU6
D0HUNPDOHN|QQHQHLQHQ(LQIOXVVDXIGLHVFKXOLVFKH(QWZLFNOXQJLQGLUHNWEHUGLH
MHZHLOVDQJUHQ]HQGH.DWHJRULHKDEHQ'LVWDOH0HUNPDOHZLHGLH*U|‰HXQG=X
VDPPHQVHW]XQJ GHU )DPLOLH ZLUNHQ VLFK GDQDFK ± YHUPLWWHOW EHU SUR[LPDOH
0HUNPDOH ZLH GLH (IIHNWLYLWlW GHV HOWHUOLFKHQ (U]LHKXQJVYHUKDOWHQV ± DXI GLH
VFKXOLVFKH(QWZLFNOXQJ+HUDQZDFKVHQGHUDXV'LH)ROJHQHLQHU6FKHLGXQJN|Q
QHQ]%DXIWUHWHQGHILQDQ]LHOOH(QJSlVVHVHLQGLH]XHLQHPLQHIIHNWLYHQXQGLQ
NRQVLVWHQWHQ (U]LHKXQJVYHUKDOWHQ IKUHQ ZDV VLFK ZLHGHUXP LQ HLQHP 3UREOHP
YHUKDOWHQGHU.LQGHUQLHGHUVFKODJHQNDQQ
E'LVWDOH0HUNPDOHN|QQHQDEHUDXFKHLJHQVWlQGLJH%HLWUlJH]XUVFKXOLVFKHQ(QW
ZLFNOXQJOLHIHUQ
F'HUNRPSOH[HVWH)DOOGHV=XVDPPHQZLUNHQVEHVWHKWGDULQGDVV9DULDEOHQDXIHL
QHU(EHQHHLQH0RGHUDWRUIXQNWLRQEH]JOLFKGHV(LQZLUNHQVHLQHUDQGHUHQ(EHQH
]XNRPPW *HPl‰ 6WHLQEHUJ LVW GHU (U]LHKXQJVVWLO DOV 0RGHUDWRUYDULDEOH
]XYHUVWHKHQZHLOVLFKGDVVFKXOEH]RJHQH(QJDJHPHQWYRQ(OWHUQYRUDOOHPXQWHU
$QZHQGXQJ HLQHV DXWRULWDWLYHQ (U]LHKXQJVVWLOV YRUWHLOKDIW DXI GLH VFKXOLVFKH
(QWZLFNOXQJGHV.LQGHVDXVZLUNW
6RPLWLVWEHJUQGHWZDUXP.RQWUROOYDULDEOHQVRZRKOEHUGLHJHVDPWH6WLFKSUREH
KLQZHJDOVDXFKEHUMHVSH]LILVFKH6FKXOIRUPNRQWH[WH*\PQDVLXP+DXSWVFKXOH
EHUHFKQHW E]Z DXVSDUWLDOLVLHUW ZHUGHQ (EHQIDOOV ZLUG HUVLFKWOLFK ZDUXP EHL GHU
YRUOLHJHQGHQ )UDJHVWHOOXQJ UXQG XP GLH VR]LDOH (LQJHEXQGHQKHLW DXFK GHU (U]LH
KXQJVVWLOQLFKWXQEHUFNVLFKWLJWEOHLEHQGDUI
,QGLUHNWZLUNHQGH)DNWRUHQ
)RUVFKXQJVVWDQG
)DPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
,Q GHQ IROJHQGHQ .DSLWHOQ ELV JHKW HV HLQHUVHLWV GDUXP GLH MHZHLOLJHQ
%HGHXWXQJHQGHUVR]LDOHQ)DNWRUHQ]XEHVFKUHLEHQXQGGHQ*HVDPW]XVDPPHQKDQJ
KHUYRU]XKHEHQVLHKH8QWHUNDSLWHO$,QGHQMHZHLOLJHQ8QWHUNDSLWHOQ%Ä(LQIOXVV
YRQ³ JHKW HV GDQQ XP WKHRUHWLVFKH XQG HPSLULVFKH +LQZHLVH ZHOFKH GLH =XVDP
PHQKlQJH ]ZLVFKHQ VR]LDOHQ )DNWRUHQ XQG PRWLYDWLRQDOHQ 3HUV|QOLFKNHLWVPHUNPD
OHQEHOHJHQ'LHVVWHOOWGLHHLJHQWOLFKH2SHUDWLRQDOLVLHUXQJGHV.RQVWUXNWVGHUVR]LD
OHQ(LQJHEXQGHQKHLWGDU$OOH9DULDEOHQ6NDOHQXQG(LQ]HOLWHPVGHUVR]LDOHQ(LQ
JHEXQGHQKHLW VLHKH ,QVWUXPHQWH LQ .DS ZHUGHQ GHQ 2EHUEHJULIIHQ Ä(OWHUQ
.LQG%H]LHKXQJ³Ä(U]LHKXQJVVWLO³Ä(OWHUQ%H]LHKXQJ³Ä%HJDEXQJVHLQVFKlW]XQJ
HUZDUWXQJ³ XQG Ä6FKXOPRQLWRULQJ³ YJO ELV ]XJHWHLOW $XFK 6WHFKHU
KDWGLHDOOJHPHLQHÄ4XDOLWlWGHU(OWHUQ.LQG%H]LHKXQJ³GXUFKGLH9DULDEOHQ
)DPLOLHQNOLPD(PSDWKLHGHU(OWHUQ(OWHUQDOV9RUELOGHU%HGHXWXQJGHU(OWHUQIU
GDV.LQG0RQLWRULQJJHPHLQVDPH)UHL]HLWDNWLYLWlWHQXQG'LVNXVVLRQHQPLWGHQ(O
WHUQRSHUDWLRQDOLVLHUWYJO6,QGHQIROJHQGHQ.DSLWHOQZHUGHQGLHVHIDPLOLl
UHQVR]LDORULHQWLHUWHQ9DULDEOHQGHV/LI('DWHQVDW]HVIUGLH)UDJHVWHOOXQJWKHRUH
WLVFKEHJUQGHW
%HGHXWXQJXQG(LQIOXVVGHU(OWHUQ.LQG%H]LHKXQJ
$=XU%HGHXWXQJGHU(OWHUQ.LQG%H]LHKXQJLP$OOJHPHLQHQ
'HU%HJULIIÄ(OWHUQ.LQG%H]LHKXQJLP$OOJHPHLQHQ³XPIDVVWLQGLHVHU6WXGLHIRO
JHQGH 9DULDEOHQ :RKOIKOHQ ]X +DXVH (OWHUQ.LQG%H]LHKXQJ 5HLEHUHLHQ *H
VSUlFKVLQWHQVLWlW DX‰HUIDPLOLlUH9HUWUDXHQVSHUVRQEHLSHUV|QOLFKHQ3UREOHPHQXQG
EHL3UREOHPHQPLWDQGHUHQVD.DS
1DFK )HQG EOHLEW HLQH SRVLWLYH (OWHUQ.LQG%H]LHKXQJ LQ GHU .LQGKHLW /HEHQVMDKUJUXQGVlW]OLFKDXFKLP-XJHQGDOWHU/HEHQVMDKUHUKDOWHQXQG
LVWVRPLWVWDELOÄ6LHLVWGHUDQ*HZLFKWDOOHDQGHUHQ$VSHNWHEHUUDJHQGH6DFKYHU
KDOW³6=ZLVFKHQ.QDEHQXQG0lGFKHQ]HLJHQVLFKNHLQHVLJQLILNDQWHQ8Q
WHUVFKLHGH MHGRFK HUVWDXQOLFKHUZHLVH ]ZLVFKHQ GHQ 6FKXOW\SHQ YJO HEG :LH
]HLJW VLFK GLH 6LWXDWLRQ EH]JOLFK (OWHUQ.LQG%H]LHKXQJ KHXW]XWDJH LQ 'HXWVFK
ODQG"1DFKIROJHQGHV=LWDWZHLVWDXIHLQH3UREOHPDWLNKLQGLHVSH]LILVFKLQ'HXWVFK
ODQGJLOW
(LQXPIDVVHQGHU81,&()%HULFKW]XP:RKOHUJHKHQGHU.LQGHULQ,QGXVWULH
OlQGHUQ ]HLFKQHW HLQ HUQFKWHUQGHV %LOG GHU 6LWXDWLRQ LQ 'HXWVFKODQG
'HXWVFKODQGLVWQXU0LWWHOPD‰ZHQQHVGDUXPJHKWYHUOlVVOLFKH/HEHQVXP
ZHOWHQIUGLHMXQJH*HQHUDWLRQ]XVFKDIIHQ>«@0HKUDOVGLH+lOIWHGHU
MlKULJHQ'HXWVFKHQVDJHQGDVVLKUH(OWHUQNDXP=HLWKDEHQVLFKPLWLKQHQ]X
XQWHUKDOWHQ,Q8QJDUQXQG,WDOLHQPDFKHQQXUHWZDHLQ9LHUWHOGHU-XJHQGOL
FKHQGLHVH(UIDKUXQJ(LQHYHUWLHIHQGH6WXGLHIU'HXWVFKODQG]HLJWGDVVGLH
6LWXDWLRQ GHU .LQGHU LQ GHQ HLQ]HOQHQ %XQGHVOlQGHUQ VWDUN YRQHLQDQGHU DE
ZHLFKW81,&()
)RUVFKXQJVVWDQG
)DPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
*HPl‰ GHU 6'7 ZUGH GLHVH JHVHOOVFKDIWOLFKH (QWZLFNOXQJ IU GLH /HLVWXQJVPRWL
YDWLRQHLQHQHJDWLYH9HUlQGHUXQJEHGHXWHQ:LHVLFKGDV(VVHQWLHOOHDQGHU(OWHUQ
.LQG%H]LHKXQJ]HLJWOlVVWVLFKPLW$XVIKUXQJHQYRQ&LRPSLDXI]HLJHQ
6HLQHU0HLQXQJQDFKXPIDVVWPHQVFKOLFKHV(UOHEHQLQMHGHP0RPHQWVRZRKONRJ
QLWLYHDOVDXFKDIIHNWLYH(OHPHQWH(OWHUOLFKHV9HUKDOWHQNDQQ±LPZHLWHVWHQ6LQQH
±LPPHUDOVÄHWZDV'RSSHOWHV%LSRODUHVQlPOLFK>[email protected]
DXFK$IIHNWLYHV³6HUIDKUHQZHUGHQ
'LH0XWWHUNDQQLKUHP.LQGKXQGHUWPDOVDJHQHVVROOHVHLQ=LPPHULQ2UG
QXQJKDOWHQRGHUGLH6XSSHO|IIHOQRKQH]XVFKOUIHQ,KUH:RUWHEOHLEHQVR
ODQJH OHHUHU 6FKDOO DOV LKQHQ QLFKW GXUFK EHJOHLWHQGH (PRWLRQHQ ± bUJHU
:XW6SDQQXQJRGHU$XVVLFKWDXI%HORKQXQJ)UHXGHOLHEHYROOH=XZHQGXQJ
±VRYLHOÃ1DFKGUXFN¶YHUOLHKHQZLUGGDVVVLHWDWVlFKOLFKÃ(LQGUXFN¶PDFKHQ
6
&LRPSLVDJWGDVVGLHVHIXQGDPHQWDOHQ%RWVFKDIWHQDOVÄ5HJHOV\VWHPK|KHUHU2UG
QXQJ LQ GLH DOOH HLQ]HOQHQ .RPPXQLNDWLRQVHOHPHQWH HLQJHEHWWHW VLQG³ ZLUNHQ 6
(VVLQG
MHQH JUXQGOHJHQGHQ SRVLWLYHQ RGHU QHJDWLYHQ %RWVFKDIWHQ ZHOFKH GXUFK GLH
JHVDPWH +DOWXQJ XQG (LQVWHOOXQJ HLQHV 0HQVFKHQ HLQHP DQGHUHQ JHJHQEHU
YHUPLWWHOW ZHUGHQ XQG GLH VLFK DP HKHVWHQ GXUFK VR DOOJHPHLQH 3RODULWlWHQ
ZLH :RKOZROOHQhEHOZROOHQ 9HUWUDXHQ0LVVWUDXHQ 2IIHQKHLW9HUVFKORVVHQ
KHLW.ODUKHLW8QNODUKHLW2EMHNWOLHEHQDU]LVVWLVFKH/LHEHXPVFKUHLEHQODVVHQ
6LHXQGQLFKWGLHHLQ]HOQHQYHUEDOHQRGHUDYHUEDOHQ.RPPXQLNDWLRQVHOHPHQ
WHVLQGQDFKPHLQHUhEHU]HXJXQJGDVHLJHQWOLFK:LFKWLJHXQG:LUNVDPH«
6
:HQQ LP 5DKPHQ GHU %HXUWHLOXQJ GHU (OWHUQ.LQG%H]LHKXQJ GLH %HGHXWXQJ YRQ
5HLEHUHLHQ PLWEHUFNVLFKWLJW ZLUG GDQQ N|QQHQ GLHVH )XQGDPHQWDOERWVFKDIWHQ JH
Pl‰6WRUFKDXFKLQ.RQIOLNWHQ]ZLVFKHQ-XJHQGOLFKHQXQG(OWHUQLQSRVLWLYHU
:HLVHIUGLH(QWZLFNOXQJGHU.LQGHULQV*HZLFKWIDOOHQVRODQJHGDV%HPKHQXP
9HUV|KQXQJ GLH 2EHUKDQG EHKlOW 'LH 0WWHU XQG 9lWHU GLH VLFK YRU .RQIOLNWHQ
QLFKW VFKHXHQ JHEHQ VR LKUHQ .LQGHUQ ]X YHUVWHKHQ GDVV GLHVH IU VLH VR ZLFKWLJ
VLQGGDVVVLHHVHEHQVFKDIIHQVLHÄ]XU:HLVVJOXW³]XEULQJHQYJO6
'LH(OWHUQ.LQG%H]LHKXQJZHLVWDEHULPPHUDXFKHLQHQJHQHWLVFKHQ$QWHLODXIGHU
XQEHHLQIOXVVEDU LVW1DFK 6FKQHHZLQG :DOSHU XQG *UDI EHOHJW HLQH 5HLKH
YRQ6WXGLHQGDVVVRZRKOGDVHOWHUOLFKH(U]LHKXQJVYHUKDOWHQ]%HOWHUOLFKH:lUPH
RGHU.RQIOLNWHE]Z1HJDWLYLWlWLQ(OWHUQ.LQG%H]LHKXQJHQDOVDXFKGDVZDKUJH
QRPPHQH )DPLOLHQNOLPD VXEVWDQWLHOOH JHQHWLVFKH 9DULDQ]WHLOH DXIZHLVHQ YJO 6
=XVDPPHQIDVVHQG NDQQ IHVWJHKDOWHQ ZHUGHQ GDVV GLH (OWHUQ.LQG%H]LHKXQJ GLH
.RPPXQLNDWLRQXQGGDV(U]LHKXQJVYHUKDOWHQ]XKDXVHIUGLHJHVDPWH(QWZLFNOXQJ
)RUVFKXQJVVWDQG
)DPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
YRQ ]HQWUDOHU %HGHXWXQJ VLQG 'LH ,WHPV :RKOIKOHQ ]X +DXVH (OWHUQ.LQG
%H]LHKXQJ 5HLEHUHLHQ *HVSUlFKVLQWHQVLWlW DX‰HUIDPLOLlUH 9HUWUDXHQVSHUVRQ EHL
SHUV|QOLFKHQ3UREOHPHQXQGEHL3UREOHPHQPLWDQGHUHQZHUGHQ]XGLHVHQ.HUQND
WHJRULHQJH]lKOW
1DFKGLHVHQ$XVIKUXQJHQ]XU%HGHXWXQJGHU(OWHUQ.LQG%H]LHKXQJLP$OOJHPHL
QHQIROJHQQXQ+LQZHLVHGLHGHQ(LQIOXVVGHU(OWHUQ.LQG%H]LHKXQJDXIGLH/HLV
WXQJVPRWLYDWLRQWKHPDWLVLHUHQ
%(LQIOXVVGHU(OWHUQ.LQG%H]LHKXQJ
,Q$QOHKQXQJDQGLH6'7YHUPXWHWHQ:LOGXQG5HP\DGDVV.OlVVOHUXP
VRHKHUVHOEVWEHVWLPPWXQGDXIJDEHQRULHQWLHUWLQ0DWKHPDWLNOHUQHQMHHKHUVLHYRQ
LKUHQ (OWHUQ EHLP KlXVOLFKHQ /HUQHQ LQ HLQHU HPRWLRQDO ]XJHZDQGWHQ XQG DXWRQR
PLHXQWHUVWW]HQGHQ :HLVH DQJHOHLWHW ZHUGHQ XQG MH HKHU (OWHUQ +DXVDXIJDEHQ DOV
/HUQFKDQFHGHILQLHUHQ3UR]HVVRULHQWLHUXQJ,KUH9HUPXWXQJNRQQWHEHVWlWLJWZHU
GHQ)UHPGEHVWLPPWH)RUPHQGHU/HUQPRWLYDWLRQGDJHJHQZDUHQEHLGHQ6FKOHUQ
DXVJHSUlJW GHUHQ (OWHUQ HLQHQ GLUHNWLYNRQWUROOLHUHQGHQ 8PJDQJ PLW VFKXOLVFKHQ
%HODQJHQ ]HLJWHQ EHUK|KWH/HLVWXQJVHUZDUWXQJHQ KHJWHQ XQG LQ KlXVOLFKHQ /HKU
/HUQ$UUDQJHPHQWV GDV /HLVWXQJVHUJHEQLV LQV =HQWUXP VWHOOHQ 3URGXNWRULHQWLH
UXQJ
)ROJOLFK LVW HLQH JUXQGVlW]OLFKH 3UR]HVVRULHQWLHUXQJ EHL GHU %H]LHKXQJVJHVWDOWXQJ
IU GLH )|UGHUXQJ GHU /HLVWXQJVPRWLYDWLRQ GHV .LQGHV DQJHPHVVHQ (V JLOW DEHU
DXFK GLH ULFKWLJH 'RVLV EHL GHU %HNUlIWLJXQJ ]X ILQGHQ ,P (LQNODQJ PLW $UEHLWHQ
]XP.RUUXPSLHUXQJVHIIHNWYRQ9HUVWlUNXQJHQYJO'HFL.RHVWQHU5\DQ
VROOHQ KlXILJH %HNUlIWLJXQJHQ QDFK (UIROJHQ YHUPLHGHQ ZHUGHQ GD GLHVH HKHU PLW
JHULQJHULQWULQVLVFKHU0RWLYDWLRQHLQKHUJHKHQ
$OVEHUOHJHQHUZHLVWVLFKHLQ,QWHUDNWLRQVYHUKDOWHQEHLGHPGLH.LQGHUDXI
GLH 5LFKWLJNHLW LKUHU (UJHEQLVVH VFKOLH‰HQ ZHQQ (OWHUQ NRPPHQWDUORV ]XU
QlFKVWHQ $XIJDEH EHUJHKHQ XQG GDV *HIKO HQWZLFNHOQ GDVV GLHVH ULFKWLJH
/|VXQJ GXUFKDXV YRQ LKQHQ HUZDUWHW ZXUGH (LQ VROFKHV 9HUKDOWHQ JHKW PLW
HLQHPKRKHQ6HOEVWZLUNVDPNHLWVHUOHEHQGHV.LQGHVHLQKHU«(QWJHJHQGHQ
(UZDUWXQJHQ VFKHLQW HV DOVR YRUWHLOKDIW ZHQQ (OWHUQ LP 5HJHOIDOO QLFKW ]X
VHQVLEHODXIGLHNLQGOLFKHQ%HGUIQLVVHDFKWHQVRQGHUQVWDWWGHVVHQHLQHVDFK
OLFKH$UEHLWVVLWXDWLRQVFKDIIHQGLHHVGHP.LQGHUODXEWVLFKDXIGLH$XIJD
EHQ ]X NRQ]HQWULHUHQ XQG QLFKW $QIRUGHUXQJHQ DXI ,QKDOWV XQG %H]LH
KXQJVHEHQH ]X UHIOHNWLHUHQ :LOG HW DO 6 +HUYRUKHEXQJ GXUFK
'/
$XFK ELOGXQJVUHOHYDQWH $NWLYLWlWHQ LQ GHU )DPLOLH ZHOFKH QLFKW GLUHNW DXI VFKXOL
VFKH $QIRUGHUXQJHQ EH]RJHQ VLQG VLQG JHPl‰ 0DUMRULEDQNV IU GLH /HLV
WXQJVHQWZLFNOXQJ XQG GLH %LOGXQJVODXIEDKQ GHU .LQGHU VHKU ZLFKWLJ ,Q GHQ %H
UHFKQXQJHQZHLWHUKLQWHQEH]LHKHQVLFKGLH)UHL]HLWDNWLYLWlWHQDXIHEHQGLHVH7DWVD
FKH
)RUVFKXQJVVWDQG
)DPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
0LW'DWHQDXVGHP/lQJVVFKQLWWSURMHNW³9RQGHU.LQGKHLW]XU-XJHQGLQGHU)DPL
OLH´ ZHOFKHV YRQ .UHSSQHU DP 0D[3ODQFN,QVWLWXW JHOHLWHW ZXUGH ]HLJW 8OOULFK
GDVVSRVLWLYHVNRPPXQLNDWLYHV9HUKDOWHQGHU(OWHUQHLQHQSRVLWLYHQ=XVDP
PHQKDQJPLWGHQ6FKXOOHLVWXQJHQGHV.LQGHVQDFKVLFK]RJ=XGHPZLUGDXVJHZLH
VHQ GDVV MHGHP (OWHUQWHLO HLQH HLJHQVWlQGLJH 5ROOH LQ GHU $XVHLQDQGHUVHW]XQJ PLW
GHP .LQG ]XNRPPW ,Q )DPLOLHQ OHLVWXQJVVWDUNHU 6FKOHU ZHUGHQ EHIlKLJHQGH
.RPPXQLNDWLRQVIRUPHQXQG9HUKDQGOXQJVEHUHLWVFKDIWJHOHEWZlKUHQGLQ)DPLOLHQ
HKHU OHLVWXQJVVFKZDFKHU 6FKOHU GLH .RPPXQLNDWLRQ HLQVFKUlQNHQG XQG ZHQLJHU
HPRWLRQDOLVW
'LH %HGHXWXQJ GHU VR]LDOHQ %H]LHKXQJ IU GLH /HLVWXQJVPHGLDWRUHQ 0RWLYDWLRQ
/HLVWXQJVDQJVWXQG)lKLJNHLWVVHOEVWNRQ]HSWZLUGDXFKGXUFKGHQ6FKOXVVEHULFKWGHV
61)3URMHNWV Ä6FKXONRQWH[W XQG ,GHQWLWlWVHQWZLFNOXQJ LP -XJHQGDOWHU³ YRQ 1HX
HQVFKZDQGHU +HU]RJ XQG +ROGHU EHVWlWLJW )ROJHQGHU 6DW] DOV %HOHJ Ä'LH
(OWHUQ6FKOHU%H]LHKXQJLQGHU6LFKWGHV.LQGHVZDUJHQHUHOOGHUVWlUNVWH3UlGLNWRU
IU /HLVWXQJVPHGLDWRUHQ >«@ (UZDUWXQJVJHPl‰ VLQG QLFKW :LVVHQVNRQ]HSWH VRQ
GHUQ .RQ]HSWH GHU VR]LDOHQ %H]LHKXQJ ]XU /HKUSHUVRQ LQ GHU .ODVVH XQG LQ GHU
6FKXOH]HQWUDO³6,,,
'LH QHXURELRORJLVFKH )RUVFKXQJ NDQQ GLH :LUNVDPNHLW GHU (OWHUQ.LQG%H]LHKXQJ
DXI GLH /HLVWXQJVPRWLYDWLRQ HEHQIDOOV XQWHUPDXHUQ (V LVW HLQ Ä)UHXQGVFKDIWVKRU
PRQ³ JHIXQGHQ ZRUGHQ GDVV GLH 0RWLYDWLRQ DQ GLH 4XDOLWlW GHU %H]LHKXQJ ]XP
MHZHLOLJHQ*HJHQEHUNRSSHOW:LUVLQGDOVRÄEHVRQGHUVGRUWPRWLYLHUWZRZLUIU
E]ZPLWVROFKHQ0HQVFKHQHWZDVWXQN|QQHQPLWGHQHQZLUXQV]ZLVFKHQPHQVFK
OLFKYHUEXQGHQIKOHQ³%DXHUD6%DXHUKlOWVHKUWUHIIHQGIHVWGDVVHVLQ
MQJHUHU=HLWJHODQJ
GLH 6WLPXOL ]X LGHQWLIL]LHUHQ ZHOFKH GLH PHQVFKOLFKHQ 0RWLYDWLRQVV\VWHPH
KRFKIDKUHQ N|QQHQ 'DV (UJHEQLV ZDU UHFKW YHUEOIIHQG :DV GLH 0RWLYD
WLRQVV\VWHPHGHVPHQVFKOLFKHQ*HKLUQVDNWLYLHUWLVWGLH%HDFKWXQJGDV,QWH
UHVVH GLH =XZHQGXQJ XQG GLH 6\PSDWKLH DQGHUHU 0HQVFKHQ ZDV VLH LQDNWL
YLHUWLVWVR]LDOH$XVJUHQ]XQJXQG,VRODWLRQ$XFKKLHUPDFKWGDV*HKLUQDXV
3V\FKRORJLHZLHGHUXP%LRORJLHRGHUDQGHUVDXVJHGUFNW'LHVWlUNVWH0RWL
YDWLRQVGURJHIUGHQ0HQVFKHQLVWGHUDQGHUH0HQVFK'LHVEHGHXWHW(VJLEW
NHLQH0RWLYDWLRQRKQH]ZLVFKHQPHQVFKOLFKH%H]LHKXQJ0HQVFKHQVLQGLQLK
UHQ ]HQWUDOHQ 0RWLYDWLRQHQ DXI VR]LDOH $N]HSWDQ] KLQ RULHQWLHUWH :HVHQ HLQ
8PVWDQGGHULQGHUQHXURELRORJLVFKHQ6]HQHGHU86$GHQ%HJULIIGHVÄVRFLDO
EUDLQ³HQWVWHKHQOLH‰>«@1HXHUH8QWHUVXFKXQJHQ]HLJHQGDVV$XVJUHQ]XQJ
DXVGHU6LFKWGHV*HKLUQVlKQOLFKZDKUJHQRPPHQZLUGZLHDEVLFKWVYROO]XJH
IJWHUN|USHUOLFKHU6FKPHU]'D]XJHIJWHUN|USHUOLFKHU6FKPHU]HLQSRWHQWHU
$XVO|VHUYRQ$JJUHVVLRQLVWZLUGYHUVWlQGOLFKZDUXPDXFKVR]LDOH$XVJUHQ
]XQJ E]Z %LQGXQJVORVLJNHLW DJJUHVVLYHV 9HUKDOWHQ EHJQVWLJW 'DV *HKLUQ
QDPHQV2[\WRFLQ
)RUVFKXQJVVWDQG
)DPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
PDFKWNHLQHE]ZNDXPHLQH8QWHUVFKHLGXQJ]ZLVFKHQN|USHUOLFKHPXQGSV\
FKLVFKHP6FKPHU]XQGEHDQWZRUWHWGDKHUEHLGHVPLW$JJUHVVLRQ6I
'DV VR]LDOH 0RPHQW (PSDWKLH LQ GHU )DPLOLH HUZHLVW VLFK LQ HLQHP 6WUXNWXUJOHL
FKXQJVPRGHOO LP9HUJOHLFK ]XP 6FKXOPRQLWRULQJ 6FKXODXIPHUNVDPNHLW XQG NXO
WXUHOOHQ.DSLWDOGHU(OWHUQDOVEHGHXWHQGVWHU)DNWRU]XU9RUKHUVDJHGHU6FKXOHLQVWHO
OXQJ XQG GHV GDUDXIIROJHQGHQ 6FKXOHUIROJV GHV .LQGHV ZLH =LQQHFNHU XQG *HRUJ
]HLJHQYJO$EELOGXQJ
$EELOGXQJ
9RUKHUVDJH GHU 6FKXOHLQVWHOOXQJ GXUFK GDV (OWHUQKDXV =LQQHFNHU *HRUJ 6 .RHIIL]LHQWHQIU9lWHULQ.ODPPHUQ$OOH$QJDEHQQDFK$QJDEHGHU.LQGHU
,QVJHVDPW LVW GLH 5HOHYDQ] HLQHU HPSDWKLVFKHQ (OWHUQ.LQG%H]LHKXQJ IU YRUOLH
JHQGH)UDJHVWHOOXQJVRZRKOHPSLULVFKDOVDXFKWKHRUHWLVFKDXVJHZLHVHQ
%HGHXWXQJXQG(LQIOXVVGHV(U]LHKXQJVVWLOV
$=XU%HGHXWXQJGHV(U]LHKXQJVVWLOV
,P.RQVWDQ]HU/lQJVVFKQLWWZXUGHQGLH.RQVWUXNWHÄLQNRQVLVWHQWHU(U]LHKXQJVVWLO³
XQG ÄHQWVSDQQWH XQG VR]LDOH )UHL]HLWDNWLYLWlWHQ PLW (OWHUQ³ HUKREHQ *HPl‰
7URPPVGRUIIODVVHQ VLFK(OWHUQ.LQG%H]LHKXQJHQDXIJUXQGGHVHOWHUOLFKHQ
(U]LHKXQJVYHUKDOWHQVXQWHUVFKHLGHQ6'DPLWLVWEHOHJWGDVVGHU(U]LHKXQJVVWLO
PLW GHU (OWHUQ.LQG%H]LHKXQJ ]XVDPPHQKlQJW XQG LQVRIHUQ IU GLH YRUOLHJHQGH
6WXGLHWKHPDWLVLHUWZHUGHQPXVV
'LH EHJULIIOLFKH )DVVXQJ GHV .RQVWUXNWHV Ä(U]LHKXQJVVWLO³ LVW ]ZDU HWZDV XQNODU
JHEOLHEHQGRFKHLQH9LHO]DKOYRQ8QWHUVXFKXQJHQKDW]ZHL+DXSWGLPHQVLRQHQEHV
WlWLJW)DNWRUHQDQDO\WLVFKOLH‰HQVLFK]ZHL*HJHQVDW]SDDUHILQGHQ$N]HSWDQ]YV$E
'LHVEHGHXWHWhEHUDOOGRUWZRZLUDJJUHVVLYHP9HUKDOWHQYRQ6FKOHUQHQWJHJHQWUHWHQPVVHQVROOWHQ
ZLU GLHV PLW (QWVFKLHGHQKHLW WXQ :LU VROOWHQ GDEHL DEHU GLH %HWURIIHQHQ QLFKW GHPWLJHQ VRQGHUQ HWZDV
JHJHQ LKUH VR]LDOH $XVJUHQ]XQJ RGHU %LQGXQJVORVLJNHLW WXQ GLH GHQ +LQWHUJUXQG DJJUHVVLYHQ 9HUKDOWHQV
ELOGHWYJOHEG
)RUVFKXQJVVWDQG
)DPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
OHKQXQJXQG$XWRQRPLHYV.RQWUROOHYJO6FKXPDFKHU6'LH1W]OLFK
NHLW GLHVHV .RQVWUXNWV ZXUGH RIW XQWHU %HZHLV JHVWHOOW YJO .UXVH 6 *HPl‰ %DXPULQG XQG LQ :HLWHUHQWZLFNOXQJ GXUFK 0DFFRE\ XQG 0DUWLQ
XQG7DXVFKXQG7DXVFKODVVHQVLFKGLH3URWRW\SHQHOWHUOLFKHU(U]LH
KXQJVVWLOH EH]JOLFK GHU ]ZHL 'LPHQVLRQHQ ZLH IROJW EH]HLFKQHQ YJO $EELOGXQJ
PD[ /HQNXQJ.RQWUROOH
hEHUEHKWXQJ
5HVWULNWLRQ
DXWRULWlU
$EOHKQXQJ
=XUFNZHLVXQJ
)HLQGVHOLJNHLW
*HULQJVFKlW]XQJ
YHUQDFKOlVVLJHQG
DXWRULWDWLY
SHUPLVVLY
DQWLDXWRULWlU
$N]HSWDQ]
=XZHQGXQJ:lUPH
)UVRUJH
5HVSRQVLYLWlW
:HUWVFKlW]XQJ
PLQ /HQNXQJ$XWRQRPLH
/LEHUDOLWlW
$EELOGXQJ
'LH YLHU (U]LHKXQJVVWLOH QDFK %DXPULQG LQ :HLWHUHQWZLFNOXQJ GXUFK 0DFFRE\ XQG 0DUWLQ XQG
7DXVFKXQG7DXVFK
*HPl‰ 6FKQHHZLQG :DOSHU XQG *UDI ODVVHQ VLFK GLH YLHU (U]LHKXQJVVWLOH
YJO6ZLHIROJWEHVFKUHLEHQ
DXWRULWlUHU(U]LHKXQJVVWLO=HLFKQHWVLFKGXUFKKRKH/HQNXQJXQGJHULQJH:lU
PH DXV 'LH (U]LHKHU VLQG GHP ]X (U]LHKHQGHQ JHJHQEHU VHKU ]XUFNZHLVHQG
XQGVWDUNNRQWUROOLHUHQG
YHUQDFKOlVVLJHQGHU(U]LHKXQJVVWLO'LH(OWHUQKDEHQHLQHVFKZDFKH/HQNXQJDOV
DXFKHLQHWLHIH:HUWVFKlW]XQJ'DV$XVPD‰LQGHPVLFKGLH(OWHUQIUGDV.LQG
YHUSIOLFKWHW IKOHQ LVW VHKU JHULQJ VLH LQYHVWLHUHQ QXU PLQLPDOH .RVWHQ DQ =HLW
XQG$QVWUHQJXQJHQLQGDV.LQG
SHUPLVVLYHU(U]LHKXQJVVWLO+LHULVWGLH:HUWVFKlW]XQJKRFKGLH.RQWUROOGLPHQ
VLRQ ZLUG DEHU QLHGULJ JHKDOWHQ 'LH (U]LHKHQGHQ VLQG VHKU QDFKVLFKWLJ XQG
]HLFKQHQ VLFK GXUFK HLQH KRKH 7ROHUDQ] JHJHQEHU GHP NLQGOLFKHQ 9HUKDOWHQ
DXV.RQWUROOHRGHU%HVWUDIXQJZHUGHQVHOWHQDXVJHEW
DXWRULWDWLYHU(U]LHKXQJVVWLO=HLFKQHWVLFKGXUFKKRKHHPRWLRQDOH:HUWVFKlW]XQJ
XQG GXUFK HLQ PRGHUDWHV 0D‰ DQ 5HVWULNWLYLWlW GHU (U]LHKHQGHQ DXV 'HVKDOE
ZLUG HU DXFK DOV NLQGHU]HQWULHUWHU (U]LHKXQJVVWLO EH]HLFKQHW >GDV 5HFKWHFN LQ
$EELOGXQJ HUUHLFKW QLFKW GLH K|FKVWH Ä.RQWUROODXVSUlJXQJ³@ 'LH (OWHUQ KD
EHQMHGRFKKRKH(UZDUWXQJHQDQGDVNLQGOLFKH9HUKDOWHQVLHVHW]HQNODUH6WDQ
)RUVFKXQJVVWDQG
)DPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
GDUGV XQG 5HJHOQ EH]JOLFK 9HUKDOWHQ DXI DXI GHUHQ (LQKDOWXQJ NRQVHTXHQW
JHDFKWHW ZLUG *HQHUHOO KHUUVFKW HLQH RIIHQH .RPPXQLNDWLRQ ZREHL GLH NLQGOL
FKHQ%HGUIQLVVHJHDFKWHWZHUGHQ'HUNLQGOLFKH6WDQGSXQNWZLUGEHUFNVLFKWLJW
GHUHLJHQHDEHUDXFKYHUWUHWHQ
'LH ]ZHL *UXQGGLPHQVLRQHQ ÄUHVSRQVLYHQHVV³ XQG ÄGHPDQGLQJQHVV³ QDFK %DXP
ULQGZXUGHQNU]OLFKDXFKLP1DWLRQDOIRQGVSURMHNW1)3EHLGHU(U
KHEXQJGHU(U]LHKXQJVVWLOHPLWMHHLQHU)UDJH]XGHQEHLGHQHQWVSUHFKHQGEHUVHW]
WHQ'LPHQVLRQHQ8QWHUVWW]XQJXQG)RUGHUXQJGXUFKGLH(OWHUQEHL-XJHQGOLFKHQ
YHUZHQGHW *XW]ZLOHU :\GOHU 'LHV ]HLJW GDVV GDV =XVDPPHQVSLHO YRQ
/HQNXQJE]Z)RUGHUXQJVRZLH:HUWVFKlW]XQJ=XZHQGXQJE]Z5HVSRQVLYLWlWYRQ
6HLWHQGHU%H]XJVSHUVRQHQDOVDXWRULWDWLYEH]HLFKQHWZLUGXQGGLHVEH]JOLFKYRQHL
QHUSRVLWLYHQ:LUNXQJDXIGDV.LQGDXVJHJDQJHQZHUGHQNDQQZLHGDVQlFKVWH8Q
WHUNDSLWHO%]HLJW
)UHLKlOWIHVWGDVVKHXWHLQGHQ(U]LHKXQJVXQG6R]LDOZLVVHQVFKDIWHQ.RQ
VHQVGDUEHUEHVWHKWGDVV$XWRULWlWQLFKWHLQH(LJHQVFKDIWHLQHU3HUVRQVRQGHUQGLH
4XDOLWlW HLQHU VR]LDOHQ %H]LHKXQJ LVW YJO 6 'LHV YHUZHLVW DOVR HEHQIDOOV DXI
GLH LQWHUDNWLRQLVWLVFKH 3HUVSHNWLYH V .DS ZRQDFK MHGHV 9HUKDOWHQ LQ HLQHP
VR]LDOHQ*HVFKHKHQVRZRKO8UVDFKHDOVDXFK:LUNXQJLVWYJO:DW]ODZLFN
0QFKPHLHU]HLJWDXIJUXQGGHU6KHOO-XJHQGVWXGLHÄ-XJHQG³GDVV
GHU 'HXWVFKHQ LKUHQ (U]LHKXQJVVWLO DOV ÄJWLJPLOGH³ FKDUDNWHULVLHUHQ HLQ
:HUWGHULQHWZDVFKRQHUUHLFKWZXUGHXQGVHLWKHUNRQVWDQWEOLHE'HXWVFKH
-XJHQGOLFKH QHKPHQ LKUH (OWHUQ YLHO KlXILJHU DOV IUKHU DOV Ä9HUWUDXHQVSHUVRQ³
ZDKU9RQÄVWUHQJHU(U]LHKXQJ³VSUHFKHQGHUGHXWVFKHQXQGGHUDXVOlQGL
VFKHQYRQÄVHKUVWUHQJHU(U]LHKXQJ³GHUGHXWVFKHQXQGGHUDXVOlQGLVFKHQ
-XJHQGOLFKHQYJO6
+LHU]HLJWVLFKDOVRGDVV±REZRKOZLHEHUHLWVHUZlKQWGHXWVFKH(OWHUQLPLQWHU
QDWLRQDOHQ 9HUJOHLFK HKHU ZHQLJ =HLW IU GLH %H]LHKXQJVJHVWDOWXQJ ]ZLVFKHQ LK
QHQ XQG GHQ .LQGHUQ DXIZHQGHQ ± VLH YRQ GHQ .LQGHUQ XQG -XJHQGOLFKHQ PHLVW
DOV JWLJPLOGH LQ LKUHP 9HUKDOWHQ ZDKUJHQRPPHQ ZHUGHQ 2E GLHVH 0HKUKHLW
LP 6LQQH GHV DXWRULWDWLYHQ RGHU QDFK GHP YHUQDFKOlVVLJHQGHQ (U]LHKXQJVVWLO HU
]LHKWNDQQDQGLHVHU6WHOOHQLFKWEHDQWZRUWHWZHUGHQ
6FKQHHZLQGHWDO6OLHIHUQLQWHUHVVDQWH(UNHQQWQLVVHUXQGXPGLHYHU
lQGHUWHQ:HUWXQG(U]LHKXQJVPXVWHULQ'HXWVFKODQG
3DUDOOHO ]X GHU YRQ 6R]LRORJHQ GLDJQRVWL]LHUWHQ WHLOZHLVH DEHU DXFK NULWLVFK
KLQWHUIUDJWHQ3OXUDOLVLHUXQJ,QGLYLGXDOLVLHUXQJ'LIIHUHQ]LHUXQJ/LEHUDOLVLH
:LOGXQG+RIHUVWHOOHQGDEHLIHVWGDVVGLHÄVWULNWH%HDFKWXQJXQG'XUFKVHW]XQJYRQ5HJHOQPLW
+LOIHUDWLRQDOHU'LV]LSOLQLHUXQJVPD‰QDKPHQ³UHODWLYGXUFKJlQJLJSRVLWLYEHZHUWHWZLUG6
)RUVFKXQJVVWDQG
)DPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
UXQJXQG(QWVWDQGDUGLVLHUXQJLQGLYLGXHOOHUXQGIDPLOLlUHU/HEHQVHQWZUIHHU
JHEHQVLFKGHXWOLFKH+LQZHLVHDXIHSRFKDOH9HUlQGHUXQJHQKLQVLFKWOLFKHOWHU
OLFKHU(U]LHKXQJVZHUWH>«@DXIGHU(EHQHYRQ(U]LHKXQJVHLQVWHOOXQJHQXQG
SUDNWLNHQJLEWHV%HOHJHGDIUGDVVHVLQGHQOHW]WHQ-DKU]HKQWHQ]XHLQHU]X
QHKPHQGHQ /LEHUDOLVLHUXQJ XQG (PRWLRQDOLVLHUXQJ LP %HUHLFK GHU (OWHUQ
.LQG%H]LHKXQJHQJHNRPPHQLVWZDVVLFKXDLQHLQHUJU|‰HUHQ1DFKJLHELJ
NHLW*HIKOVEHWRQWKHLWXQGZHQLJHUNODUHQ*UHQ]HQ]ZLVFKHQGHQ*HQHUD
WLRQHQVRZLHLQHLQHPVSUEDUHQ5FNJDQJDQ6WUHQJHXQGGHP(LQVDW]N|U
SHUOLFKHU %HVWUDIXQJ lX‰HUW YJO %XVVPDQ +RUQ 5HXEDQG 6FKQHHZLQG 5XSSHUW >«@ >(V@ OlVVW VLFK JHQHUHOO HLQ HSRFKDOHU
:DQGHOLQGHQ(OWHUQ.LQG%H]LHKXQJHQIHVWVWHOOHQGHQGH6ZDDQDOV
HLQH(QWZLFNOXQJYRQÄ%HIHKOV]XP9HUKDQGOXQJVKDXVKDOWEHVFKULHEHQKDW
ZHOFKH YRQ (OWHUQ YRU DOOHP LQ NRQIOLNWKDIWHQ (U]LHKXQJVVLWXDWLRQHQ HLQ KR
KHV0D‰DQVR]LDOHQXQGNRPPXQLNDWLYHQ.RPSHWHQ]HQYHUODQJWYJO6FKW
]H7HLFKHUW6+HUYRUKHEXQJGXUFK'/
=XVDPPHQIDVVHQG NDQQ IHVWJHKDOWHQ ZHUGHQ 'LH ]XQHKPHQGH (PRWLRQDOLVLHUXQJ
XQGGLHZHQLJHUNODUHQ9HUKlOWQLVVHXQG*UHQ]HQ]ZLVFKHQGHQ*HQHUDWLRQHQGUI
WHQ ± XQWHU GHU WKHRUHWLVFKHQ 3HUVSHNWLYH GHU 6'7 EH]JOLFK ,QWHUQDOLVLHUXQJ YRQ
:HUWHQ ± IU GLH /HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJ HLQH :LUNXQJ KDEHQ (V LVW DQ
]XQHKPHQGDVVEHLJXWHQ%H]LHKXQJHQ]X%H]XJVSHUVRQHQGLH,QWHUQDOLVLHUXQJVHKU
HUIROJUHLFKDEOlXIWZlKUHQGVLFKGLHVH,QWHUQDOLVLHUXQJEHLEHODVWHWHQ%H]LHKXQJHQ
QXULQJHULQJHP0D‰HYROO]LHKWE]ZJDUQLFKWDEOlXIW
%(LQIOXVVGHV(U]LHKXQJVVWLOV
/DQJH =HLW JDOW GDV )RUVFKXQJVLQWHUHVVH KDXSWVlFKOLFK GHU XQLGLUHNWLRQDOHQ %HHLQ
IOXVVXQJ YRQ .LQGHUQ GXUFK %H]XJVSHUVRQHQ LQVEHVRQGHUH EHL GHQ $XVZLUNXQJHQ
EHVWLPPWHU (U]LHKXQJVVWLOH YJO %DXPULQG 'DEHLZXUGHQ GLH%HGLQJXQJHQ
DEHU ZHQLJ EHUFNVLFKWLJW ZHOFKH GDV (U]LHKXQJVYHUKDOWHQ VHOEVW YHUlQGHUWHQ ,P
:LVVHQGDVVXQWHUGHULQWHUDNWLRQLVWLVFKHQ3HUVSHNWLYHGHU(U]LHKXQJVVWLOQLFKWHLQH
HLQVHLWLJH%HHLQIOXVVXQJGDUVWHOOWZHUGHQGLHIROJHQGHQ$EVFKQLWWHGHQQRFKGLHSR
VLWLYHQ :LUNXQJHQ GHV DXWRULWDWLYHQ (U]LHKXQJVVWLOV DXI PRWLYDWLRQDOH 3HUV|QOLFK
NHLWVHLJHQVFKDIWHQEHOHJHQ
,Q$QOHKQXQJDQ.UXVHZLUNHQVLFKGLHYLHUYHUVFKLHGHQHQ(U]LHKXQJVVWL
OHZLHIROJWDXV=DKOUHLFKH6WXGLHQKDEHQJH]HLJWGDVVDXWRULWlUHU]RJHQH.LQ
GHUVSlWHUHKHUVHOEVW]X$JJUHVVLRQHQQHLJHQXQGVLFKGXUFKHLQHJHULQJHVR]LDOH
.RPSHWHQ] XQG HLQ JHULQJHV 6HOEVWZHUWJHIKO DXV]HLFKQHQ 'HU YHUQDFKOlVVL
JHQGH(U]LHKXQJVVWLOZLUNWVLFKDXIGLHNLQGOLFKH(QWZLFNOXQJEHVRQGHUVQHJDWLY
DXV$XIJUXQGGHVJHVW|UWHQ%LQGXQJVYHUKDOWHQVZHLVHQ.LQGHUVSlWHUHLQQLHGUL
JHV6HOEVWZHUWJHIKOXQGHLQHWLHIHUH6HOEVWZDKUQHKPXQJDXI)HKOHQGH$XIVLFKW
HUK|KWGDV5LVLNRYRQ'HOLQTXHQ]%HLPSHUPLVVLYHQ(U]LHKXQJVVWLOZHLVHQ.LQ
GHUVSlWHUHKHUDJJUHVVLYHV9HUKDOWHQXQGJHULQJH,PSXOVNRQWUROOHDXIKDEHQGD
IU DEHU HLQ HKHU JUR‰HV 6HOEVWYHUWUDXHQ 'LH :LUNXQJ GHV DXWRULWDWLYHQ E]Z
NLQGHU]HQWULHUWHQ (U]LHKXQJVVWLO LVW ELODQ]Pl‰LJ IROJHQGH 'LH .LQGHU ]HLJHQ H
)RUVFKXQJVVWDQG
)DPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
KHUKRKHVR]LDOHXQGLQWHOOHNWXHOOH.RPSHWHQ]HQXQGEHVLW]HQHLQKRKHV0D‰DQ
(LJHQNRQWUROOH
(QWZLFNOXQJVSV\FKRORJHQ EH]HLFKQHQ GHQ DXWRULWDWLYHQ (U]LHKXQJVVWLO DOV RSWL
PDOIUHLQHHUIROJUHLFKH(QWZLFNOXQJYRQ-XJHQGOLFKHQ(VZHUGHQLKPJHVXQGH
$GROHV]HQ]HQWZLFNOXQJ XQG HLQH %DODQFH YRQ (PRWLRQDOLWlW XQG 8QWHUVWW]XQJ
XQWHUDQJHPHVVHQHU.RQWUROOHGHU9HUKDOWHQVZHLVHQYRQ-XJHQGOLFKHQ]XJHVSUR
FKHQ LQNOXVLYH %HUFNVLFKWLJXQJ YRQ JXWHQ 6FKXOOHLVWXQJHQ YJO 6WHLQEHUJ
*HPl‰ +HU]RJ VWlUNW GHU DXWRULWDWLYH (U]LHKXQJVVWLO GDV :DFKVWXP GHV
.LQGHVLQGHPGHU(U]LHKHUHLQ9HUKDOWHQ]HLJWGDVDXINODUHQ(UZDUWXQJHQHL
QHUVHLWV XQG DXI =XZHQGXQJ 6HQVLWLYLWlW XQG 9HUVWlQGQLV DQGHUHUVHLWV EDVLHUW
YJO6
1HXHQVFKZDQGHU XQG *ROW] XQWHUVXFKWHQ GLH %HGHXWXQJ IDPLOLlUHU %H
GLQJXQJHQIU6FKOHUOHLVWXQJHQ$XIJUXQGYLHUSlGDJRJLVFKHU2ULHQWLHUXQJHQLQ
GHU )DPLOLH YHUQDFKOlVVLJHQGH OHLVWXQJVRULHQWLHUWH ZDFKVHQ ODVVHQGH I|UGHUQ
GHNRQQWHEHVWlWLJWZHUGHQGDVVGLH/HLVWXQJHQYRQ-XJHQGOLFKHQGHUXQG
.ODVVHQVWXIH DXV I|UGHUQGHQ )DPLOLHQ EHVRQGHUV KRFK ZDUHQ VHOEVW QDFK .RQ
WUROOH GHV VR]LR|NRQRPLVFKHQ 6WDWXV GHU )DPLOLH XQG GHV *HVFKOHFKWV VRZRKO
TXHUDOVDXFKOlQJVVFKQLWWOLFK
*HPl‰ 6WHLQEHUJ /DPERUQ 'RUQEXVFK XQG 'DUOLQJ ZHOFKH /HLVWXQJ
XQG/HUQPRWLYDWLRQYRQ6FKOHUQDOV)XQNWLRQHOWHUOLFKHU(U]LHKXQJVVWLOHXQWHU
VXFKWHQ NRUUHOLHUWH GLH /HLVWXQJVEHUHLWVFKDIW LP 4XHUVFKQLWW ]X U XQG GLH
/HUQKDOWXQJ ]X PLW GHU $XWRULWDWLYLWlWV6NDODLP /lQJVVFKQLWW VDQNHQ GLHVH
.RUUHODWLRQHQDXIU XQGU DEEOLHEHQDEHUZHJHQGHUJUR‰HQ)DOO]DK
OHQ VLJQLILNDQW %HLP 9HUJOHLFK GHU ([WUHPJUXSSHQ VHKU DXWRULWDWLYHU XQG VHKU
DXWRULWlUHU (U]LHKXQJVVWLO HUJDEHQ VLFK EHL GHU (UNOlUXQJ YRQ /HLVWXQJVEHUHLW
VFKDIWXQG/HUQKDOWXQJKRKH(IIHNWVWlUNHQYRQ!G!
'LH )DYRULVLHUXQJ GHV DXWRULWDWLYHQ 6WLOV IU GLH VFKXOLVFKH :LUNXQJ LVW LQVJHVDPW
JHVHKHQRIIHQVLFKWOLFK:LUGGLH(U]LHKXQJVVWLO)UDJHQRFKDXIGLH6'7IRNXVVLHUW
NDQQIROJHQGHVIHVWJHKDOWHQZHUGHQ
:LOGXQG+RIHUELODQ]LHUHQGDVVÄ-XJHQGOLFKHGLHVLFKYRQLKUHQ(OWHUQ
HPRWLRQDODQJHQRPPHQXQGLQLKUHU$XWRQRPLHXQWHUVWW]WIKOHQHLQHVWlUNHUH
%HUHLWVFKDIWDOVDXWRULWlUHU]RJHQH6FKOHUPLW>EULQJHQ@VLFKDQGHQ(UZDUWXQJHQ
XQG5HDNWLRQHQGHU(OWHUQ]XRULHQWLHUHQXQGVLFKGHUHQOHUQEH]RJHQH=LHOHXQG
$QVSUFKH VRZHLW ]X (LJHQ ]X PDFKHQ GDVV VLH PLW GHP *HIKO GHU 6HOEVW
EHVWLPPXQJOHUQHQXQGVLFKLKU,QWHUHVVHDQGHQ/HUQLQKDOWHQYHUVWlUNW³6
-HGRFKNRQQWHQVLHEHLDXWRULWDWLYHQDOVDXFKEHLDXWRULWlUHQHOWHUOLFKHQ9HUKDO
WHQVZHLVHQHLQHQOHLVWXQJVVWHLJHUQGHQ(IIHNWIHVWVWHOOHQXQGGLH.RUUXPSLHUXQJV
WKHVHVD.DSZXUGHQLFKWEHVWlWLJW
'DV (U]LHKXQJVYHUKDOWHQ GHU (OWHUQ ZLUNW VLFK DOVR DXI GLH /HUQPRWLYDWLRQ GHU
.LQGHUDXVZREHLDXWRQRPLHXQWHUVWW]HQGHVXQGVWUXNWXULHUHQGHVHOWHUOLFKHV(U
]LHKXQJVYHUKDOWHQGD]XIKUWGDVVVLFK.LQGHUXQG-XJHQGOLFKHVWlUNHUVHOEVWEH
VWLPPWPLWVFKXOLVFKHQ)UDJHQEHVFKlIWLJHQ'LHVHU(IIHNW]HLJWVLFKDXFKGDQQ±
)RUVFKXQJVVWDQG
)DPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
XQGGDVLVWEHVRQGHUVUHOHYDQW±ZHQQGLHVR]LDOH+HUNXQIWGHU)DPLOLHXQGGLH
/HLVWXQJVIlKLJNHLW GHU .LQGHU UHFKQHULVFK NRQWUROOLHUW ZHUGHQ YJO ([HOHU :LOG:LOG5DPPHUW6LHJPXQG'LHVLVWLP5DKPHQGHUPHWKR
GLVFK DQVSUXFKVYROOHQ /lQJVVFKQLWWVWXGLH Ä%LOGXQJVTXDOLWlW YRQ 6FKXOH³ YJO
3UHQ]HO$OOROLR1lFNHQDFKJHZLHVHQZRUGHQ
6LOEHUHLVHQ %RHKQNH XQG &URFNHWW ZHLVHQ DXI GDV (U]LHKXQJVYHUKDOWHQ
LP =XVDPPHQKDQJ PLW 1LNRWLQNRQVXP KLQ Ä:HU YRQ ]XKDXVH PHKU 8QWHUVWW
]XQJXQG]XJOHLFKHLQH2ULHQWLHUXQJDQEHJUQGEDUHQ5HJHOQJHZRKQWLVWUDXFKW
XQGWULQNWVSlWHU>ZHQLJHU@DOVGLHDQGHUHQ-XJHQGOLFKHQGLHZHQLJHU=XZHQGXQJ
HUIDKUHQ >«@ 0HKU $XIJHVFKORVVHQKHLW JHJHQEHU GHQ -XJHQGOLFKHQ YHU]|JHUW
GHQ=HLWSXQNWGHUHUVWHQ(UIDKUXQJHQXQGKlOWGLH+lXILJNHLWGHV*HEUDXFKVDXI
QLHGULJHP1LYHDX³6(LQIJXQJYRQÄZHQLJHU³GXUFK'/
Ä6HOEHU HUIDKUHQH $JJUHVVLRQ XQG *HZDOW GDV *HIKO GHU 9HUQDFKOlVVLJXQJ
GXUFK(UZDFKVHQHYRUDOOHPGXUFKGLHHLJHQHQ(OWHUQ,QNRQVHTXHQ]LPHU]LHKH
ULVFKHQ9HUKDOWHQEHL(OWHUQXQG/HKUNUlIWHQVRZLHXQJHO|VWH3UREOHPHLP%OLFN
DXIGLHHLJHQHQ=XNXQIWVSHUVSHNWLYHQ-XJHQGOLFKHUGDVVLQGYHUPXWOLFKKHXWHGLH
+DXSWXUVDFKHQ IU DJJUHVVLYHV XQG JHZDOWEHUHLWHV 9HUKDOWHQ EHL MXQJHQ 0HQ
VFKHQ³6FKDYDQ6+HUYRUKHEXQJG'/
.RPSHWHQWH (OWHUQ KDEHQ DXFK NRPSHWHQWH .LQGHU ± DXI GLHVHQ 1HQQHU ODVVHQ
VLFK XQWHUVFKLHGOLFKVWH )RUVFKXQJVEHPKXQJHQ EULQJHQ YJO 6FKQHHZLQG
(OWHUQGLHVLFKVHOEVW]X0HQVFKHQPLWKRKHU5HLIH6HOEVWYHUDQWZRUWXQJ
XQGSV\FKRORJLVFKHU,QWHJUDWLRQHQWZLFNHOWKDEHQYJO9RQGUD%HOVN\
VLQGHKHULQGHU/DJHLKUHQ.LQGHUQ=XQHLJXQJXQG:lUPHHQWJHJHQ]XEULQJHQ
LKQHQ 6LFKHUKHLWXQG 2ULHQWLHUXQJDQKDQGNODUHU5HJHOQVRZLH HQWZLFNOXQJVDQ
JHPHVVHQH $QUHJXQJVEHGLQJXQJHQ XQG +DQGOXQJVVSLHOUlXPH ]X ELHWHQ
6FKQHHZLQGHWDO6+HUYRUKHEXQJGXUFK'/
.RPSHWHQWH(OWHUQN|QQHQWHQGHQ]LHOODOVRGDPLWUHFKQHQGDVVVLFKLKUH.LQGHU]X
ÄVHOEVWEHZX‰WHQ HPRWLRQDO VWDELOHQ VR]LDO NRPSHWHQWHQ VHOEVWYHUDQWZRUWOLFKHQ
XQGOHLVWXQJVIlKLJHQ0HQVFKHQHQWZLFNHOQZHUGHQ³HEG
:LHPDQDXVRELJHQ%HOHJHQIROJHUQNDQQZHLVWGLH)RUVFKXQJEHLGH0HUNPDOHGHV
(U]LHKXQJVVWLOVYLHO8QWHUVWW]XQJXQGYLHO)RUGHUXQJDOVEHGHXWVDPIUHLQHRS
WLPDOH 3HUV|QOLFKNHLWVHQWZLFNOXQJ DXV 2IW ZLUG GLH )RUGHUXQJVGLPHQVLRQ ± HLQ
NRQVHTXHQWHV DQ NODUHQ 5HJHOQ RULHQWLHUWHV (OWHUQYHUKDOWHQ ± LQ GHU %HULFKWHUVWDW
WXQJ HKHU ZHQLJ EHWRQW XQG LQ 6FKODJ]HLOHQ VRJDU XQWHUVFKODJHQ YJO =HLWXQJVEH
ULFKWH EHU 6FKZHL]HU 1DWLRQDOIRQGVSURMHNW 1)3 LQ 7DJHV $Q]HLJHU XQG 1==
YRP 'DJHJHQ ZLUG YD GLH :HUWVFKlW]XQJVXQG %H]LHKXQJVNRPSRQHQWH
LQGHU(U]LHKXQJKHUDXVJHKREHQZDVOHW]WOLFKHLQVHLWLJLVW
'LHVHV)D]LWZLUGYRQ6FKDYDQQLFKWHPSLULVFKEHOHJWGHQQRFKKlOWHV]XVDPPHQIDVVHQGIHVW
ZDVLQYRUKHULJHQ4XHOOHQDXVJHZLHVHQZXUGH
)RUVFKXQJVVWDQG
)DPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
Ä(U]LHKXQJ XPIDVVW LPPHU 0RPHQWH GHU 1RUPJHEXQJ GHU =LHOYRUJDEH XQG 0R
PHQWH GHU 8QWHUVWW]XQJ GHU HPRWLRQDOHQ 1lKH GLH QRWZHQGLJ LVW XP (LQVFKUlQ
NXQJHQ 9HU]LFKW 6HOEVWEHVFKUlQNXQJ XVZ WUDJEDU ]X PDFKHQ³ )HQG 6
'LHVHV =LWDW KHEW KHUYRU GDVV GLH SlGDJRJLVFKH )KUXQJ YRQ 6HLWHQ GHV (U
ZDFKVHQHQHLQNRQVWLWXWLYHV(OHPHQWLQHLQHUJXWHQ%H]LHKXQJ]ZLVFKHQ%H]XJVSHU
VRQXQG.LQGLVWXQGLQVRIHUQQLFKWYHUQDFKOlVVLJWZHUGHQVROOWH
%HGHXWXQJXQG(LQIOXVVGHU(OWHUQ%H]LHKXQJ
$=XU%HGHXWXQJGHU(OWHUQ%H]LHKXQJ
8QWHU GLHVHP 7LWHO N|QQHQ IROJHQGH IU GLH /HLVWXQJVPRWLYDWLRQ VLFK DXVZLUNHQGH
)DNWRUHQ JHQDQQW ZHUGHQ Ä(OWHUQ%H]LHKXQJ UHWURVSHNWLY HUKREHQ³ XQG Ä6FKHL
GXQJVRGHU7UHQQXQJVHUIDKUXQJLQGHU-XJHQG]HLW³VD.DS
'LHQHJDWLYH%HXUWHLOXQJGHUÄ(OWHUQ%H]LHKXQJ³GXUFKGLHMlKULJHQ.LQGHUDXV
GHU 5HWURVSHNWLYH HLQJHVFKlW]W XQG GLH (UIDKUXQJ YRQ Ä6FKHLGXQJ RGHU 7UHQQXQJ
]ZLVFKHQGHQ(OWHUQ³ZlKUHQGGHU-XJHQG]HLWZHLVHQDXIVR]LDOH%HODVWXQJHQZlK
UHQG GHU -XJHQG]HLW KLQ 'LH VR]LDOH (LQJHEXQGHQKHLW ZLUG GDGXUFK LQ 0LWOHLGHQ
VFKDIW JH]RJHQ +LHU ZLUG DOVR LP *HJHQVDW] ]XU LP YRUKHULJHQ $EVFKQLWW SRVLWLY
GDUJHVWHOOWHQ (OWHUQ.LQG%H]LHKXQJ GLH QHJDWLY ZLUNHQGH $WPRVSKlUH LP (OWHUQ
KDXVWKHPDWLVLHUWZHOFKH6WUHVVYHUXUVDFKHQNDQQ
6R KDEHQ %HOVN\ 6WHLQEHUJ XQG 'UDSHU EHLVSLHOVZHLVH IU GHQ %HUHLFK GHU
IDPLOLlUHQ6R]LDOLVDWLRQVIRUVFKXQJ]ZHLXQWHUVFKLHGOLFKH0XVWHUYRQ(QWZLFNOXQJV
XQG 6R]LDOLVDWLRQVHIIHNWHQ IU 3HUVRQHQ EHVFKULHEHQ GLH LQ VWUHVVRUUHLFKHQ E]Z
VWUHVVRUDUPHQ)DPLOLHQXPZHOWHQDXIZDFKVHQ
'HPQDFKHQWZLFNHOQ.LQGHUDXVVWUHVVRUUHLFKHQ)DPLOLHQXPZHOWHQJHNHQQ
]HLFKQHW]%GXUFK|NRQRPLVFKH'HSULYDWLRQKRKHV$XVPD‰DQHOWHUOLFKHP
.RQIOLNW ]XUFNZHLVHQGHV XQG XQHLQIKOVDPHV (U]LHKXQJVYHUKDOWHQ GHU (O
WHUQKlXILJHUXQVLFKHUH%LQGXQJVVWLOHPLWGHQHQEHL-XQJHQJHKlXIWH[WHUQD
OLVLHUHQGH XQG EHL 0lGFKHQ LQWHUQDOLVLHUHQGH 9HUKDOWHQVDXIIlOOLJNHLWHQ YHU
NQSIWVLQG'DUEHUKLQDXVSXEHUWLHUHQGLHVH.LQGHUIUKHUXQGZHUGHQIU
KHUVH[XHOODNWLY'DEHLJHKHQVLHNXU]IULVWLJHUHXQGLQVWDELOHUH3DDUEH]LHKXQ
JHQHLQXQGLQYHVWLHUHQLP)DOOHHLJHQHU(OWHUQVFKDIWZHQLJHULQLKUHQ1DFK
ZXFKV %HL .LQGHUQ DXV VWUHVVRUDUPHQ )DPLOLHQXPZHOWHQ ]HLJW VLFK HLQ HQW
JHJHQJHVHW]WHV(QWZLFNOXQJVPXVWHU6FKQHHZLQGHWDO6
0DQHUNHQQWGDVVVLFK.RQIOLNWH]ZLVFKHQGHQ(OWHUQWHLOHQDXIGLH.LQGHUEHUWUD
JHQ'LH(OWHUQEH]LHKXQJLVW]XGHPDXFKVHKUHQJPLWGHP(U]LHKXQJVVWLOGHU(O
WHUQYHUEXQGHQ
)RUVFKXQJVVWDQG
)DPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
%(LQIOXVVGHU(OWHUQ%H]LHKXQJ
,QHLQLJHQ8QWHUVXFKXQJHQZXUGHQGLH(QWZLFNOXQJVEHGLQJXQJHQYRQ.LQGHUQQLFKW
QXUEH]JOLFKGHU(OWHUQ.LQG%H]LHKXQJVRQGHUQDXFKEH]JOLFKGHU9DWHU0XWWHU
%H]LHKXQJEHUFNVLFKWLJW&RZDQ0F+DOH'LH7KHVHODXWHW(LQH6FKHL
GXQJ GHU (OWHUQ EW HLQHQ (LQIOXVV DXI GLH 9HUKDOWHQVZHLVHQ XQG GLH (QWZLFNOXQJ
GHV.LQGHVDXV
(VZLUGIUGLHYRUOLHJHQGH8QWHUVXFKXQJHUZDUWHWGDVVHLQHEHVVHUH9DWHU0XWWHU
E]Z(OWHUQ%H]LHKXQJUHWURVSHNWLYHUKREHQDXFK ]XHLQHUEHVVHUHQVR]LDOHQ(LQ
ELQGXQJEHLWUlJWXQGLQVRIHUQHLQHQSRVLWLYHQ(LQIOXVVDXIGLH/HLVWXQJVPRWLYDWLRQ
KDW8OOULFKKlOWIHVWÄ(IIHNWLYHV(OWHUQVHLQXQGHLQH]XIULHGHQH3DUWQHUVFKDIW
VLQGLP/HEHQVYROO]XJYRQ)DPLOLHQNDXPDQJHPHVVHQ]XWUHQQHQ³6
)ROJHQGH$XVIKUXQJHQEHOHJHQ:LUNXQJHQGHU9DWHU0XWWHU%H]LHKXQJDXI PR
WLYDWLRQDOH3HUV|QOLFKNHLWVHLJHQVFKDIWHQGHV.LQGHV
,Q GHU %LQGXQJVIRUVFKXQJ ZLUG GDYRQ DXVJHJDQJHQ GDVV .LQGHU 0RGHOOH LKUHU
%H]LHKXQJVHUIDKUXQJHQ YRU DOOHP GLHMHQLJH ]X QlFKVWHQ %H]XJVSHUVRQHQ ZLH
9DWHUXQG0XWWHULQWHUQDOLVLHUHQZHOFKHVLHVRGDQQDXIQHXH,QWHUDNWLRQHQPLW
DQGHUHQ3HUVRQHQDQZHQGHQYJODD26Ä'LH4XDOLWlWGHU0XWWHU9DWHU
%H]LHKXQJ KlQJW GHPQDFK GLUHNW XQG LQ SRVLWLYHU 5LFKWXQJ PLW GHQ EHLGHQ (O
WHUQ.LQG%H]LHKXQJHQ]XVDPPHQZREHLGLHVHU=XVDPPHQKDQJZHGHUYRP*H
VFKOHFKWQRFKYRP$OWHUGHV.LQGHVDEKlQJW³DD26
6FKQHHZLQGHWDO6EHOHJHQDXFKGDVV.LQGHUDXV6FKHLGXQJVIDPL
OLHQ YLHOIlOWLJH 1DFKWHLOH LQ LKUHU 6R]LDO 3HUV|QOLFKNHLWV XQG .RPSHWHQ]HQW
ZLFNOXQJELVLQV(UZDFKVHQHQDOWHUDXIZHLVHQ'LH0HWDDQDO\VHQYHUZHLVHQDEHU
DXIJHULQJH(IIHNWVWlUNHQ6FKQHHZLQGHWDOKDOWHQ]XVDPPHQIDVVHQGIHVWGDVV
VLFKEHL.LQGHUQHUK|KWH%HODVWXQJHQDXIJUXQGHLQHU6FKHLGXQJQDFKVHFKV-DK
UHQQLYHOOLHUWKDEHQXQGVRPLWNHLQH$XIIlOOLJNHLWHQPHKULP9HUJOHLFK]XU1RU
PDOEHY|ONHUXQJEHVWHKHQ
*HPl‰8OOULFK6IEHOHJHQYLHOH6WXGLHQGHQ(LQIOXVVHLQHUSRVLWLYHQ
0XWWHU9DWHU%H]LHKXQJDXIGLHSRVLWLYHVR]LDOH(QWZLFNOXQJGHV.LQGHV%HLP
8PJDQJPLWVR]LDOHQXQGLQWHOOHNWXHOOHQ$QIRUGHUXQJHQVFKQLWWHQ]%MHQH.LQ
GHU DPEHVWHQ DEEHLZHOFKHQ LQ GHQ )DPLOLHQ VRZRKO ]ZLVFKHQ GHQ (OWHUQ DOV
DXFK ]ZLVFKHQ (OWHUQ XQG .LQGHUQ ZHQLJH IHLQGVHOLJH XQG DEZHLVHQGH ,QWHUDN
WLRQVIRUPHQEHREDFKWHWZXUGHQ2GHUQDFK%R\XPXQG3DUNHJDEHVVWDU
NH =XVDPPHQKlQJH ]ZLVFKHQ %HOLHEWKHLW XQG VR]LDOHQ 9HUKDOWHQVZHLVHQ GHU
.LQGHULQGHU6FKXOHXQGGHU)lKLJNHLW]XPNODUHQ$XVGUXFNYRQ*HIKOHQXQG
EHREDFKWHWHU(PRWLRQDOLWlWDP(VVWLVFKLP(OWHUQKDXV$JJUHVVLYH.LQGHUVDKHQ
GDJHJHQ]XKDXVHZHQLJHUSRVLWLYH$IIHNWHYRP9DWHU]XU0XWWHUÄ(OWHUQKDEHQ
LQVRIHUQHLQHEHVRQGHUH0RGHOOIXQNWLRQDOVVLHLQGHU)DPLOLHGDVHLQ]LJH9RU
ELOGIU.RPPXQLNDWLRQXQG$IIHNWUHJXODWLRQ]ZLVFKHQ(UZDFKVHQHQGDUVWHOOHQ
GHP.LQGHULQGHU5HJHOQDFKHLIHUQZROOHQ³DD26'HU$XWRUZHLVWLQ
GLHVHP=XVDPPHQKDQJQRFKDXIHLQH3DUDGR[LHKLQGDVVHLQHJXWIXQNWLRQLHUHQ
GH.RPPXQLNDWLRQQLFKWPLWREHUIOlFKOLFKHU+DUPRQLH]XYHUZHFKVHOQVHLÄ'HU
$EEDX YRQ 6SDQQXQJHQ XQG GLH /|VXQJ YRQ 3UREOHPHQ LQ )RUP YRQ .ULWLN
)RUVFKXQJVVWDQG
)DPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
$XVHLQDQGHUVHW]XQJHQ XQG +HUDXVIRUGHUXQJHQ LVW HKHU LQ )DPLOLHQ P|JOLFK LQ
GHQHQ GLH %H]LHKXQJHQ LQVJHVDPW DXI YHUOlVVOLFKHU 9HUEXQGHQKHLW EHUXKHQ³
DD26
(LQHKRKH(KH]XIULHGHQKHLWZLUNWVLFKOlQJVVFKQLWWOLFKJHVHKHQ$OWHUSR
VLWLYDXIGLH(QWZLFNOXQJGHU-XJHQGOLFKHQDXVYJO)LVKHU6HLWHO'LHV
JDOW QLFKW QXU LQ %H]XJ ]XU HPRWLRQDOHQ XQG SK\VLVFKHQ *HVXQGKHLW VRQGHUQ
DXFKLQ%H]XJ]XOHLVWXQJVEH]RJHQHQ2XWSXWYDULDEOHQ
6FKQHHZLQG HW DO 6 ZHLVHQ LP .DSLWHO Ä(LQIOVVH GHU HOWHUOLFKHQ
3DDUEH]LHKXQJDXIGLH6R]LDOLVDWLRQGHU.LQGHU³GDUDXIKLQGDVVHLQHTXDOLWDWLYH
QHJDWLYHHOWHUOLFKH3DDUEH]LHKXQJHLQHQHJDWLYH:LUNXQJDXIGLHNLQGOLFKH6R]LD
OLVDWLRQ KDW 6LH EHOHJHQ GLHV QLFKW QXU DQKDQG YRQ .RUUHODWLRQV XQG /lQJV
VFKQLWWVWXGLHQVRQGHUQDXFKPLWH[SHULPHQWHOOHQ8QWHUVXFKXQJVDQVlW]HQ$OOHU
GLQJVZLUGJHQDQQWGDVVGLH(IIHNWVWlUNHQHKHUNOHLQVLQG
,QVJHVDPW N|QQHQ HLQH SRVLWLYH (OWHUQEH]LHKXQJ XQG LQVEHVRQGHUH GLH (KH]XIULH
GHQKHLWDOV3UlGLNWRUHQIUHLQHOlQJHUIULVWLJH(QWZLFNOXQJGHU.LQGHU-XJHQGOLFKHQ
EH]HLFKQHWZHUGHQLQ.HQQWQLVGDVVGLH(IIHNWVWlUNHQHKHUJHULQJDXVIDOOHQ
%HGHXWXQJXQG(LQIOXVVGHUZDKUJHQRPPHQHQ%HJDEXQJVHLQVFKlW]XQJ
XQG/HLVWXQJVHUZDUWXQJYRQ6HLWHQGHU(OWHUQ
'HU2EHUEHJULIIÄZDKUJHQRPPHQH%HJDEXQJVHLQVFKlW]XQJXQG/HLVWXQJVHUZDUWXQJ
YRQ6HLWHQGHU(OWHUQ³LVWGXUFKIROJHQGH9DULDEOHQUHSUlVHQWLHUWZDKUJHQRPPHQH
%HJDEXQJVHLQVFKlW]XQJZDKUJHQRPPHQHUHUZDUWHWHU6FKXODEVFKOXVV+DXSWVFKXOH
5HDOVFKXOH RGHU *\PQDVLXP VRZLH GLH /HLVWXQJVHUZDUWXQJ GHU (OWHUQ DQKDQG GHU
VR]LDOHQ%H]XJVQRUPGHU.ODVVHVD.DS
$=XU %HGHXWXQJ GHU ZDKUJHQRPPHQHQ %HJDEXQJVHLQVFKlW]XQJ XQG GHU /HLV
WXQJVHUZDUWXQJYRQ6HLWHQGHU(OWHUQ
*HPl‰ +ROOHU XQG +XUUHOPDQQ 6 KDEHQ (OWHUQ EHL 6FKOHUQ LQ DOOHQ
6FKXOIRUPHQ%LOGXQJVDVSLUDWLRQHQGLHDXIHLQHPKRKHQ1LYHDXVLQG$EELOGXQJ
]HLJWGLH/HLVWXQJVHUZDUWXQJHQYRQ(OWHUQLQGHU:DKUQHKPXQJYRQ+DXSWVFKOHUQ
XQG *\PQDVLDVWHQ LP $OWHU YRQ -DKUHQ PLW GHQ 'DWHQ GHU .RQVWDQ]HU /lQJV
VFKQLWW6WXGLH
)RUVFKXQJVVWDQG
)DPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
+DXSWVFKOHU
*\PQDVLDVWHQ
LQ
HVZUGHPLU
UHLFKHQZHQQHV
LUJHQGZLH
GXUFKNRPPW
$EELOGXQJ
QLFKWVFKOHFKWHU
DOVGHU
'XUFKVFKQLWW
EHVVHUDOVGHU
'XUFKVFKQLWW
HUVW]XIULHGHQ
ZHQQHV]XGHQ
JXWHQ6FKOHUQ
]lKOW
HVVROOWH
P|JOLFKVW]XGHQ
EHVWHQLQGHU
.ODVVHJHK|UHQ
/HLVWXQJVHUZDUWXQJ YRQ 6HLWHQ GHU (OWHUQ ± GLIIHUHQ]LHUW QDFK +DXSWVFKOHUQ XQG *\PQDVLDVWHQ .RQVWDQ]HU
/lQJVVFKQLWW'DWHQ
:HQQ QXQ GLH GXUFKVFKQLWWOLFKHQ /HLVWXQJVHUZDUWXQJHQ GHU (OWHUQ EHWUDFKWHW ZHU
GHQ VR IlOOW DXI GDVV GLH EHUZLHJHQGH 0HKUKHLW YRQ LKUHQ .LQGHUQ EHVVHUH /HLV
WXQJHQHUZDUWHWDOVGHU.ODVVHQGXUFKVFKQLWWHU]LHOW'LHVHQLFKWZLUNOLFKNHLWVNRQIRU
PH(UZDUWXQJVRUJWGDIUGDVVGLH6FKXOHLQGLHVR]LDOHQ%H]LHKXQJHQ]ZLVFKHQ(O
WHUQXQG.LQGHUQKLQHLQZLUNW
'LH9HUDUEHLWXQJYRQ6FKXOHNDQQDOVRQLFKWYHUVWDQGHQZHUGHQZHQQGHUHOWHUOLFKH
.RQWH[WXQEHUFNVLFKWLJWEOHLEWYJO)HQG6W|FNOL6,QWHUHVVDQWLVWEHL
GHU%LOGXQJVDVSLUDWLRQGHU(OWHUQIULKUH.LQGHUGDVVGDVPRWLYDWLRQDOH%H]XJVV\V
WHP0XWWHU6RKQXPHLQLJHVLQWHQVLYHUDQGHU6FKXOEHZlKUXQJRULHQWLHUWLVWDOVGDV
6\VWHP 0XWWHU7RFKHU YJO 6W|FNOL $XFK )HQG ZHLVW ± ZLH VFKRQ
HLQPDOHUZlKQW±GDUDXIKLQGDVV6FKXOHUIROJVHQWZLFNOXQJHQEHL-XQJHQLP*HJHQ
VDW]]X0lGFKHQÄ+DQGLQ+DQG³PLW9HUlQGHUXQJHQGHV(OWHUQ.LQG9HUKlOWQLVVHV
YHUODXIHQ6)U(OWHUQLVWGLH6FKXOODXIEDKQYRQ-XQJHQRIIHQEDUZLFKWLJHU
LVW DOV MHQH YRQ 0lGFKHQ 6WRUFK KDW GLHVH JHVFKOHFKWVVSH]LILVFKH 7HQGHQ]
HEHQIDOOV QDFKJHZLHVHQ (V LVW DXFK QLFKW YHUZXQGHUOLFK ZDUXP LP $OWHU YRQ E]Z-DKUHQGLHVHU(IIHNW]XP7UDJHQNRPPW1DFK+HFNKDXVHQXQG+HFNKDX
VHQ LVW GLH NRJQLWLYH 6WUXNWXU GHU /HLVWXQJVPRWLYDWLRQ ELV ]XP /H
EHQVMDKU YROO HQWZLFNHOW $QVWUHQJXQJ XQG )lKLJNHLW ZHUGHQ LQ GLHVHP $OWHU DOV
NRPSHQVDWRULVFKH 8UVDFKHQIDNWRUHQ YHUVWDQGHQ XQG EHQXW]W YJO 6 'DUDXV
ZLUGHUVLFKWOLFKGDVVGLH6FKXOHGDQQPD[LPDOHQ(LQIOXVVDXIGLH/HLVWXQJVPRWLYD
WLRQDXVEHQNDQQ)HQGXQG6W|FNOLZHLVHQHEHQIDOOVDXIGLHW\SLVFKHQ.RQ
IOLNWHDXIJUXQGVFKXOLVFKHU7KHPHQKLQZLHVLH]ZLVFKHQ(OWHUQXQG.LQGHUQLP$O
WHUYRQ-DKUHQH[LVWLHUHQ
%(LQIOXVV GHU ZDKUJHQRPPHQHQ %HJDEXQJVHLQVFKlW]XQJ XQG GHU /HLVWXQJV
HUZDUWXQJYRQ6HLWHQGHU(OWHUQ
,P )ROJHQGHQ ZHUGHQ GLH :LUNXQJHQ GHU HOWHUOLFKHQ %HJDEXQJVHLQVFKlW]XQJ LKUHU
.LQGHUXQGGHUGLHVEH]JOLFKHQ/HLVWXQJVHUZDUWXQJDXIGLH/HLVWXQJVPRWLYDWLRQEH
OHJW
)RUVFKXQJVVWDQG
)DPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
*HPl‰ +XUUHOPDQQ 6 ZLUG GXUFK GLHVHV Ä$XIVFKDXNHOQ GHU 6FKXO
DEVFKOX‰QLYHDXV REMHNWLYGLH&KDQFHMHGHVHLQ]HOQHQ-XJHQGOLFKHQHKHUJHPLQGHUW
GLH 6WDWXVHUZDUWXQJHQ HLQ]XO|VHQ 'LH SV\FKRVR]LDOHQ $XVZLUNXQJHQ GLHVHU .RQV
WHOODWLRQGLHYRUDOOHPDXVGHUHUZlKQWHQVR]LDOHQ%H]XJVQRUPLQ.ODVVHQUHVXOWLHUW
VLQG IU DOOH 6FKOHU VSUEDU )ROJHQGHV =LWDW YHUZHLVW DXI GLHVHQ VFKXOIRUPXQDE
KlQJLJHQ(IIHNWKLQ
:LHZLUHPSLULVFKEHOHJHQNRQQWHQVFKOlJWVLFKGLH9HUXQVLFKHUXQJYRQ6WD
WXVHUZDUWXQJHQEHLGHQMHQLJHQ6FKOHUJUXSSHQEHVRQGHUVVWDUNLQ6\PSWRPHQ
SV\FKRVRPDWLVFKHU 6W|UXQJHQ QLHGHU GLH HLQ 9HUVDJHQ JHJHQEHU
6FKXOODXIEDKQDQIRUGHUXQJHQ HUOHEHQ ,QWHUHVVDQW DQ XQVHUHQ (UJHEQLVVHQ LVW
GDEHLGDVVGLHVH6\PSWRPHEHL6FKOHUQLQDOOHQ6FKXOIRUPHQDXIWUHWHQXQ
DEKlQJLJ YRQ GHQ XQWHUVFKLHGOLFKHQ =XNXQIWVSHUVSHNWLYHQ GLH HLQH 6FKXO
IRUPREMHNWLYHUVFKOLH‰W(LQHVR]LDOH$EVWLHJVJHIlKUGXQJHUZHLVWVLFKDXFKLQ
GHQ UDQJKRKHQ %LOGXQJVODXIEDKQHQ GHV *\PQDVLXPV DOV %HGLQJXQJVIDNWRU
IUSV\FKRVR]LDOH6WUH‰6\PSWRPHHEG
:HQQ -XJHQGOLFKH JHIUDJW ZHUGHQ IU ZLH EHJDEW LKUH (OWHUQ VLH KDOWHQ GDQQ KDW
GLHVHOHLVWXQJVPl‰LJH.RPSHWHQ]HLQVFKlW]XQJYJO6'7VLFKHUOLFKHLQHQ(LQIOXVV
DXIGLH/HLVWXQJVPRWLYDWLRQZHOFKHGLH-XJHQGOLFKHQ]HLJHQ-HQDFK/HLVWXQJVSR
VLWLRQLQQHUKDOEGHU.ODVVHXQGGHUGLHVEH]JOLFKHQ/HLVWXQJVHUZDUWXQJYRQ6HLWHQ
GHU (OWHUQ KDW GLHV HLQH GLUHNW SRVLWLYH RGHU DEHU QHJDWLYH :LUNXQJ DXI GLH HLJHQH
/HUQDQVWUHQJXQJ
'LHhEHUVFKlW]XQJYRQ%HJDEXQJGUIWHVLFKHUOLFKI|UGHUOLFKHUZLUNHQDOVGLH8Q
WHUVFKlW]XQJ:HUGHQDEHUYRQ6HLWHQGHU(OWHUQEHUK|KWH/HLVWXQJVHUZDUWXQJHQDQ
LKUH.LQGHUJHVWHOOWZHOFKHOHLVWXQJVPl‰LJHKHUXQWHUGXUFKVFKQLWWOLFKDEVFKQHLGHQ
NDQQ GLHV ]X JURVVHP 6WUHVV IKUHQ )U VROFKH -XJHQGOLFKH LVW GDQQ KlXILJ GLH
6FKXOGLVWDQ] GLH HLQ]LJH 0|JOLFKNHLW ÄVLFK DXV LGHQWLWlWVEHGURKHQGHQ VFKXOLVFKHQ
9HUVDJHQVHUIDKUXQJHQ KHUDXV]XO|VHQ XQG DXI VFKXOIUHPGHQ :HJHQ *HOWXQJ LQ GHU
$OWHUVJUXSSH]XILQGHQ³)HQG6
'HUIROJHQGHhEHUEOLFN]HLJWGHQHPSLULVFKHQ)RUVFKXQJVVWDQG]X :LUNXQJHQYRQ
(UZDUWXQJVXQG%HJDEXQJVHLQVFKlW]XQJHQ
'HU (LQVDW] OHLVWXQJVRULHQWLHUWHQ 'UXFNV ZHOFKHU IRUPDOH .RQWUROODVSHNWH DOV
DXFK GHQ (LQVDW] YRQ %HORKQXQJHQ XQG %HVWUDIXQJHQ LP 8PJDQJ PLW VFKXOL
VFKHQ (UIROJHQ XQG 0LVVHUIROJHQ EHLQKDOWHW ZLUNW VLFK QHJDWLY DXI GLH /HLV
WXQJVHQWZLFNOXQJYJO+HOPNH6FKUDGHU/HKQHLV.OHSSHUXQGGLHHU
IROJV]XYHUVLFKWOLFKH VHOEVWEHVWLPPWH /HUQPRWLYDWLRQ YJO 7UXGHZLQG *UROQLFN5\DQDXV
:LOGXQG+RIHU6KDOWHQIHVWGDVVQDFK%HIXQGHQYRQ+XUUHOPDQQ
XQG0DQVHO%HODVWXQJHQGXUFKEHUK|KWH/HLVWXQJVDQVSUFKHYRQ6HLWHQ
GHU(OWHUQDQGLH.LQGHUXQGGDUDXIEH]RJHQH.RQIOLNWHGXUFKDXVPLWJHVXQGKHLW
OLFKHQ%HHLQWUlFKWLJXQJHQLQVEHVRQGHUHEHLHKHUOHLVWXQJVVFKZlFKHUHQ6FKOHUQ
HLQKHUJHKHQ6LHPHLQHQ]XVDPPHQIDVVHQGGDVV%LOGXQJVXQG/HLVWXQJVHUZDU
)RUVFKXQJVVWDQG
)DPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
WXQJHQ YRQ (OWHUQ DQ LKUH .LQGHU LP $OOJHPHLQHQ DOV $XVGUXFN HOWHUOLFKHQ =X
WUDXHQV LQ GLH /HLVWXQJVIlKLJNHLW GHU .LQGHU YHUVWDQGHQ ZHUGHQ XQG LQVRIHUQ
JU|‰HUH$QVWUHQJXQJHQDXVJHO|VWZHUGHQYJO6
9RU DOOHP NXOWXUYHUJOHLFKHQGH 6WXGLHQ ]% +XQWVLQJHU -RVH /LDZ &KLQJ
VRZLH $UEHLWHQ DXV GHU (UZDUWXQJV:HUW XQG GHU /HLVWXQJV
PRWLYDWLRQVIRUVFKXQJ+HOPNHHWDO&ODUN)RQWDLQH]HLJHQ
GDVV KRKH DEHU UHDOLVWLVFKH /HLVWXQJVHUZDUWXQJHQ GLH /HLVWXQJVHQWZLFNOXQJ GHU
.LQGHU I|UGHUQ ZRKLQJHJHQ EHUK|KWH /HLVWXQJVHUZDUWXQJHQ ]X .RQIOLNWHQ LQ
GHU(OWHUQ.LQG%H]LHKXQJ6HOEVWZHUWSUREOHPHQXQGbQJVWOLFKNHLWIKUHQN|Q
QHQ+XUUHOPDQQ0DQVHO)HQG:LOG5HP\D
,Q HQJHP =XVDPPHQKDQJ ]XU HOWHUOLFKHQ (UZDUWXQJVKDOWXQJ LVW GDV HOWHUOLFKH
9HUWUDXHQ LQ GLH NLQGOLFKHQ 6HWEVWUHJXODWLRQV)lKLJNHLWHQ ]X VHKHQ YJO
*DOSHU:LJILHOG6HHIHOGW
:LOG5DPPHUWXQG6LHJPXQGIDVVHQ]XVDPPHQÄ-HPHKU(OWHUQ%HJD
EXQJDOVHLQHYHUlQGHUEDUH*U|‰HXQGNLQGOLFKH/HLVWXQJHQSULPlUDOVHLQH)UDJH
GHUHLJHQHQ$QVWUHQJXQJVHKHQXPVRHKHUI|UGHUQVLHHLQH/HUQ]LHORULHQWLHUXQJ
DXI6HLWHQLKUHV.LQGHV³6
(OWHUOLFKH(UZDUWXQJHQZLUNHQQDFK+HOPNHHWDODXIJUXQGXQWHUVFKLHG
OLFKHUWKHRUHWLVFKHU0RGHOOHZLH]%,QWHUQDOLVLHUXQJ/HUQHQDP0RGHOO6WHLJH
UXQJ GHV $QUHL]ZHUWHV YJO 6 ]XU %LOGXQJ YRQ $VSLUDWLRQHQ GHV .LQGHV
/HW]WOLFK VLQG GLHVH 0HFKDQLVPHQ OHLVWXQJVI|UGHUOLFK 'HU VSH]LILVFKH (UNOl
UXQJVEHLWUDJGHU(OWHUQPHUNPDOHIUGLH6FKXOOHLVWXQJVHQWZLFNOXQJDOVGHU$Q
WHLO GHU HUNOlUWHQ .ULWHULXPVYDULDQ] ZHOFKH EHU GLH LQGLYLGXHOOHQ XQG NRJQLWL
YHQ (LQJDQJVYRUDXVVHW]XQJHQ XQG EHU GLH 6FKXONODVVHQ]XJHK|ULJNHLW
KLQDXVJHKWZLUGYRQGHQ$XWRUHQPLWEHUHFKQHW'LH=XVDPPHQ
KlQJH]ZLVFKHQ/HLVWXQJVHUZDUWXQJHQGHU(OWHUQXQG0DWKHPDWLNOHLVWXQJHQDP
(QGHGHU.ODVVHEOHLEHQDXFKGDQQEHVWHKHQZHQQLQHLQHU3DUWLDONRUUHODWLRQ
GHUNRJQLWLYH(QWZLFNOXQJVVWDQG]X%HJLQQGHU.ODVVH,QWHOOLJHQ]0DWKHPD
WLN7HVW1RWHQDP(QGHGHU*UXQGVFKXOHNRQWUROOLHUWZLUG
0QFKPHLHU lXVVHUW VLFK XQWHU %HUFNVLFKWLJXQJ GHU (UJHEQLVVH DXV GHU
6KHOO-XJHQGVWXGLHEHLP7KHPD9HUKlOWQLV]XGHQ(OWHUQZLHIROJWÄ(OWHUOL
FKHV=XWUDXHQDOV*HJHQWHLOYRQlQJVWOLFKHU%HVRUJWKHLWLVWRIIHQEDUGLHZLFK
WLJVWH 'LPHQVLRQ XQG %HGLQJXQJ IU HLQH JXWH $XVUVWXQJ XQG 0RWLYDWLRQ GDV
/HEHQLQGLH+DQG]XQHKPHQXQGVLFK]X]XWUDXHQGLH6FKZLHULJNHLWHQ]XPHLV
WHUQ³6
(V]HLJWVLFKLQVJHVDPWDOVRGDVVHOWHUOLFKHV9HUWUDXHQVHKUSRVLWLYH=JHDXIZHLVW
XQUHDOLVWLVFKH XQG ]X KRKH (UZDUWXQJHQ KLQJHJHQ VHKU QHJDWLY ZLUNHQ N|QQHQ (V
JLOWDOVRDXFKKLHUlKQOLFKZLHEHLP(U]LHKXQJVVWLOHLQHDQJHPHVVHQH%DODQFH]ZL
VFKHQ(UZDUWXQJ)RUGHUXQJHLQHUVHLWVXQG9HUVWlQGQLVXQG:HUWVFKlW]XQJDQGHUHU
VHLWV]XILQGHQ
)RUVFKXQJVVWDQG
)DPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
%HGHXWXQJXQG(LQIOXVVGHV6FKXOPRQLWRULQJGHU(OWHUQ
$=XU%HGHXWXQJGHV6FKXOPRQLWRULQJ
=XP%HJULII6FKXOPRQLWRULQJ]lKOHQIROJHQGH9DULDEOHQÄ(OWHUQIUDJHQKlXILJQDFK
6FKXOOHLVWXQJ³ Ä(OWHUQ ZLVVHQ %HVFKHLG EHU 6FKXOOHLVWXQJ³ XQG GDV Ä+DXVDXIJD
EHQHQJDJHPHQWGHU(OWHUQ³VD.DS
,P :LVVHQ XP GLH PHLVWHQV EHUK|KWHQ /HLVWXQJVHUZDUWXQJHQ GHU (OWHUQ DQ LKUH
.LQGHU NRPPW GHP 6FKXOPRQLWRULQJ HLQ EHVRQGHUHU 6WHOOHQZHUW ]X (U NDQQ DOV
'UXFN YHUVWDQGHQ ZHUGHQ ZHQQ GLH /HLVWXQJVHUZDUWXQJHQ KRFK VLQG XQG GLHVH
GXUFK GHQ -XJHQGOLFKHQ QLFKW HUEUDFKW ZHUGHQ N|QQHQ 'DV 0RQWRULQJ NDQQ DQGH
UHUVHLWV DEHU DXFK DOV )|UGHUXQJ DXIJHIDVVW ZHUGHQ ZHQQ HV GHP 6FKOHU JHOLQJW
GLH(UZDUWXQJHQYRQGHQ(OWHUQXQGYRQGHQ/HKUSHUVRQHQ]XHUIOOHQ
%(LQIOXVVGHV6FKXOPRQLWRULQJ
6FKXOPRQLWRULQJGHU(OWHUQGKGDV,QWHUHVVH:LVVHQXQG$XIVLFKWEHUGLHVFKXOL
VFKHQ%HODQJHGHV.LQGHVLVWHLQ]HQWUDOHV(OHPHQW]XU6LFKHUXQJGHU6FKXOPRWLYD
WLRQYJO+RSI
+RSIGHUVLFKPLW/HEHQVXQG/HUQSUREOHPHQYRQ6FKOHUQEHVFKlIWLJWHLGHQWLIL
]LHUWH GHQ 7HXIHOVNUHLV Ä6FKXOVFKZlQ]HQ³ DQKDQG IROJHQGHU H[HPSODULVFK DXVJH
ZlKOWHU ]HQWUDOHU (OHPHQWH $OV $XVO|VXQJVIDNWRU ]HLJW VLFK HLQH %HODVWXQJVVLWXD
WLRQLQGHU)DPLOLH$OV)ROJHNRPPWHV]X IDPLOLlUHP'HVLQWHUHVVH XQGIHKOHQGHU
)UVRUJHLP(OWHUQKDXVLQHLQHPZHLWHUHQ6FKULWW]XP*HIKOYRQ/HKUHUQXQGDQ
GHUHQ (UZDFKVHQHQ DEJHVFKULHEHQ ]X VHLQ XQG VFKOLH‰OLFK ]XU *HZ|KQXQJ DQ $E
OHKQXQJXQGGHP]XIROJH]XHLQHU5HVLVWHQ]JHJHQEHU6DQNWLRQHQÄ$XIVLFKW³NDQQ
DOVRLQGLHVHP.RQWH[WDXFKDOV,QWHUHVVHXQG)UVRUJHYHUVWDQGHQZHUGHQ
6FKQHHZLQG HW DO KDOWHQ LQ $QOHKQXQJ DQ *LQVEXUJ XQG %URQVWHLQ IHVW ÄGDVV HLQ GHVLQWHUHVVLHUWHV XQG ZHQLJ NRQWUROOLHUHQGHV 9HUKDOWHQ GHU (OWHUQ H
EHQVRZLHHLQVWDUNNRQWUROOLHUHQGHU8PJDQJPLW1RWHQPLWHLQHUHKHUH[WULQVLVFKHQ
0RWLYDWLRQ XQG VFKOHFKWHUHQ 6FKXOOHLVWXQJHQ YHUEXQGHQ ZDU DOV HLQ HUPXWLJHQGHU
XQGVHOEVWlQGLJNHLWVI|UGHUQGHU(U]LHKXQJVVWLO³6$XFKLVWLQWHUHVVDQWGDVVHV
RIIHQEDUHLQHQ,QWHUDNWLRQVHIIHNWLQGHU6R]LDOLVDWLRQVZLUNXQJ]ZLVFKHQ(U]LHKXQJV
VWLOXQG6FKXOHQJDJHPHQWGHU(OWHUQJLEW3RVLWLYZLUNWVLFKGDV6FKXOPRQLWRULQJGHU
(OWHUQ LQVEHVRQGHUH XQWHU $QZHQGXQJ GHV DXWRULWDWLYHQ (U]LHKXQJVVWLOV DXV ZlK
UHQGGLHVHU(IIHNWEHLQLFKWDXWRULWDWLYHP(U]LHKXQJVVWLOQLFKWVSLHOWYJO6WHLQEHUJ
HWDO+LOO/DQVIRUG&DVWHOOLQR1RZOLQ'RGJH%DWHVXQG3HWLWEH
OHJHQ GDVV HOWHUOLFKHV 6FKXOLQYROYHPHQW .ODVVH ]X ZHQLJHU 9HUKDOWHQVSUREOH
PHQLQGHU6FKXOH.ODVVH]XEHVVHUHQ6FKXOOHLVWXQJHQ.ODVVHXQG]XK|KH
UHQ (UZDUWXQJHQ DQ GHQ $EVFKOXVV XQG GLH $UEHLW .ODVVH IKUW 'DPLW LVW GLH
:LUNXQJGHVDNWLYHQ,QWHUHVVHVDQGHU6FKXOHYRQ6HLWHQGHU(OWHUQEHOHJW+LQJH
JHQGDUIJHPl‰GHU6'7GLHVH$NWLYLWlWQLFKWEHUUHL]WZHUGHQGDDXFKGLH$XWR
QRPLHJHQJHQG]XP7UDJHQNRPPHQPXVV7UXGHZLQGXQG:LQGHOZHLVHQ
LQ LKUHU 8QWHUVXFKXQJ ]XU HOWHUOLFKHQ (LQIOXVVQDKPH DXI GLH NLQGOLFKH .RPSHWHQ]
HQWZLFNOXQJ KLQ GDVV GLH EHUGDXHUQGH /HLVWXQJVPRWLYDWLRQ XQJQVWLJ EHHLQIOXVVW
)RUVFKXQJVVWDQG
$X‰HUIDPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
ZLUG ZHQQ XQ]XIULHGHQH (OWHUQ LKUH .LQGHUEHL GHU +DXVDXIJDEHQVLWXDWLRQVWlQGLJ
EHDXIVLFKWLJHQ
'LHV VLQG HLQLJH %HOHJH GDVV GLH $XWRQRPLHIRUGHUXQJ JHPl‰ 6'7 LKUH *OWLJNHLW
EHL GHU /HLVWXQJVPRWLYDWLRQVI|UGHUXQJ KDW $Q VLFKN|QQWH GLHVHV (UJHEQLV LP DOO
WDJVSV\FKRORJLVFKHQ 9HUVWlQGQLV DOVSDUDGR[ DXIJHIDVVW ZHUGHQ 0DQ PHLQW HV JXW
XQG IUDJW E]Z VFKDXW VWHWV QDFK RE GLH +DXVDXIJDEHQ JHPDFKW VLQG $EHU (OWHUQ
NDQQ HPSIRKOHQ ZHUGHQ DXI GLHVWlQGLJH %HDXIVLFKWLJXQJ ]X YHU]LFKWHQ ZHQQ VLH
GLH /HLVWXQJVPRWLYDWLRQ LKUHV .LQGHV ZLUNOLFK I|UGHUQ P|FKWHQ VRZRKO EHL OHLV
WXQJVVFKZDFKHQ DOV DXFK EHL OHLVWXQJVVWDUNHQ .LQGHUQ 'DV 6FKXOPRQLWRULQJ VROO
DQJHPHVVHQVHLQ
$X‰HUIDPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
1DFKHLQHPHLQOHLWHQGHQ.DSLWHO]XU/HLVWXQJVI|UGHUXQJLQGHU6FKXOHZHU
GHQ GLH (LQIOXVVIDNWRUHQ GHU VR]LDOHQ (LQJHEXQGHQKHLW DXI PRWLYDWLRQDOH 3HUV|Q
OLFKNHLWVPHUNPDOHXQWHUGHQYLHU7LWHOQÄ/HKUHU6FKOHU%H]LHKXQJ³Ä.ODV
VH³ Ä3HHUJURXS³ XQG ÄDX‰HUVFKXOLVFKH LQVWLWXWLRQHOOH .RQWH[WH³
WKHPDWLVLHUW'LH*OLHGHUXQJLVWGLHVHOEHZLHLP.DSLWHO=XHUVWZLUGGLH
%HGHXWXQJGHUMHZHLOLJHQVR]LDOHQ8PZHOWNRPSRQHQWHQLP$OOJHPHLQHQEHVFKULH
EHQ$EHYRUGLHVSH]LILVFKHQ=XVDPPHQKlQJHXQG(LQIOVVH%GLHVHUDX‰HUID
PLOLlUHQ VR]LDOHQ $VSHNWH LP 6LQQH HLQHU /HLVWXQJVPRWLYDWLRQVI|UGHUXQJ PLW ZLV
VHQVFKDIWOLFKHQ4XHOOHQXQWHUPDXHUWZHUGHQ
=XU/HLVWXQJVPRWLYDWLRQVI|UGHUXQJLQGHU6FKXOH
=XU hEHUVLFKW GHV DNWXHOOHQ )RUVFKXQJVVWDQGV ZLUG ZLHGHUXP DXI :LJILHOG HW DO
%H]XJJHQRPPHQ)ROJHQGH(LQIOVVHYRQ6HLWHQGHU/HKUHUZLUNHQVLFKSR
VLWLYDXIGLH6R]LDOLVDWLRQGHU0RWLYDWLRQYRQ6FKOHUQDXV
‡ *HQHUHOOHXQGOHUQJUXSSHQEH]RJHQHGLIIHUHQWLHOOH/HKUHU(UZDUWXQJHQ
‡ *XWH/HKUHU6FKOHU%H]LHKXQJHQ
‡ *XWHV .ODVVHQPDQDJHPHQW GDV HLQHU DOWHUVJHPl‰HQ %DODQFH ]ZLVFKHQ GHU
YRP /HKUHU YRUJHJHEHQHQ 6WUXNWXU)KUXQJ XQG VFKOHUEH]RJHQHQ )UHLUlX
PHQJOHLFKNRPPW
‡ 8QWHUULFKWVLQKDOWH ZHOFKH IU .LQGHU XQG -XJHQGOLFKH EHGHXWVDP VLQG V D
.DSXQWHUÄ6WDJH(QYLURQPHQW)LW7KHRULH³
‡ :LVVHQ XP %H]XJVJUXSSHQHIIHNWH LQQHUKDOE GHU .ODVVH XQG GHU $QZHQGXQJ
YRQ LQGLYLGXDOLVLHUHQGHP XQG VRPLW PRWLYDWLRQVUHOHYDQWHP 8QWHUULFKW LP
6LQQHGHU6'7YD%HUFNVLFKWLJXQJGHU$XWRQRPLHXQGGHU.RPSHWHQ]HU
IDKUXQJ
‡ %HUFNVLFKWLJXQJGHU*HQGHU7KHPDWLNEHLP8QWHUULFKWHQ
‡ %HUFNVLFKWLJXQJ GHU 'LVNULPLQDWLRQVWKHPDWLN LP 5DKPHQ YRQ VR]LDO
NXOWXUHOOZHQLJHUSULYLOHJLHUWHQ6FKOHUJUXSSHQYJO6II
)RUVFKXQJVVWDQG
$X‰HUIDPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
(V LVW QLFKW ]XIlOOLJ GDVV LQ GLHVHU $XI]lKOXQJ ]XREHUVW GLH $VSHNWH Ä/HKUHU
(UZDUWXQJHQ³ VRZLH Ä/HKUHU6FKOHU%H]LHKXQJ³ VWHKHQ 6LH GUIHQ VRPLW DOV ZH
VHQWOLFKH $VSHNWH ]XU )|UGHUXQJ GHU /HLVWXQJVPRWLYDWLRQ EH]HLFKQHW ZHUGHQ 'LH
/HKUHU6FKOHU%H]LHKXQJZLUGLP%HVRQGHUHQXQWHU.DSHUJUQGHW,P)RO
JHQGHQVROODXIGLHZLFKWLJH7KHPDWLNGHU%H]XJVQRUPHLQJHJDQJHQZHUGHQ
6FKOHU HUKDOWHQ LQ GHU 6FKXOH SHUPDQHQW 5FNPHOGXQJHQ EHU LKUH /HLVWXQJHQ
'LHVH7DWVDFKHKDWHLQHQEHGHXWHQGHQ(LQIOXVVDXIGLH*HQHVHGHU/HLVWXQJVPRWLYD
WLRQXQG]ZDUQLFKWQXULPSRVLWLYHQ6LQQH.LQGHUGLHKlXILJYHUVDJHQYHUOLHUHQ
GLH (UIROJV]XYHUVLFKW XQG HQWZLFNHOQ HLQ QLHGULJHV )lKLJNHLWVNRQ]HSW 1XQ LVW HV
YRQ HQWVFKHLGHQGHU %HGHXWXQJ ZHOFKH %H]XJVQRUP IU GLH /HLVWXQJVEHXUWHLOXQJ
KHUDQJH]RJHQZLUGGLHVR]LDOHGLHNULWHULHQRULHQWLHUWHRGHUGLHLQGLYLGXHOOH5KHLQ
EHUJIDQGDOVHUVWHUJUR‰HLQGLYLGXHOOH8QWHUVFKLHGHKLQVLFKWOLFKGHU%H]XJV
QRUP2ULHQWLHUXQJ YRQ /HKUHUQ 'LH XQWHUVXFKWHQ 6FKOHU GHU /HKUHU PLW VR]LDOHU
%H]XJVQRUP2ULHQWLHUXQJ ZDUHQ PLVVHUIROJVRULHQWLHUW ZlKUHQG MHQH YRQ /HKUHUQ
ZHOFKH GLH LQGLYLGXHOOH %H]XJVQRUP XQG GLH GD]XJHK|ULJHQ 8QWHUULFKWVSUDNWLNHQ
DQZHQGHWHQLP9HUJOHLFKGD]XHLQDXVJHSUlJWHV(UIROJVPRWLYKDWWHQ
'LH%HJULIIOLFKNHLWHQGHULQGLYLGXHOOHQXQGVR]LDOHQ%H]XJVQRUPVLQGLQGHQDQJOR
DPHULNDQLVFKHQ /HLVWXQJVPRWLYDWLRQVWKHRULHQ XQWHU 9HUZHQGXQJ GHU %HJULIIH $XI
JDEHQXQG,FK2ULHQWLHUXQJWKHPDWLVLHUWZRUGHQZHOFKHZHLWHUREHQEHUHLWVDXIJH
IKUWZXUGHQ'LH$XIJDEHQRULHQWLHUXQJLVWHQJYHUZREHQPLWGHP(UNHQQWQLVGUDQJ
XQGEHLQKDOWHWHLQH/HUQ]LHORULHQWLHUXQJZlKUHQGGLH,FK2ULHQWLHUXQJDXIGDV%H
GUIQLV YHUZHLVW EHVVHU DOV DQGHUH ]X VHLQ ZDV HLQHU /HLVWXQJVRULHQWLHUXQJ HQW
VSULFKW 'HU GDXHUQGH :HWWEHZHUE LQ GHU 6FKXOH XQWHU *OHLFKDOWULJHQ JHKHLPHU
/HKUSODQ VWHOOW IU VFKZlFKHUH 6FKOHU HLQH IRUWODXIHQGH %HGURKXQJ GDU ,QVRIHUQ
VWHOOWGLH$QVWUHQJXQJVYHUPHLGXQJHLQH6HOEVWVFKXW]VWUDWHJLH]XU$XIUHFKWHUKDOWXQJ
GHV 6HOEVWZHUWV XQG GHU HLJHQHQ 3HUV|QOLFKNHLW GDU YJO &RYLQJWRQ 6RPLW
ZLUG HUVLFKWOLFK GDVV MH QDFK .RQWH[W HLQ HQJHU =XVDPPHQKDQJ ]ZLVFKHQ 3HUV|Q
OLFKNHLWVPHUNPDOHQ XQG SRVLWLY E]Z QHJDWLY DXVJHSUlJWHU /HLVWXQJVPRWLYDWLRQ
KHUUVFKW
'DV)D]LWLVWGDVVGLHSHUPDQHQWHQ/HLVWXQJVUFNPHOGXQJHQLP6\VWHPGHU6FKXOH
XQGGHUPHLVWHQVDQJHZHQGHWHQVR]LDOHQ%H]XJVQRUPEHLGHU%HXUWHLOXQJYRQ/HLV
WXQJHQHLQHQLFKW]XXQWHUVFKlW]HQGHQHJDWLYH:LUNXQJDXIGLH0RWLYDWLRQVHQWZLFN
OXQJYRQVFKZlFKHUHQ.LQGHUQXQG-XJHQGOLFKHQKDEHQ-HGRFKN|QQWHDQGHUHUVHLWV
DXFK DUJXPHQWLHUW ZHUGHQ GDVV RKQH GLH 6FKXOH YLHOH .LQGHU YLHO ZHQLJHU OHUQHQ
ZUGHQ 'HQQ Ä6FKXOEHGLQJWH 3HUV|QOLFKNHLWVHQWZLFNOXQJ LVW YHUPXWOLFK ]X HLQHP
HUKHEOLFKHQ $QWHLO HLQH )XQNWLRQ QRUPLHUHQGHU 6\VWHPUHJHOQ³ 3HNUXQ +HOPNH
66LHPHLQHQGDPLWGDVVGHU*HVWDOWXQJVVSLHOUDXPYRQ/HKUHUQIUGLH
%HHLQIOXVVXQJOHLVWXQJVEH]RJHQHUZLHVR]LDOHU3HUV|QOLFKNHLWVPHUNPDOHGHU6FKOHU
GXUFK6\VWHPYRUJDEHQVWDUNHLQJHVFKUlQNWLVW6LHZHLVHQGDPLWDXIHLQH)HKOLQWHU
SUHWDWLRQ KLQ :HQQ LQ 6WXGLHQ PRWLYDWLRQDOH )DNWRUHQ HKHU VFKZDFKH (IIHNWH DXI
GLH 6FKXOOHLVWXQJ ]HLJHQ ZLUG KlXILJ JHIROJHUW GDVV GHU (LQIOXVV NHLQHQ JUR‰HQ
)RUVFKXQJVVWDQG
$X‰HUIDPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
6WHOOHQZHUWKlWWH0DQVWHOOHVLFKQXUYRUGLHDOOJHPHLQH6FKXOSIOLFKWZUGHDXIJH
KREHQ:RP|JOLFKZUGHHLQ*UR‰WHLOGHUQDFKZDFKVHQGHQ*HQHUDWLRQLQGHQ$Q
DOSKDEHWLVPXV DEUXWVFKHQ ,QVRIHUQ LVW PLW GHP EHVWHKHQGHQ 6FKXOV\VWHP DOVR IU
HLQJHPHLQVDPHV6RFNHOQLYHDXDQ/HUQPRWLYDWLRQYJOHEGEHUHLWVJHVRUJWXQGVR
VLQG UHFKQHULVFK DXV]XZHLVHQGH PRWLYDWLRQDOH (IIHNWH DXIJUXQG YRQ XQWHUVFKLHGOL
FKHQ6FKXOIRUPNRQWH[WHQLQQHUKDOEGHV6FKXOV\VWHPVEH]JOLFKLKUHU9DULDQ]VFKRQ
UHGX]LHUW
,QVJHVDPWPXVVVLFKGHU/HKUHUQHEVWGHU/HKUHU6FKOHU%H]LHKXQJZHOFKHLPIRO
JHQGHQ.DSLWHOWKHPDWLVLHUWZLUGXQGVHLQHQ(UZDUWXQJHQEHUGLHGRFKVWDUNH%H
HLQIOXVVXQJGHU/HUQXQG/HLVWXQJVPRWLYDWLRQGXUFKGLHDQJHZHQGHWH%H]XJVQRUP
EHL /HLVWXQJVUFNPHOGXQJHQ EHZXVVW VHLQ 'LHVEH]JOLFKH SlGDJRJLVFKH 6FKOXVV
IROJHUXQJHQZHUGHQLQ.DSLWHOJHQDQQW
%HGHXWXQJXQG(LQIOXVVGHU/HKUHU6FKOHU%H]LHKXQJ
$=XU/HKUHU6FKOHU%H]LHKXQJLP$OOJHPHLQHQ
'HUYHUZHQGHWH'DWHQVDW]ZHLVWIROJHQGHGUHL.RQVWUXNWHDXIZHOFKH]XP2EHUEHJ
ULII Ä/HKUHU6FKOHU%H]LHKXQJ LP $OOJHPHLQHQ³ ]XJHRUGQHW ZHUGHQ N|QQHQ 9HU
WUDXHQ]XP/HKUHU/HLVWXQJVGUXFNYRQ6HLWHQGHV/HKUHUVXQGQDWUOLFKGLH/HKUHU
6FKOHU%H]LHKXQJVHOEVWVD.DS
)HQG GHILQLHUW GDV %H]LHKXQJVYHUKlOWQLV ]ZLVFKHQ 6FKOHU XQG /HKUHU YRU
DOOHPPLWYHUWUDXHQVUHOHYDQWHQ$VSHNWHQÄ-HPDQGGHU9HUWUDXHQ]XHLQHPDQGHUHQ
KDW « XQWHUVWHOOW V\VWHPDWLVFK GDVV GHU DQGHUH LKPZRKOJHVRQQHQ LVW GDVV HU LKQ
QLFKW]XVFKlGLJHQVXFKWVRQGHUQDQVHLQHP:RKOHLQWHUHVVLHUWLVW³6I,QVR
IHUQ LVW GLH 2SHUDWLRQDOLVLHUXQJ GHU /HKUHU6FKOHU%H]LHKXQJ LP $OOJHPHLQHQ
GXUFKGLHRELJHQGUHL.RQVWUXNWHXQWHUPDXHUW'HU/HLVWXQJVGUXFNGHV/HKUHUVYHU
KlOWVLFKGDEHLNRQVLVWHQWPLWVHLQHU%H]LHKXQJ]XP6FKOHUÄ*XWH6R]LDOEH]LHKXQ
JHQ PVVHQ DOVR QLFKW « GXUFK QLHGHUH /HLVWXQJVHUZDUWXQJHQ ÃHUNDXIW¶ ZHUGHQ³
)HQG HW DO 6 6FKZHHU ZHLVW QDFK GDVV :HUWVFKlW]XQJ 9HU
VWlQGQLV *HUHFKWLJNHLW XQG .RPSHWHQ] ,QWHUHVVDQWKHLW GHV 8QWHUULFKWV 'LV]LSOLQ
«GHV/HKUHUVZLFKWLJH%HGLQJXQJHQIU.LQGHU-XJHQGOLFKHGDUVWHOOHQXP]XLK
QHQHLQ9HUWUDXHQVYHUKlOWQLVDXIEDXHQ]XN|QQHQ
Ä/HKUSHUVRQHQVLQGLPGHXWVFKHQ6WDDWVVFKXOZHVHQLQLKUHP6HOEVWYHUVWlQGQLVHKHU
6WDDWVGLHQHUDOV$XIWUDJQHKPHUGHV(OWHUQKDXVHVXQGVLHVHKHQVLFKHKHUDOV8QWHU
ULFKWVH[SHUWHQGHQQDOV(U]LHKHU³3HNUXQ6'DUDXVN|QQWHJHVFKORVVHQ
ZHUGHQ GDVV GLH (U]LHKXQJVNRPSRQHQWH XQG VRPLW GLH /HKUHU6FKOHU%H]LHKXQJ
IU/HKUHUHKHUHLQHQNOHLQHQ6WHOOHQZHUWLQQHKDW$XFK%DXHUEZHLVWGDUDXI
KLQ GDVV HV /HKUDPWVDVSLUDQWHQ DQ :LVVHQ EHU GLH *HVWDOWXQJ YRQ %H]LHKXQJHQ
PDQJHOW YJO 6 'DEHL ZlUHQ MD GLH 9RUDXVVHW]XQJHQ ]XU ,QWHQVLYLHUXQJ GHU
/HKUHU6FKOHU%H]LHKXQJLQ$QVlW]HQJHJHEHQZLHIROJHQGHV=LWDW]HLJW
)RUVFKXQJVVWDQG
$X‰HUIDPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
0HGL]LQHUXQG/HKUHUJHOWHQVRZRKOLQ(XURSDZLHDXFKLQGHQ86$DOVDP
PHLVWHQ YHUWUDXHQVZUGLJ 'DJHJHQ YHUODVVHQ VLFK GLH %UJHU DP ZHQLJVWHQ
DXI 3ROLWLNHU XQG 7RS0DQDJHU HLQ DXFK LQ 'HXWVFKODQG YRUKHUUVFKHQGHV
%LOG>«@:LHLQGHQ-DKUHQ]XYRUVLQG>LQ'HXWVFKODQG@bU]WHXQG3lGDJR
JHQGLHDPPHLVWHQDN]HSWLHUWHQ%HUXIVJUXSSHQ,QVJHVDPWKDOWHQ3UR]HQW
GHU %HIUDJWHQ 0HGL]LQHU XQG 3UR]HQW /HKUHU IU YHUWUDXHQVZUGLJ *I.
&XVWRP5HVHDUFK6
2EZRKO ZLU WlJOLFK MD IDVW IRUWZlKUHQG LQ %H]LHKXQJHQ OHEHQ ZLUG VHOWHQ UHIOHN
WLHUWZDVHLQHÄ%H]LHKXQJ³HLJHQWOLFKDXVPDFKWGKZDVXQV]XU9HUIJXQJVWHKW
XPGDV%H]LHKXQJVJHVFKHKHQVSH]LHOOLPVFKXOLVFKHQ.RQWH[W]XEHHLQIOXVVHQ
%H]LHKXQJ JUQGHW ± VRZHLW HV GLH DV\PPHWULVFKH %HJHJQXQJ ]ZLVFKHQ 3l
GDJRJHQXQG.LQGDEHUDXFKGLH]ZLVFKHQ9RUJHVHW]WHQXQG0LWDUEHLWHUQEH
WULIIW±DXIGUHL.RPSRQHQWHQ6HKHQXQG*HVHKHQ:HUGHQ3HUVSHNWL
YHQZHFKVHOXQG9HUVWHKHQXQG)KUXQJ%DXHUD6
'DV*HKHLPQLVMDGLH0DJLHJXWHU3lGDJRJLNVR%DXHUZHLWHULVWGDVV.LQGHUGLH
VLFK ZDKUJHQRPPHQ XQG HLQIKOVDP YHUVWDQGHQ IKOHQ XQG GLH VSUHQ GDVV PDQ
OHLGHQVFKDIWOLFKDQLKUH=XNXQIWJODXEWHVYHUWUDJHQGDVVÄPDQ±QHEHQGHP/RE
GDVLKQHQ]XVWHKW±DXFKLKUH6FKZlFKHQNODUEHQHQQWXQGVLHEHL%HGDUIGXUFKDXV
DXFKGHXWOLFKNULWLVLHUW³DD26
'LH /HKUHU6FKOHU%H]LHKXQJ LVW HLQH JUXQGVlW]OLFK DQGHUH DOV GLH (OWHUQ.LQG
%H]LHKXQJVD'HILQLWLRQ.DS/HKUHUKDEHQHLQHOHJLWLPH(UZDUWXQJVKDOWXQJ
:HQQ/HKUHUGDV.ODVVHQ]LPPHUEHWUHWHQHUZDUWHQVLHEHDFKWHWXQGHUQVWJHQRP
PHQ ]X ZHUGHQ 'LH %HGHXWXQJ GLHVHU (UZDUWXQJVKDOWXQJ GHU /HKUHU OLHJW GDULQ
GDVVVLHGLH:DKUQHKPXQJXQG%HXUWHLOXQJGHV6FKOHUYHUKDOWHQVOHQNHQ'LH/HK
UHU6FKOHU,QWHUDNWLRQZLUGDEHUEHHLQIOXVVWYRQGHU6FKXODUWGHP8QWHUULFKWVIDFK
YRP$OWHUXQG*HVFKOHFKWGHU6FKOHUYRQLKUHUVR]LDOHQ+HUNXQIWXQGGHUHQVSH]L
ILVFKHQ,QWHUHVVHQXQG)lKLJNHLWHQYJO8OLFK6
Ä'LH ,QWHUDNWLRQVVWUXNWXU LVW ÃYHUVDFKOLFKW¶ XQG YRU DOOHP DV\PPHWULVFK ZDV EHU
-DKUH KLQ DOV +LHUDUFKLH LQWHUQDOLVLHUW JHVHOOVFKDIWOLFK VHLQH )UFKWH WUlJW ZREHL
/HKUHUOHLVWXQJVVWDUNHXQGNRQIRUPH6FKOHULQQHQEHYRU]XJHQXQGJQVWLJHUEHXU
WHLOHQ³*XGMRQV66WDUNNRQWUROOLHUHQGH/HKUHUVLQGMHGRFKQLFKWQRW
ZHQGLJHUZHLVH ]XUFNZHLVHQG ZlKUHQG ZHQLJ NRQWUROOLHUHQGH /HKUHU DXFK QLFKW
QRWZHQGLJHUZHLVHVFKOHURULHQWLHUWRGHUVRQVWZLHSRVLWLYLP*HIKOVDXVGUXFNVHLQ
PVVHQYJO8OLFK-HUXVDOHP6
Ä'LH GUHL JHQDQQWHQ (OHPHQWH ELOGHQ « GLH *UXQGODJH GHVVHQ ZDV IU GLH %H]LHKXQJVDEOlXIH LQ GHU
6FKXOHHQWVFKHLGHQGLVW)UDOOHGUHLJHQDQQWHQ.RPSRQHQWHQLVWGDV6\VWHPGHU6SLHJHOQHUYHQ]HOOHQGHV
VHQ([LVWHQ]HUVW0LWWHGHUHU-DKUHHQWGHFNWZXUGHYRQHQWVFKHLGHQGHU%HGHXWXQJ6SLHJHOQHUYHQ]HO
OHQVLQGGLHQHXURELRORJLVFKH*UXQGODJHIUGDVÃ/HUQHQDP0RGHOO¶³%DXHUD6I
)RUVFKXQJVVWDQG
$X‰HUIDPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
'HU /HKUVWLO HLQHU /HKUSHUVRQ LVW EHL GHU )|UGHUXQJ YRQ VHOEVWEHVWLPPWHP /HUQHQ
lKQOLFK ZLH GHU (U]LHKXQJVVWLO GHU (OWHUQ ]X EHXUWHLOHQ :lKUHQG EHLP /HKUHU YRU
DOOHPZLFKWLJLVWGDVVHUDXI/HEHQVEH]JHXQG,QWHUHVVHQGHU6FKOHUHLQJHKWLVW
HV EHL GHQ (OWHUQ YRU DOOHP GLH %HUFNVLFKWLJXQJ GHU 3HUVSHNWLYH GHV .LQGHV YJO
*UROQLFN5\DQ
/HKUHU KDEHQ HV DEHU QLFKW OHLFKW 6LH PVVWHQ YHUVFKLHGHQHQ $VSHNWHQ JHUHFKW
ZHUGHQÄ'HQQDXV6FKOHUVLFKWVROOHQVLHHLQHUVHLWV*OHLFKEHUHFKWLJXQJXQGGHPR
NUDWLVFKH(QWVFKHLGXQJHQHUP|JOLFKHQDQGHUHUVHLWVVROOHQVLH$XWRULWlWVHLQHLQHU
VHLWV SHUV|QOLFKH LQGLYLGXHOOH %H]LHKXQJHQ HUP|JOLFKHQ DQGHUHUVHLWV DOOH JOHLFK
XQGJHUHFKWEHKDQGHOQ³*XGMRQV6
*HPl‰ %DXHU D PDFKW DXV QHXURELRORJLVFKHU6LFKW GLH 9HUPLWWOXQJ GHU 'LV
]LSOLQXQG2UGQXQJDOVGLHQHQGH7XJHQGHQQXUGRUW6LQQE]ZZHUGHQHUIROJUHLFK
YHUPLWWHOWZHQQLQHUVWHU/LQLH%HDFKWXQJXQGOLHEHQGH=XZHQGXQJ]XP.LQGE]Z
]XP-XJHQGOLFKHQDOV.DUGLQDOWXJHQGHQZLUNVDPZHUGHQYJO6$XFKGLH 5H
]HSWHZLHVLHLQÄ/REGHU'LV]LSOLQ³%XHEHPSIRKOHQZHUGHQILQGHW%DXHU
ÄHLQYHUVWlQGOLFKHU$XVGUXFNGHUDOOJHPHLQHQJUR‰HQ1RWVWHOOHQDEHUNHLQHQ:HJ
GDUDXIGHPVLFKXQWHUGHQ9HUKlOWQLVVHQZLHVLHDQVWDDWOLFKHQ6FKXOHQKHXWHKHUU
VFKHQ ZLUNOLFK HWZDV HUUHLFKHQ OLH‰H³ 6 (V ZLUG DOVR NODU GDVV /HKUHU QHEHQ
GHU(UZDUWXQJVKDOWXQJXQGGHP)KUXQJVDQVSUXFKYRUDOOHPGHU:HUWVFKlW]XQJGHU
6FKOHU ]HQWUDOH %HGHXWXQJ EHLPHVVHQ VROOWHQ %H]LHKXQJ VROOWH YRU (U]LHKXQJ
NRPPHQ
%(LQIOXVVGHV/HKUHUVE]ZGHU/HKUHU6FKOHU%H]LHKXQJ
,Q GLHVHP .DSLWHO ZLUG DXVJHZLHVHQ ZHOFKHQ (LQIOXVV GLH /HKUHU6FKOHU
%H]LHKXQJDXIGLH/HLVWXQJVPRWLYDWLRQKDW
³:HVXJJHVWWKDWQHHGIRUDXWRQRP\DQGUHODWHGQHVVDUHIXQGDPHQWDOWRHGXFDWLRQDO
SURFHVVHVDQGWKHPRWLYDWLRQIRUHQJDJHPHQWLQVFKRRODFWLYLWLHV´5\DQ3RZHO
VRQ6'LHVHV=LWDWZHLVWDXIGLHIXQGDPHQWDOH5ROOHGHU/HKUHU6FKOHU
%H]LHKXQJXQGGHU$XWRQRPLH]XKDQGHQGHU)|UGHUXQJGHU/HUQXQG/HLVWXQJVPR
WLYDWLRQKLQ
-HGRFKLVWGLH6FKOXVVIROJHUXQJIDOVFKGDVVGLH/HKUSHUVRQQXUDXIHLQHP|JOLFKVW
JXWH%H]LHKXQJVHW]HQVROOWH'LH6FKOHUHUZDUWHQLP8QWHUVFKLHG]XU(OWHUQ.LQG
%H]LHKXQJHLQHSURIHVVLRQHOOH%H]LHKXQJVJHVWDOWXQJGHV/HKUHUV8OLFKXQG-HUXVD
OHP]LWLHUHQ6WXGLHQ]XP(QWKXVLDVPXVLQGHQHQKHUDXVNDPGDVVDQJHPHV
VHQHV 6FKOHUYHUKDOWHQ DP ZDKUVFKHLQOLFKVWHQ ZDU EHL HLQHP PLWWOHUHQ *UDG YRQ
(QWKXVLDVPXVGHV/HKUHUVZlKUHQGEHVRQGHUVHQWKXVLDVWLVFKH/HKUHUHKHUHLQ0D
QDJHPHQWSUREOHP LQ GHU .ODVVH KDWWHQ YJO 6 )HQG HW DO EULQJHQ HV
DXIGHQ3XQNWLQGHPVLHIHVWKDOWHQÄ/HKUHUVLQGLQGHU/DJHJQVWLJH%HGLQJXQJHQ
IU HLQH KRKH /HUQ XQG /HLVWXQJVPRUDO LKUHU 6FKOHU ]X VFKDIIHQ 6LH VLQG LQ GHU
.RPELQDWLRQ KRKHU /HLVWXQJVHUZDUWXQJHQ XQG SRVLWLYHU 6R]LDOEH]LHKXQJHQ ]X GHQ
6FKOHUQ]XVXFKHQ³6'LHVHQWVSULFKWZLHGHUXPGHPI|UGHUQGHQDEHUDXFK
IRUGHUQGHP(U]LHKXQJVVWLOZHOFKHUDXWRULWDWLYJHQDQQWZLUGV.DS
)RUVFKXQJVVWDQG
$X‰HUIDPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
'LH IROJHQGHQ $EVFKQLWWH ZHLVHQ DXI GLH 5HOHYDQ] GHU /HKUHU6FKOHU%H]LHKXQJ
XQGLKUH:LUNXQJDXIGLHOHLVWXQJVPRWLYDWLRQVEH]RJHQH(QWZLFNOXQJYRQ6FKOHUQ
KLQ
.LQGHU LP 9RUVFKXODOWHU ]HLJWHQ XQWHU $QZHVHQKHLW HLQHU HUZDFKVHQHQ 3HUVRQ
6R]LDOEHGLQJXQJJU|‰HUHVOHLVWXQJVPRWLYLHUWHV+DQGHOQLQ)RUPYRQ6WRO]E]Z
6FKDPZDUHQDXFKHUKHEOLFKDXVGDXHUQGHUXQGWROHULHUWHQPHKU0LVVHUIROJHDOV
ZHQQ LKQHQ QLHPDQG EHL GHQ 7lWLJNHLWHQ EHLZRKQWH $OOHLQEHGLQJXQJ 'DV
$XVPD‰ HUOHEWHU :HUWVFKlW]XQJ LQ GHQ ,QWHUYHQWLRQVJUXSSHQ PRGHULHUWH GLHVH
(IIHNWH ]XGHP SRVLWLY YJO +RORG\QVNL 'LHVH QHXHUH 6WXGLH ZHLVW NODU
DXIGHQVR]LDOHQ.RQWH[WDOV%HGLQJXQJYRQOHLVWXQJVPRWLYLHUWHP+DQGHOQKLQ
*HPl‰:LOGXQG+RIHU6VLQG]DKOUHLFKH%HIXQGHDXV4XHUVFKQLWWV
VWXGLHQ YRUKDQGHQ ZRQDFK GLH LQWULQVLVFKH 0RWLYDWLRQ GHU 6FKOHU XPVR K|KHU
LVWMHPHKU0|JOLFKNHLWHQ]XU0LWEHVWLPPXQJ/HKUHUHLQUlXPHQMHPHKUVLHDXI
GLUHNWLYNRQWUROOLHUHQGH9HUKDOWHQVZHLVHQYHU]LFKWHQXQGMHSRVLWLYHULKUH%H]LH
KXQJ]X6FKOHUQLVW
1DFK :LOG NRQQWH EHL 6HFKVW XQG 6LHEWNOlVVOHUQ HLQH XPVR K|KHUH
LQWULQVLVFKH0RWLYDWLRQJHPHVVHQZHUGHQMHPHKULKUH/HKUHUDOVHPRWLRQDO]X
JHZDQGW VWUXNWXULHUHQG DXWRQRPLHXQWHUVWW]HQG XQG VWLPXOLHUHQG ZDKUJHQRP
PHQZXUGHQ
'XUFKHLQHLQIDFKHV(OHPHQWGHU%H]LHKXQJVSIOHJH]ZLVFKHQ6FKOHUXQG/HKUHU
NRQQWH HLQH %HUOLQHU 6FKXOH ]HQWUDOH 3UREOHPH ZLH *HZDOW XQG 9DQGDOLVPXV LQ
GHQ*ULIIEHNRPPHQ(VVLQGQDFKGLHVHP%HLVSLHOQLFKWYRUDOOHP'LV]LSOLQLH
UXQJVPD‰QDKPHQ VRQGHUQ GDV (UQVWQHKPHQ XQG GDV ,QWHUHVVH YRQ 6HLWHQ GHU
/HKUHUZHOFKHEHL6FKXOVFKZLHULJNHLWHQZLUNWHQYJO+RSI6
:HQW]HO FKDUDNWHULVLHUWHHIIHNWLYH6FKXOHQDOVÄFDULQJFRPPXQLWLHV³6LH
EHIUDJWH ÄPLGGOH VFKRRO³6FKOHU QDFK 0HUNPDOHQ YRQ ÄFDULQJ XQG XQFDULQJ
WHDFKHUV³ 'LH $QWZRUWHQ ODVVHQ VLFK ZLH IROJW ]XVDPPHQIDVVHQ )UVRUJOLFKH
/HKUHU XQWHUULFKWHQ LQWHUHVVDQW GLVNXWLHUHQ PLW 6FKOHUQ XQG N|QQHQ JXW ]XK|
UHQVLQGIDLUXQGIUDJHQQDFKREGLH6FKOHU+LOIHJHEUDXFKHQN|QQHQ,QWHUHV
VDQW LVW QXQ GDVV 6FKOHU PLW ÄFDULQJ WHDFKHUV³ VRZRKO PRWLYDWLRQDO SURVR]LDO
DOV DXFK EH]JOLFK .RQWUROOEHU]HXJXQJHQ ± JHPl‰ LKUHQ HLJHQHQ $QJDEHQ ±
EHVVHUDEVFKQLWWHQDOVVROFKHPLWÄXQFDULQJWHDFKHUV³'DVIUVRUJOLFKH9HUKDOWHQ
YRQ /HKUHUQ LVW LQ GHU %LODQ] DOVR IU 6FKOHU MHGHQ $OWHUV ZLFKWLJ YJO 3HUU\
7XUQHUXQG0H\HU6
*HPl‰+RIHUN|QQHQ(UZDUWXQJHQDOVQDLYH9RUKHUVDJHQEHWUDFKWHWZHU
GHQZHLOVLHDXFKVRZLUNHQÄ(UZDUWHQGLH/HKUHUYRQGHQ.LQGHUQJU|‰HUHLQ
WHOOHNWXHOOH )RUWVFKULWWH VR PDFKHQ VLFK GLHVH DXFK WDWVlFKOLFK EHL GHQ .LQGHUQ
EHPHUNEDU³5RVHQWKDO-DFREVHQ6'DVÄ5RVHQWKDO([SHULPHQW³
JLOW MHGRFK DOV XPVWULWWHQ ZHLO LKP PHWKRGLVFKH 0lQJHO YRUJHZRUIHQ ZHUGHQ
YJO]%+RIHU6II
:HQQ6FKOHULQGHU/HLVWLNRZ+DXSWVFKXOHLQ%HUOLQXQHQWVFKXOGLJWIHKOHQPHOGHQVLFKDPJOHLFKHQ
6FKXOWDJGLH.ODVVHQOHLWHULQQHQWHOHIRQLVFKEHLGHQ(OWHUQXQGIUDJHQQDFK'HU(UIROJGLHVHV(QJDJHPHQW
EOHLEWQLFKWDXV'LH6FKOHUIKOHQVLFKHUQVWJHQRPPHQ
)RUVFKXQJVVWDQG
$X‰HUIDPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
2KQH GDVV 8OLFK 6 I DXI GLH 'LVNXVVLRQ XQG .ULWLN GHV 5RVHQWKDO
([SHULPHQWVHLQJHKWIROJHUWHUGDVVGLHDQWL]LSLHUHQGH(UZDUWXQJVKDOWXQJ6HOI
)XOILOOLQJ3URSKHF\ LQ GHU 6FKXOH LKUH %HUHFKWLJXQJ KDW (U YHUZHLVW GDUDXI
GDVV GLH ,QWHUDNWLRQ ]ZLVFKHQ /HKUHUQ XQG 6FKOHUQ QLFKW QXU EH]JOLFK 'DXHU
PHLVWHQV]ZHLRGHUPHKU6FKXOMDKUHVRQGHUQDXFKEH]JOLFK)UHTXHQ]SUlJHQG
DXI.LQGHUXQG-XJHQGOLFKHLVW,QVEHVRQGHUHEHLMQJHUHQ6FKOHUQXQGEHL(U
ZDUWXQJHQ ZHOFKH VLFK DXI GDV /HLVWXQJVYHUKDOWHQ EH]LHKHQ ZLUNH GLHVHU 0H
FKDQLVPXV
Ä:HUGLH0RWLYDWLRQE]ZGLH0RWLYDWLRQVV\VWHPHYRQ.LQGHUQXQG-XJHQGOL
FKHQDNWLYLHUHQZLOO PXVVGLH3ULPlUWXJHQGGHU%HDFKWXQJXQGYHUVWlQGQLVYRO
OHQ =XZHQGXQJ ]XP .LQG LQ GHQ 0LWWHOSXQNW VWHOOHQ EHYRU GLH 1RWZHQGLJNHLW
YRQ 'LV]LSOLQ 2UGQXQJ $XWRULWlW XQG 6WUDIH LQV 6SLHO JHEUDFKW ZLUG³ %DXHU
D6
$XFK )UHL NRPPW LQ LKUHU $UEHLW UXQG XP GLH Ä3lGDJRJLVFKH $XWRULWlW³
DXI GDV ZLFKWLJH (OHPHQW GHU %H]LHKXQJ ]X VSUHFKHQ ZHOFKHEHLP .ODVVHQPD
QDJHPHQW XQG LQVEHVRQGHUH EHL DXWRULWlWVDEOHKQHQGHQ 6FKOHUQ EHVRQGHUV EH
DFKWHWZHUGHQVROOWHÄ$XWRULWlWVDEOHKQHQGH6FKOHUYHUPLVVHQHLQH/HKUSHUVRQ
GLH DXIPHUNVDP UFNVLFKWVYROO JHUHFKW XQG KXPRUYROO HWF LVW³ 6 'LHV
]HLJWHLQPDOPHKUDXIZHOFKH%HGHXWXQJGHUVR]LDOH8PJDQJGHU/HKUSHUVRQLQ
LKUHU 9RUELOGUROOH IU GLH %H]LHKXQJ ]ZLVFKHQ LKU XQG DXWRULWlWVDEOHKQHQGHQ
6FKOHUQKDW'HQQJHPl‰6HQQHWWZHLVWDXFKGLHEHLP6FKOHUIHVWVWHOO
EDUH$EOHKQXQJGHUÄ/HKUSHUVRQDOV$XWRULWlW³DXIHLQH%LQGXQJ]ZLVFKHQ6FK
OHUXQG/HKUHUKLQ
'LH4XDOLWlWGHV/HKUHUVLQ]ZHL6FKZHL]HU.DQWRQHQDXV6LFKWHLQHUUHSUlVHQWD
WLYHQ(OWHUQVFKDIWZLUGYRUDOOHP DQVR]LDOHQ$VSHNWHQJHPHVVHQZHQQ)UDJHQ
GHU6FKXOTXDOLWlWXQG6FKXOZDKOIU(OWHUQLP9RUGHUJUXQGVWHKHQYJO$UQHW
/RRVHU6
6FKXOHQ PRGHULHUHQ EHU (UZDUWXQJHQ XQG GHQ SlGDJRJLVFKHQ 6WLO GLH 0RWLYD
WLRQVVWUXNWXU GHU 6FKOHU 'DEHL LVW LQVEHVRQGHUH GLH (UNHQQWQLV YRQ )HQG XQG
6W|FNOLZLFKWLJGDVVGDVSlGDJRJLVFKH.OLPDLQÄQLHGULJHUHQ³6FKXOIRU
PHQ EHGHXWVDPHU DOV LQ K|KHUHQ LVW YJO 6 )U GLH GLIIHUHQWLHOOHQ %HUHFK
QXQJHQ LQ +DXSWVFKXOH XQG *\PQDVLXP VROO GLHVHU (UNHQQWQLV LP 5DKPHQ GHU
WKHPDWLVFKHQ $XVHLQDQGHUVHW]XQJ PLW GHU /HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJ
QDFKJHJDQJHQZHUGHQ
:HLOVLFKGHUEOLFKH8QWHUULFKWLQGHQGHXWVFKHQ5HJHOVFKXOHQJHPl‰8OLFK
GDGXUFK DXV]HLFKQHW GDVV /HLVWXQJVVLWXDWLRQHQ JHJHQEHU GHQ /HUQVLWXDWLRQHQ GR
PLQLHUHQ KDW HV ]XU )ROJH GDVV GLH 6FKOHU VLFK XP (UIROJH RGHU GLH $EZHQGXQJ
YRQ0LVVHUIROJHQEHPKHQ8QGJHQDXGDGXUFKZHUGHQ1HXJLHU,QWHUHVVHXQGLQ
KDOWOLFKHV9HUVWHKHQEORFNLHUWYJO6
8OLFK ZHLVW LQ GLHVHP =XVDPPHQKDQJ QRFK DXI HWZDV KLQ )U GDV ,QWHUHVVH GHU
6FKOHUKDEHQGLH/HKUHUDXVVFKODJJHEHQGH%HGHXWXQJ,KUH.RPSHWHQ]XQG0RWL
YDWLRQ LKUH 7KHPHQZDKO XQG LKU HLJHQHV ,QWHUHVVH DQ GHQ /HKULQKDOWHQ VLQG GLH
ZLFKWLJVWHQ%HGLQJXQJHQGDVV6FKOHULQWULQVLVFKOHUQHQYJO6I0DQVLHKW
)RUVFKXQJVVWDQG
$X‰HUIDPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
GDVVDXFKKLHUGLH0RGHOOZLUNXQJDQJHVSURFKHQLVW/HKUHUGLHVHOEVWPRWLYLHUWVLQG
XQG,QWHUHVVH]HLJHQEHZLUNHQGLHVHQ(IIHNWDXFKEHLLKUHU6FKOHUVFKDIW
6FKOLH‰OLFKVROOHQ]XU%H]XJVQRUP7KHPDWLNGHU/HKUHUZLHVLHVFKRQHLQPDODQJH
W|QWZXUGHLP=XVDPPHQKDQJPLWGHU/HLVWXQJVPRWLYDWLRQVI|UGHUXQJQRFKZHVHQW
OLFKH(LQIOXVVIDNWRUHQJHQDQQWZHUGHQ
/HKUHUPLWVR]LDOHU%H]XJVQRUPWHQGLHUHQGD]XGLH/HLVWXQJHQGHU6FKOHUYRUDO
OHP DQKDQG GHU )lKLJNHLWHQ XQG )OHL‰ VWDELOH XQG LQWHUQDOH )DNWRUHQ ]X HUNOlUHQ
XQGYRUDOOHPDXFKEHUGXUFKVFKQLWWOLFKH6FKOHU]XOREHQ'LHVZLUNWDOVRQHJDWLY
DXIGDV%HJDEXQJVVHOEVWELOGYRQHKHUVFKZlFKHUHQ6FKOHUQ'DUXPLVWHLQHLQGLYL
GXHOOH %H]XJVQRUPRULHQWLHUXQJ YRQ /HKUHUQ ]X EHJU‰HQ hEHUGXUFKVFKQLWWOLFKH
6FKOHUGUIHQEHLHLQHP/HLVWXQJVDEIDOOLQPRWLYDWLRQDOHU+LQVLFKWDXFKPDOJHWD
GHOWZHUGHQZlKUHQGXQWHUGXUFKVFKQLWWOLFKH6FKOHUYRQ6HLWHQGHV/HKUHUVYRUDO
OHP/REEUDXFKHQXPLKUHPRWLYDWLRQDOHQ.UlIWH]XPRELOLVLHUHQ0LWGHU$QZHQ
GXQJ HLQHV LQGLYLGXDOLVLHUHQGHQ 8QWHUULFKWV VRUJHQ VLH VR LQVJHVDPW IU HLQH /HLV
WXQJVPRWLYDWLRQVI|UGHUXQJEHLEHLGHQ*UXSSHQ8OLFKIDVVWGLH/HKUHUTXDOL
WlW XQG GHUHQ :LUNXQJ ]XVDPPHQ :HQQ HV /HKUHUQ DQQlKHUQG JHOLQJW RGHU ZHQQ
VLHVLFKLQGHQ$XJHQGHU6FKOHU]XPLQGHVWHUNHQQEDUGDUXPEHPKHQJHUHFKW]X
VHLQ IDFKOLFK XQG GLGDNWLVFK NRPSHWHQWHQ 8QWHUULFKW ]X ELHWHQ XQG SHUV|QOLFK DXI
GLH6FKOHUHLQ]XJHKHQÄGDQQGUIWHQLKUH%H]LHKXQJHQ]XGHQ6FKOHUQLP6FKXO
DOOWDJHLQLJHUPD‰HQIUHLVHLQYRQJDQ]JUREHQ6W|UXQJHQXQG.RQIOLNWHQ³6
%H]XJQHKPHQG ]XU 6'7 IKUHQ SRVLWLYH /HKUHUEHPKXQJHQ ]X SRVLWLYHQ /HKUHU
6FKOHU%H]LHKXQJHQ XQG VFKOLH‰OLFK ]X K|KHUHQ /HUQ XQG /HLVWXQJVPRWLYDWLRQV
ZHUWHQEHLGHQ6FKOHUQZDVVLFKZLHGHUXPOHLVWXQJVPl‰LJDXVZLUNW5\DQ6WLOOHU
XQG/\QFKKDEHQGLHVEHVWlWLJW6FKOHUGLHVLFKYRQLKUHQ/HKUHUQJHDFKWHW
XQG JHUHFKW EHKDQGHOW IKOHQ ]HLJHQ HLQH K|KHUH 0RWLYDWLRQ XQG HLQH SRVLWLYHUH
(LQVWHOOXQJ]XU6FKXOH
,QVXPPDU\WKHFXUUHQWILQGLQJVVXSSRUWWKHYLHZWKDWSKHQRPHQDOUHSUHVHQ
WDWLRQRILQWHUSHUVRQDOUHODWLRQVKLSVZLWKWHDFKHUVSDUHQWVDQGIULHQGVLQDGR
OHVFHQFHDUHDVVRFLDWHGLQGLIIHUHQWLDWHGZD\VWRVFKRRODQGVHOIUHODWHGIXQF
WLRQLQJ7KHILQGLQJVDUJXHIRUWKHUHOHYDQFHRIVWXG\LQJUHODWHGQHVVZLWKUH
VSHFWWRHGXFDWLRQDOSURFHVVHVDQGVXJJHVWWKDWIHHOLQJVRIFRQQHFWLRQDQGVH
FXULW\ ZLWK RWKHUV FDQ SOD\ D FUXFLDO UROH LQ DFDGHPLF VRFLDOL]DWLRQ DQG DG
MXVWPHQW 7KH\ DOVR SRLQW WR WKH LPSRUWDQFH RI WKH LQWHUSHUVRQDO H[SHULHQFH
EHWZHHQWHDFKHUVDQGVWXGHQWVLQIDFLOLWDWLQJDGDSWDWLRQZLWKLQWKHGRPDLQRI
HGXFDWLRQ5\DQHWDO6
%HGHXWXQJXQG(LQIOXVVGHV6FKXOXQG.ODVVHQNOLPDV
$=XP6FKXOXQG.ODVVHQNOLPD
8QWHU GLHVHP .DSLWHO ZHUGHQ GLH IROJHQGHQ .RQVWUXNWH WKHPDWLVLHUW 6FKXO XQG
.ODVVHQNOLPD:RKOIKOHQLQ6FKXOH$QRQ\PLWlWDQGHU6FKXOH6WDWXVUHOHYDQ]GHU
6FKXOOHLVWXQJ LQQHUKDOE GHU .ODVVH 6ROLGDULWlW .RQNXUUHQ]NDPSI XQG =XVDPPHQ
)RUVFKXQJVVWDQG
$X‰HUIDPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
KDOWLQGHU.ODVVHVD.DS*HPl‰8OLFKXQG-HUXVDOHPXPIDVVWGDV
8QWHUULFKWVNOLPD LQ GHU GHXWVFKVSUDFKLJHQ )RUVFKXQJ GLH YRQ 6FKOHUQ ZDKUJH
QRPPHQHQ 8PZHOWPHUNPDOH /HLVWXQJVGUXFN .RQNXUUHQ]GUXFN $QRQ\PLWlW XQG
5HJHOORVLJNHLW6RPLWVLQGGLHKLHUYHUZHQGHWHQ9DULDEOHQGHUVFKXOLVFKHQ8PZHOW
EHOHJW
-HUXVDOHPXQG6FKZDU]HUYHUZHQGHQEHLGHU%HVFKUHLEXQJGHU/HUQXPZHOW
GHQ 6R]LDOLVDWLRQVEHJULII Ä8QWHU /HUQXPZHOW ZLUG PHLVW HLQH .RQVWHOODWLRQ YRQ
5DKPHQEHGLQJXQJHQ YHUVWDQGHQ GLH I|UGHUOLFK RGHU KLQGHUOLFK DXI GLH 6R]LDOLVD
WLRQVYRUJlQJHHLQZLUNHQ³6$XIGLH6FKXOHEH]RJHQPHLQWHVGDV/HKUHUYHU
KDOWHQGLHUlXPOLFKH8PJHEXQJXQGGLHVR]LDOH=XVDPPHQVHW]XQJGHU.ODVVH)U
-HUXVDOHP XQG 6FKZDU]HU LVW YRU DOOHP GLH VXEMHNWLYH :DKUQHKPXQJ HQWVFKHLGHQG
]%HUOHEWHU/HLVWXQJVXQG.RQNXUUHQ]GUXFNZDKUJHQRPPHQH=XZHQGXQJ$QR
Q\PLWlW«,QVRIHUQZLUGDXFKGHXWOLFKGDVVGLHSHU]LSLHUWHQ(LQVFKlW]XQJHQGHU
-XJHQGOLFKHQ]XU9RUKHUVDJHGHU/HLVWXQJVPRWLYDWLRQOHJLWLPVLQG
8QWHU GHP .RQVWUXNW 6FKXONOLPD ZLUG QDFK )HQG GLH RUJDQLVDWRULVFKH GLH
VR]LDOHXQGGLHQRUPDWLYH8PZHOWGHU6FKXOHLQGHU:DKUQHKPXQJGHU%HWHLOLJWHQ
HUIDVVW (V JHKW GDEHL XP GLH Ä9HUOHEHQGLJXQJ³ GHU LQVWLWXWLRQHOOHQ 9HUKlOWQLVVH
ÄGXUFKGLH,QGLYLGXDOLWlWGHU/HKUHUXQG6FKOHU³±XQGXPGLH:DKUQHKPXQJGLH
VHU Ä9HUOHEHQGLJXQJ³ DOV Ä.OLPD³ HLQHU (LQULFKWXQJ 6 :LH GLH %HJULIIH
6FKXOHWKRVXQG6FKXONXOWXUXPIDVVWHVGLH$UWXQG:HLVHZLHHLQHEHVWLPPWH6FKX
OH LKUH (U]LHKXQJV XQG 8QWHUULFKWVDUEHLW ZDKUQLPPW DEHU DXFK GLH (LQVWHOOXQJHQ
+DOWXQJHQXQG1RUPHQGLHDQHLQHU6FKXOHJHOWHQYJO(GHU6I
%(LQIOXVVGHV.ODVVHQNOLPDV
%HLGHU8QWHUVXFKXQJYRQ5LVLNRZHOWHQIUGLH(QWZLFNOXQJGHU6FKOHUSHUV|QOLFK
NHLWIDVVHQ-HUXVDOHPXQG6FKZDU]HUXQWHU9HUZHQGXQJYRQPHKUHEHQHQDQD
O\WLVFKHQ/lQJVVFKQLWW$QDO\VHQ]XVDPPHQGDVV6FKOHULQNOLPDQHJDWLYHQ.ODVVHQ
LP'XUFKVFKQLWWPHKU+LOIORVLJNHLW$QJVW.RQWUROOYHUOXVWXQGZHQLJHU6HOEVWZHUW
JHIKO XQG (UIROJV]XYHUVLFKW ]HLJWHQ DOV 6FKOHU LQ NOLPDSRVLWLYHQ .ODVVHQ ,QVEH
VRQGHUHEHLMXQJHQ6FKOHUQZLUNWHVLFKGLHVVWDUNDXV'DV.ODVVHQNOLPDZHUGH]X
GHP YRU DOOHP GXUFK GLH ZDKUJHQRPPHQH /HKUHU9HUKDOWHQVZHLVHQ EHVWLPPW 6LH
ZHLVHQ DOVR QDFK GDVV GLH OHUQXPZHOWVSH]LILVFKHQ %HGLQJXQJHQ ÄLQ HUKHEOLFKHQ
0D‰H³ DXI GLH 6HOEVWNRQ]HSWHQWZLFNOXQJ HLQZLUNHQ YJO 6 'LH 9HUPXWXQJ
OLHJWQDKHGDVVGLHVFKXOLVFKH/HUQXPZHOWHEHQVRDXIGDV3HUV|QOLFKNHLWVPHUNPDO
/HLVWXQJVPRWLYDWLRQHLQZLUNW
1DFK(GHU6ILVWGDV6FKXONOLPDHLQHU6FKXOHEHLGHU%HHLQIOXVVXQJGHU
6FKOHUVFKDIWYRQDXVVFKODJJHEHQGHU%HGHXWXQJ)HQGKlOWELODQ]LHUHQGIHVW
GDVV HLQ YHUWUDXHQVYROOHV VR]LDOHV .OLPD ]X HLQHP SRVLWLYHQ 6FKXOLQYROYHPHQW GHU
6FKOHUXQGHLQHUSRVLWLYHQ/HKUHU6FKOHU=XVDPPHQDUEHLWPLWNRQVWUXNWLYHU3URE
OHPO|VXQJIKUWYJO6'DEHLKlOWHUH[SOL]LWIHVWGDVVXQWHUGHU%HWRQXQJGHV
.OLPDVGLH/HLVWXQJVDQIRUGHUXQJHQQLFKWLQGHQ+LQWHUJUXQGJHUDWHQÄ(LQYHUWUDX
HQVYROOHV VR]LDOHV .OLPD VFKHLQW VLFK DXI GHQ /HLVWXQJVEHUHLFK ZHGHUSRVLWLY QRFK
)RUVFKXQJVVWDQG
$X‰HUIDPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
QHJDWLYDXV]XZLUNHQ³6(UEHVFKOLH‰WGDV)D]LWGHV%XFKHVPLWGHP+LQZHLV
DXIGDV%DODQFH3UREOHPGLH/HLVWXQJVEHUHLWVFKDIW]XVWDELOLVLHUHQRKQHGDIUGHQ
3UHLV HLQHV UHGX]LHUWHQ 6HOEVWEHZXVVWVHLQV GHU 6FKOHU ]X ]DKOHQ YJO 6 ,Q
GHQ GLIIHUHQ]LHUWHQ (UJHEQLVVHQ DXV GHP .RQVWDQ]HU /lQJVVFKQLWW VFKOlJW GHU =X
VDPPHQKDQJ ]ZLVFKHQ .OLPD XQG /HLVWXQJVPRWLYDWLRQ LQVEHVRQGHUH EHL PlQQOL
FKHQ+DXSWVFKOHUQ]X%XFKH6RZRKOLQGHUGHXWVFKHQDOVDXFKLQ GHU6FKZHL]HU
6WLFKSUREHJDEHV±JHJHQEHU6FKOHUQDP*\PQDVLXP±KRKH.RUUHODWLRQHQ]ZL
VFKHQ:RKOIKOHQXQG$QVWUHQJXQJVEHUHLWVFKDIWLQGHU+DXSWVFKXOH]XEHREDFKWHQ
YJO)HQG6
,QVJHVDPWLVWDOVRGHUJUR‰H6WHOOHQZHUWGHV6FKXOXQG.ODVVHQNOLPDVYRUDOOHPIU
GLH-XJHQGOLFKHQYRQ+DXSWVFKXOHQGHXWOLFKJHZRUGHQ
%HGHXWXQJXQG(LQIOXVVGHU3HHUJURXS
$=XU%HGHXWXQJGHU$QHUNHQQXQJXQG,QWHJUDWLRQEHLGHU3HHUJURXS
1DFK 6LHJOHU 'H/RDFKH XQG (LVHQEHUJ N|QQHQJUXQGOHJHQGH $VSHNWH ]XP
7KHPDÄ%H]LHKXQJHQ]X*OHLFKDOWULJHQ³]XVDPPHQJHIDVVWZHUGHQ
Ä.LQGHU EHIUHXQGHQ VLFK LQ GHU 5HJHO PLW 3HHUV GLH KLQVLFKWOLFK YRQ $OWHU
*HVFKOHFKWXQG5DVVHPLWLKQHQEHUHLQVWLPPHQXQGGLHVLFKKLQVLFKWOLFKLK
UHU$JJUHVVLYLWlW*HVHOOLJNHLWXQG.RRSHUDWLYLWlWlKQOLFKYHUKDOWHQ³6
Ä'LH$EOHKQXQJGXUFKGLH3HHUVLQGHU.LQGKHLW±EHVRQGHUVDXIJUXQGYRQ
$JJUHVVLYLWlW ± HUODXEW 9RUKHUVDJHQ DXI VSlWHUH 6FKXOSUREOHPH DXI .UL
PLQDOLWlW 'URJHQPLVVEUDXFK VR]LDOHQ 5FN]XJ (LQVDPNHLW XQG 'HSUHV
VLRQ³6
'DV (OWHUQKDXV EHHLQIOXVVW DEHU GLH $QHUNHQQXQJ XQG GLH ,QWHJUDWLRQ EHL GHU
3HHUJURXS HQWVFKHLGHQG PLW Ä,Q hEHUHLQVWLPPXQJ PLW GHQ 9RUKHUVDJHQ GHU %LQ
GXQJVWKHRULH VLQG VLFKHU JHEXQGHQH .LQGHU LQ LKUHP 9HUKDOWHQ XQG LKUHP $IIHNW
PHLVWHQV SRVLWLYHU VLH VLQG VR]LDO JHVFKLFNWHU XQG ZHUGHQ PHKU JHPRFKW DOV XQVL
FKHUJHEXQGHQH.LQGHU³HEG
:LJILHOG HW DO IDVVHQ GLH DNWXHOOHQ )RUVFKXQJVEHIXQGH ]XU )|UGHUXQJ GHU
/HUQXQG/HLVWXQJVPRWLYDWLRQLP5DKPHQGHU6R]LDOLVDWLRQEHLGHU3HHUJURXSDQ
KDQGYRQYLHUJUXQGVlW]OLFKHQ$VSHNWHQ]XVDPPHQYJO6
6R]LDOHU9HUJOHLFKXQG6HOEVWEHZHUWXQJ,QVEHVRQGHUH-XJHQGOLFKHVLQGDXIJUXQG
GHV±LP9HUJOHLFK]XDQGHUHQ$OWHUVJUXSSHQ±VHKUEHGHXWVDPHQVR]LDOHQ9HU
JOHLFKV EHVRQGHUV DQIlOOLJ IU QHJDWLYH $XVZLUNXQJHQ DXI LKUH PRWLYDWLRQDOHQ
$XVSUlJXQJHQ
6R]LDOH.RPSHWHQ]HQ XQG0RWLYDWLRQ,Q GHU 3HHUJURXSEHOLHEWH .LQGHU N|QQHQ
VLFK PHKU DXI GDV /HUQHQ NRQ]HQWULHUHQ XQG ]HLJHQ VRPLW K|KHUH 0RWLYDWLRQV
ZHUWHDOVZHQLJHUEHOLHEWHXQGLQWHJULHUWH.LQGHU
*OHLFKDOWULJHDOV&R/HUQHU(VZLUGJUXQGVlW]OLFKGDYRQDXVJHJDQJHQGDVVNR
RSHUDWLYHV /HUQHQV LQ GHU 6FKXOH SRVLWLYH :LUNXQJHQ DXI GLH /HUQ XQG /HLV
WXQJVPRWLYDWLRQGHU6FKOHUKDW
)RUVFKXQJVVWDQG
$X‰HUIDPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
3HHUJURXS(LQIOVVH -XJHQGOLFKH VFKlW]HQ GLH SHHUJURXSEH]RJHQHQ VR]LDOHQ
$NWLYLWlWHQDOVVHKUZLFKWLJHLQLP9HUJOHLFK]XLKUHQDQGHUHQ$NWLYLWlWHQ'DU
XPKDWGLH*OHLFKDOWULJHQJUXSSHHLQHQQLFKW]XXQWHUVFKlW]HQGHQ(LQIOXVVDXIGLH
/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJ 6FKXOHQ ZHOFKH HV VFKDIIHQ *HIKOH GHV
$XIJHKREHQVHLQV PLW P|JOLFKVW ZHQLJ $XVJUHQ]XQJVYRUIlOOHQ YRQ HLQ]HOQHQ
6FKOHUQLQ.ODVVHQ]XJHQHULHUHQJHVWDOWHQVRLQSRVLWLYHU:HLVHGLH3HHUJURXS
(LQIOVVHPLW
'HUOHW]WH3XQNWZHLVWGDUDXIKLQGDVVHVQLFKWYDGLHIXQNWLRQLHUHQGHQ%H]LHKXQ
JHQLQGHU3HHUJURXSVRQGHUQGHUHQVFKXOEH]RJHQH(LQVWHOOXQJHQVLQGGLHVLFKDXI
GLH/HLVWXQJVPRWLYDWLRQDXVZLUNHQ'LH5ROOHGHUVR]LDOHQ(LQJHEXQGHQKHLWEHLGHU
3HHUJURXS LVW QlPOLFK IU GLH 0RWLYDWLRQVHQWZLFNOXQJ HLQH DQGHUH DOV MHQH LP
6FKXONRQWH[W 5\DQ HW DO ]HLJWHQ GDVV GLH 4XDOLWlW GHU /HKUHU6FKOHU
%H]LHKXQJXQGGLH(OWHUQ.LQG%H]LHKXQJEHLGH]XHLQHUHUIROJUHLFKHQVFKXOLVFKHQ
0RWLYDWLRQEHLWUDJHQZlKUHQGGLH%H]LHKXQJHQGHV-XJHQGOLFKHQ]X)UHXQGHQDXV
GHU3HHUJURXSGLHVQLFKWOHLVWHQ
*XGMRQVEULQJWHVDXIGHQ3XQNWGDVVGLHEHVRQGHUH%H]LHKXQJXQWHU6FK
OHUQLP-DKUJDQJVNODVVHQXQWHUULFKW6HWWLQJHLQHEHVRQGHUHLVWXQGGDEHL6FKZLHULJ
NHLWHQ JHO|VW ZHUGHQ PVVHQ Ä6FKOHU PVVHQ YRU DOOHP DXVEDODQFLHUHQ ]ZLVFKHQ
.RQNXUUHQ] XQG *HPHLQVFKDIWVQRUPHQ³ 6 'LHVHU 3UR]HVV OlXIW LQ GHU
*UXQGVFKXOHDEHUDQGHUVDEDOVLQGHU6HNXQGDUVWXIH,'HUhEHUJDQJYRQGHU.LQG
KHLW]XU$GROHV]HQ]LVWPLWHLQHUÄIXQGDPHQWDOHQ5HRUJDQLVDWLRQGHU3HUV|QOLFKNHLW³
)HQG 6 YHUEXQGHQ $XI GHU 6HNXQGDUVWXIH WDXFKHQ ]% GDQQ *HJHQ
NUlIWH ]XU /HLVWXQJVEHUHLWVFKDIW DXI ÄZHQQ HLQIOXVVUHLFKH 0LWVFKOHU GLH VR]LDOH
$QHUNHQQXQJYRQGHU'LVWDQ]]XPRIIL]LHOOHQVFKXOLVFKHQ1RUPHQV\VWHPDEKlQJLJ
PDFKHQ³ DD2 6 'LHVHU P|JOLFKH QHJDWLYH $VSHNW GHU SRVLWLYHQ VR]LDOHQ
%H]LHKXQJ LP .ODVVHQYHUEDQG LVW YRU DOOHP DXV HQWZLFNOXQJVSV\FKRORJLVFKHU 3HU
VSHNWLYH KHUDXV]XKHEHQ ,P -XJHQGDOWHU PXVV DOVR GLH VR]LDOH (LQELQGXQJ LQ GHU
3HHUJURXS QLFKW XQEHGLQJW LQ HLQHP SRVLWLYHQ 9HUKlOWQLV ]XU /HLVWXQJVPRWLYDWLRQ
VWHKHQ
$XVGLHVHQ*UQGHQZHUGHQ]ZDU9DULDEOHQEHUGLH3HHUJURXSLQGLH%HUHFKQXQ
JHQ LQ .DSLWHO HLQIOLH‰HQ -HGRFK OLHJW GDV (UNHQQWQLVLQWHUHVVH YD DXI GHQ (LQ
IOVVHQYRQ(OWHUQXQG/HKUHUQ
)HQGYHUZHLVW]XGHPDXIGLH7DWVDFKHGDVVLQGHU3KDVHGHU$GROHV]HQ]GLH
VR]LDOH 6WHOOXQJ LQ GHU .ODVVH EHOLHEW DEJHOHKQW XQEHDFKWHW « VWDELOHU DOV GLH
/HLVWXQJVEHZHUWXQJGXUFKGHQ/HKUHULVWYJO6(LQEHGHQNHQVZHUWHV(UJHE
QLV'LH6WHOOXQJGLHPDQLQGHU.ODVVHZlKUHQGGHU-XJHQG]HLWHLQQLPPWE]Z]X
JHZLHVHQ EHNRPPW YHUlQGHUW VLFK SUDNWLVFK EHU GLH -DKUH KLQZHJ QXU ZHQLJ
VSULFKIUHLQHQ7HLOHLQHQWZLFNOXQJVEHGURKHQGHU6DFKYHUKDOW
)RUVFKXQJVVWDQG
$X‰HUIDPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
%(LQIOXVVGHU3HHUJURXS
8P GHQ (LQIOXVV GHU 3HHUJURXS DXI PRWLYDWLRQDOH 3HUV|QOLFKNHLWVPHUNPDOH ]X WHV
WHQOLHJHQLP'DWHQVDW]]ZHL.RQVWUXNWHYRUÄ$QHUNHQQXQJGXUFK0LWVFKOHU³XQG
GLHÄ,QWHJUDWLRQGXUFKGLH3HHUV³VD.DS
Ä=DKOUHLFKH )RUVFKXQJVHUJHEQLVVH ZHLVHQ DXI HLQHQ HQJHQ =XVDPPHQKDQJ ]ZL
VFKHQ*UXSSHQVWDWXV*HOWXQJXQG%HOLHEWKHLWLQGHU6FKXONODVVHXQG/HUQOHLVWXQJ
/HUQPRWLYDWLRQKLQ³8OLFK-HUXVDOHP66RPLWLVWEHJUQGHWZDUXP
,QGLNDWRUHQGHU3HHUJURXSLQGLH6'7IXQGLHUWHQ%HUHFKQXQJHQPLWHLQIOLH‰HQPV
VHQ =XGHP N|QQHQ JHPl‰ )HQG E (QWZLFNOXQJVSUR]HVVH YRQ .LQGHUQ XQG
-XJHQGOLFKHQ QLFKW PHKU ]XUHLFKHQG YHUVWDQGHQ ZHUGHQ ÄZHQQ GLH $QDO\VH YRQ
(LQIOXVVIDNWRUHQ HWZD DXI GDV (OWHUQ.LQG9HUKlOWQLV RGHU DXI GLH 6FKOHU/HKUHU
%H]LHKXQJEHJUHQ]WZLUGXQGGDVJUR‰H)HOGGHU3HHUVGDPLWDXVJHODVVHQZLUG³6
,QVRIHUQZLUGDOVRHLQHDOOIlOOLJH%HHLQIOXVVXQJGHU/HLVWXQJVPRWLYDWLRQGXUFK
GLH VR]LDOH (LQJHEXQGHQKHLW EHL GHQ *OHLFKDOWULJHQ LQ GHQ %HUHFKQXQJHQ JHWHVWHW
WKHRUHWLVFKZLUGDEHUQLFKWZHLWHUHLQJHJDQJHQDXIHQWVSUHFKHQGH7KHRULHQZLH]%
GLH ,QGLYLGXDWLRQVWKHRULH <RXQLVV 6PROODU ZHOFKH GHQ *OHLFKDOWULJHQ
HLQHEHGHXWHQGH5ROOH]XZHLVW
(QWZLFNOXQJVSV\FKRORJLVFKLVWQHEVWGHPLQWHUHVVDQWHQ6FKXOHLQWULWWVEHIXQGGDVVLQ
GHQHUVWHQ6FKXOMDKUHQGHU8PJDQJPLWGHQ*OHLFKDOWULJHQIUGLH.LQGHUGDV]HQW
UDOH7KHPDLVW±GHXWOLFKYRUGHU%H]LHKXQJ]XP/HKUHU3HWLOORQ6±
YRUDOOHPHLQHVZLFKWLJ0LWVWHLJHQGHP/HEHQVDOWHUJHZLQQWGLHLQVWLWXWLRQHOOH(LQ
ELQGXQJLP%LOGXQJVV\VWHPXQGGLH$XVHLQDQGHUVHW]XQJPLWGHU3HHUJURXSEHLGHU
0RWLYDWLRQVHQWZLFNOXQJ ]XQHKPHQG DQ %HGHXWXQJ YJO &KRL 6FKPLGW 6
I'LHVLVWHLQ%HIXQGPHKUGHUVFKXOIRUPVSH]LILVFKH%HUHFKQXQJHQEHLGHU(U
JUQGXQJGHU'HWHUPLQDQWHQGHU/HLVWXQJVPRWLYDWLRQVWW]W
%HGHXWXQJXQG(LQIOXVVGHULQVWLWXWLRQHOOHQ(LQELQGXQJ
$=XULQVWLWXWLRQHOOHQ(LQELQGXQJGHV.LQGHV-XJHQGOLFKHQ
'HU 2EHUEHJULII Ä,QVWLWXWLRQHOOH (LQELQGXQJ³ ZLUG LP YRUOLHJHQGHQ 'DWHQVDW] PLW
IROJHQGHQ .RQVWUXNWHQ UHSUlVHQWLHUW NLUFKOLFKH $NWLYLWlW DOOJHPHLQH 9HUHLQV]XJH
K|ULJNHLW Ä=XJHK|ULJNHLW ]X HLQHP 7XUQ XQG 6SRUWYHUHLQ RGHU HLQHU 0XVLN RGHU
6LQJJUXSSH³VD.DS
*HPl‰GHU6'7NDQQGLHVR]LDOH(LQELQGXQJVRZRKOLQGHU)DPLOLHLQGHU6FKXOH
DOVDXFKLPDX‰HUVFKXOLVFKHQ%HUHLFKLGHQWLIL]LHUWZHUGHQ6WHFKHUKDWLQVHL
%H]LHKXQJHQZHUGHQDOV,QWHUDNWLRQHQEHJULIIHQGLHYRQGHQ,QWHUDNWLRQVSDUWQHUQNRQ]HSWXHOOLQ6WUXN
WXUHQ RUJDQLVLHUW ZHUGHQ YJO <RXQLVV 6PROODU 6 'LH %H]LHKXQJHQ ]X GHQ *OHLFKDOWULJHQ
VLQGGXUFKHLQHV\PPHWULVFKH6WUXNWXUJHNHQQ]HLFKQHWZDVHLQH.R.RQVWUXNWLRQDXWRQRPHU6WDQGSXQNWH
XQG5HJHOYRUVWHOOXQJHQHUP|JOLFKW)UGLH(OWHUQ.LQG%H]LHKXQJLVWGHPJHJHQEHUHLQHDV\PPHWULVFKH
6WUXNWXU FKDUDNWHULVWLVFK ZHLO GLH (OWHUQ 6WDQGSXQNWH XQG 5HJHOQ HLQVHLWLJ YRUJHEHQ XQG LKUH %HIROJXQJ
GXUFKGDV.LQGHUZDUWHQ'LHVHXQLODWHUDOH$XWRULWlWVR<RXQLVVXQG6PROODUYHUKLQGHUW.R.RQVWUXNWLRQ
EHL GHQ +HUDQZDFKVHQGHQ DD2 6 6 I 'LH ,QGLYLGXDWLRQVWKHRULH SRVWXOLHUW HLQH ]XQHKPHQGH
$EJUHQ]XQJEHLJOHLFK]HLWLJHU$XIUHFKWHUKDOWXQJGHU9HUEXQGHQKHLWPLWLKUHQ(OWHUQ
)RUVFKXQJVVWDQG
'LIIHUHQWLHOOH%HIXQGHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
QHU 8QWHUVXFKXQJ ]XU %HGHXWXQJ VR]LDOHU %H]LHKXQJHQ IU GLH (QWZLFNOXQJ YRQ
.LQGHUQXQG-XJHQGOLFKHQHEHQIDOOVGLH9HUHLQV]XJHK|ULJNHLWXQGGLHUHOLJL|VH(LQ
JHEXQGHQKHLWDOVHUNOlUHQGH9DULDEOHQEHQXW]WYJO6,QZLHIHUQVROFKHDX‰HU
VFKXOLVFKHQ %H]LHKXQJHQ XQG 1HW]ZHUNH VLFK XQWHUVWW]HQG IU GLH /HLVWXQJVPRWL
YDWLRQVHQWZLFNOXQJ DXVZLUNHQ VROO LQ GHQ %HUHFKQXQJHQ .DS XQWHUVXFKW ZHU
GHQ
%(LQIOXVVGHULQVWLWXWLRQHOOHQ(LQELQGXQJ
6WHFKHU NDP ]XP (UJHEQLV GDVV .LQGHU XQG -XJHQGOLFKH VLJQLILNDQW PHKU
YRQLKUHUVFKXOLVFKHQ.RPSHWHQ]EHU]HXJWZDUHQZHQQVLH0LWJOLHGLQHLQHP9HU
HLQZDUHQRGHUEHUHLQHVWDUNHUHOLJL|VH(LQELQGXQJEHULFKWHWHQDOVZHQQVLHGLHVH
LQVWLWXWLRQHOOH(LQELQGXQJQLFKWYRUZHLVHQNRQQWHQYJO6
$XFK (FFOHV XQG %DUEHU NRQQWHQ ]HLJHQ GDVV 6FKOHU GLH LQ GHU ]HKQWHQ
.ODVVH DQ DX‰HUVFKXOLVFKHQ )UHL]HLWDNWLYLWlWHQ ]% LQ NLUFKOLFKHQ -XJHQGJUXSSHQ
EHLP 6SRUW LQ GHU 0XVLNVFKXOH XQG EHL HKUHQDPWOLFKHQ 7lWLJNHLWHQ WHLOQDKPHQ
]ZHL-DKUHVSlWHUHLQJHULQJHUHV9HUKDOWHQVULVLNRVRZLHEHVVHUH6FKXOOHLVWXQJHQKDW
WHQ XQG KlXILJHU HLQ 6WXGLXP DXIQDKPHQ 'LHVH (UJHEQLVVH EOLHEHQ DXFK GDQQ EH
VWHKHQZHQQVR]LDOH6FKLFKW,QWHOOLJHQ]XQG6FKXOOHLVWXQJHQNRQWUROOLHUWZXUGHQ
'LIIHUHQWLHOOH%HIXQGHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
,P )ROJHQGHQ ZLUG EHOHJW GDVV GLIIHUHQWLHOOH :LUNXQJV]XVDPPHQKlQJH EH]JOLFK
6FKXONXOWXU6FKXOW\S%H]XJVJUXSSH(OWHUQKDXV6FKLFKW/HLVWXQJVSRVLWLRQLQGHU
.ODVVH XQG EH]JOLFK *HVFKOHFKW LQ GHU )RUVFKXQJVOLWHUDWXU QDFKJHZLHVHQ ZHUGHQ
N|QQHQXQGVRPLWGLHVEH]JOLFKH%HUHFKQXQJHQOHJLWLPVLQG
$OOJHPHLQH)RUGHUXQJQDFKGLIIHUHQWLHOOHQ%HUHFKQXQJHQ
)ROJHQGHV=LWDWZHLVWDXIGLHJUXQGVlW]OLFKH)RUGHUXQJQDFKGLIIHUHQWLHOOHQ%HUHFK
QXQJHQKLQ
/HUQHQXQG/HLVWXQJ9HUKDOWHQXQG3HUV|QOLFKNHLWVHQWZLFNOXQJYRQ6FKOH
ULQQHQXQG6FKOHUQVLQGPXOWLGLPHQVLRQDOPXOWLGLUHNWLRQDOXQGPXOWLNDXVDO
EHGLQJW $OOH (LQIOVVH ZLUNHQ VLFK GLIIHUHQWLHOO DXV « .HLQH $QJDEHQ GHV
NRPSOH[HQ %HGLQJXQJVJHIOHFKWV YRQ 6FKXOOHLVWXQJ NDQQ KHXWH DXI HLQH %H
UFNVLFKWLJXQJ GHU VR]LDOHQ VFKXOLVFKHQ /HUQXPZHOW « GHU VR]LDOHQ =X
VDPPHQVHW]XQJGHU6FKXONODVVHGHV*UXSSHQVWDWXVGHU6FKOHUGHUHQ,QWHU
DNWLRQVYHUKDOWHQ GHU VR]LDOHQ :DKUQHKPXQJ YRQ /HKUHUQ XQG 6FKOHUQ GHV
8QWHUULFKWVNOLPDV VRZLH RUJDQLVDWRULVFKHU 0HUNPDOH ZLH ]% /HUQJUXSSHQ
GLIIHUHQ]LHUXQJYHU]LFKWHQ8OLFK-HUXVDOHP6+HUYRUKHEXQJ
GXUFK'/
3HHWVPD+DVFKHU9DQ'HU9HHQXQG5RHGHVWHOOWHQ8QWHUVFKLHGH]ZLVFKHQ
YHUVFKLHGHQHQ /lQGHUQ 1/ &+ '( XQG &= EHLP 9HUJOHLFK HLQHV 6WUXNWXUJOHL
FKXQJVPRGHOOVIHVWZHOFKHVGLHVFKXOLVFKH,QYHVWLWLRQXQG/HLVWXQJDOV]XHUNOlUHQ
)RUVFKXQJVVWDQG
'LIIHUHQWLHOOH%HIXQGHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
GH9DULDEOHQEHLQKDOWHWHQ(EHQIDOOVIDQGHQVLH*HVFKOHFKWVXQG6FKXOW\SHQHIIHNWH
ZREHLMHQHLQGHU7VFKHFKLVFKHQ5HSXEOLNXQG'HXWVFKODQGJU|‰HUZDUHQDOVLQGHU
6FKZHL]XQGGHQ1LHGHUODQGHQYJO6
'LH (UNHQQWQLV YRQ )HQG ÄGRSSHOW VR YLHOH 6FKOHU LQ GHU 6FKZHL] DOV LQ
'HXWVFKODQGIKOHQVLFKLQGHU6FKXOHZRKO³6ZHLVWDXIHLQHP|JOLFKHNXO
WXUUDXPEH]RJHQH$EKlQJLJNHLWGHU(QWZLFNOXQJGHU/HUQPRWLYDWLRQLQGHU$GROHV
]HQ] KLQ %HLP 9HUJOHLFK YRQ %LOGXQJVV\VWHPHQ LQ YHUVFKLHGHQHQ /lQGHUQ OHLWHQ
&]HUZHQND 1|OOH 3DXVH 6FKORWWKDXV XQG 6FKPLGW GLHVEH]JOLFK DE GDVV
]% DPHULNDQLVFKH 6FKXOHQ IU GLH /HEHQVSOlQH YRQ =HKQ ELV =ZDQ]LJMlKULJHQ
HQWZLFNOXQJVDQJHPHVVHQHUJHVWDOWHWVHLHQZHLOGLHVHPLWH[WUDFXUULFXODUHQ$QJHER
WHQXQG:DKOP|JOLFKNHLWHQPHKU%HZlKUXQJVXQG(UIDKUXQJVIHOGHUE|WHQ
:LH GLIIHUHQWLHOO XQG NRQWH[WVSH]LILVFK GLH :LUNXQJVPHFKDQLVPHQ VHLQ N|QQHQ
]HLJWGDV)D]LWYRQ6LOEHUHLVHQ%RHKQNHXQG&URFNHWWEH]JOLFKGHV5LVLNR
YHUKDOWHQV 5DXFKHQ 6LH ZHLVHQ H[SOL]LW DXI GLH NRQWH[WVSH]LILVFKH :LUNXQJVZHLVH
YRQ 6FKXOPLOLHX XQG HOWHUOLFKHU (U]LHKXQJVKDOWXQJ EHLP 1LNRWLQJHEUDXFK KLQ LQ
GHPVLHIHVWKDOWHQÄ:HGHUHLQEHVWLPPWHV6FKXOPLOLHXQRFKHLQHEHVRQGHUH(U]LH
KXQJVKDOWXQJ N|QQHQ GXUFKJlQJLJ DOV 5LVLNRIDNWRU IU 6XEVWDQ]JHEUDXFK XQWHU -X
JHQGOLFKHQXP-DKUHJHOWHQ(VNRPPWDXIGLH6XEVWDQ]GHUHQ*HEUDXFKXQG
DXIGDV:HFKVHOVSLHOYRQ6FKXOPLOLHXXQG(U]LHKXQJDQ³6
([HOHUXQG:LOGZHLVHQDXIGLHÄ1RWZHQGLJNHLWHLQHUGRPlQHQVSH]LILVFKHQ
%HWUDFKWXQJ OHUQEH]RJHQHU (LQVWHOOXQJHQ XQG 2ULHQWLHUXQJHQ³ KLQ 6 'LHVHU
9HUODJHUXQJ GHV )RUVFKXQJVLQWHUHVVHV YRQ ÄJOREDO ]X VSH]LILVFK³ DXI GHP +LQWHU
JUXQG YRQ /HUQPRWLYDWLRQ XQG $QVWUHQJXQJVEHUHLWVFKDIW VLQG ]% DXFK (FFOHV
:LJILHOG XQG 6FKLHIHOH JHIROJW *HUDGH EHL HLQHU /lQJVVFKQLWWXQWHUVXFKXQJ
EHL-DKUHQ]ZLVFKHQWXQGWJLOWHVGLHVH8QWHUVFKLHGOLFKNHLWDQ:LUNXQJHQMH
QDFK.RQWH[W6FKXOIRUP%H]LHKXQJHQXVZHLQ]XEH]LHKHQ
'LIIHUHQWLHOOH8QWHUVFKLHGHDXIJUXQGGHV6FKXOW\SVE]ZGHU%H]XJV
JUXSSH
$XIJUXQGGHUIROJHQGHQ%HOHJHVROOGLH6FKOXVVIROJHUXQJJH]RJHQZHUGHQN|QQHQ
GDVV$QDO\VHQ]XVFKXOLVFKHU6R]LDOLVDWLRQLQGHU5HJHONRQWH[WJHEXQGHQVLQGGK
GDVV VLH GLIIHUHQ]LHUW QDFK 6FKXOW\S XQG *HVFKOHFKW XQG QLFKW LQ XQLYHUVDOLVWLVFKHU
:HLVHEHUHFKQHWXQGLQWHUSUHWLHUWZHUGHQVROOWHQ
%H]JOLFK $UEHLWVP|JOLFKNHLWHQ +LOIHEHLP /HUQHQ XQG ,QWHUHVVH GHU (OWHUQ DQ
GHU 6FKXOH KDEHQ -XJHQGOLFKH YRQ *\PQDVLHQ JQVWLJHUH %HGLQJXQJHQ DOV MHQH
DQ+DXSWVFKXOHQYJO*UXQGHU6
0QFKPHLHU ZHLVW DXIJUXQG YRQ (UNHQQWQLVVHQ DXV GHU 6KHOO
-XJHQGVWXGLH -XJHQGOLFKH LP $OWHU YRQ ELV -DKUHQ DXV GDVV -X
JHQGOLFKH PLW +DXSWVFKXODEVFKOXVV GXUFK LKUH %HUXIVRULHQWLHUXQJ HKHU GDV JXWH
(LQNRPPHQ XQG GHQ VLFKHUHQ $UEHLWVSODW] VXFKHQ ZlKUHQG $ELWXULHQWHQ VLFK
HKHUDP6LQQ6SDVVXQGLKUHU6HOEVWYHUZLUNOLFKXQJRULHQWLHUHQYJO6
)RUVFKXQJVVWDQG
'LIIHUHQWLHOOH%HIXQGHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
'LHHUVWHQ.RQVWDQ]HU8QWHUVXFKXQJHQ]XGHQ$XVZLUNXQJHQGHUYHUVFKLHGHQHQ
6FKXOIRUPHQLPGUHLJOLHGULJHQ6FKXOV\VWHPHUEUDFKWHQLQ%H]XJ]XU/HUQPRWLYD
WLRQQXUWHLOZHLVHGLHHUZDUWHWHQ%HIXQGHÄ:lUHQGLH(UJHEQLVVHHUZDUWXQJVJH
Pl‰JHZHVHQGDQQPVVWHQGLHJXWHQ6FKOHULQ*\PQDVLHQGLHSRVLWLYVWHQ3UR
ILOH ]HLJHQ XQG GLH VFKOHFKWHQ 6FKOHU LQ +DXSWVFKXOHQ GLH QHJDWLYVWHQ³ )HQG
E6(VEHUUDVFKWHGDVVGLH*\PQDVLDVWHQZRKOGLHJU|VVWHQ(UZDU
WXQJHQEH]JOLFK%HUXIVP|JOLFKNHLWHQQLFKWDEHUGLHDXVJHSUlJWHVWH/HUQPRUDO
6FKXOIUHXGHXQG:RKOEHILQGHQKDWWHQ
'LUHNWHUOHEWHVR]LDOH1DKXPZHOWHQVLQGHLQJHEHWWHWLQGLVWDOH8PZHOWEHGLQJXQ
JHQ]%6FKXODUW6FKXOV\VWHPGLHJHPl‰3HNUXQXQG+HOPNHDXILQGL
UHNWHP :HJH ÄHQWZLFNOXQJVHQWVFKHLGHQG³ 6 VLQG Ä6FKXOEHGLQJWH 3HUV|Q
OLFKNHLWVHQWZLFNOXQJ LVW YHUPXWOLFK ]X HLQHP HUKHEOLFKHQ $QWHLO HLQH )XQNWLRQ
QRUPLHUHQGHU6\VWHPUHJHOQ³DD26
'LH(UULFKWXQJYRQ*HVDPWVFKXOHQERWGLH&KDQFHGHQLQVWLWXWLRQHOOHQ:LUNXQ
JHQLPVFKXOLVFKHQ9HUWHLOXQJVV\VWHPQDFK]XJHKHQ'UHL(UJHEQLVVHKHEW)HQG
LQVHLQHU%LODQ]KHUYRUYJOE6I
'LH 6HOEVWHLQVFKlW]XQJ GHU HLJHQHQ %HJDEXQJ VWLPPWHQ EHL *HVDPWVFKOHUQ
EHVVHUEHUHLQPLWGHQHIIHNWLYHQ/HLVWXQJHQDOVEHL-XJHQGOLFKHQYRQ+DXSW
5HDOVFKXOHQRGHU*\PQDVLHQGLH(LQVFKlW]XQJZDUDOVRREMHNWLYHU
'DIU ZDUHQ DEHU GLH 6WUHXXQJHQ GLHVHU %HJDEXQJVHLQVFKlW]XQJHQ LQ *H
VDPWVFKXOHQ DP JU|‰WHQ GHP GLUHNWHQ 9HUJOHLFK EHU GLH JHVDPWH $OWHUV
JUXSSH NRQQWH DXFK QLFKW GXUFK /HLVWXQJVJUXSSHQ LQHLQ]HOQHQ )lFKHUQ DXV
JHZLFKHQZHUGHQ
+LQJHJHQ JDE HV EH]JOLFK :HUWRULHQWLHUXQJ HLQH NOHLQHUH 6WUHXXQJ LQ *H
VDPWVFKXOHQ IHVW]XVWHOOHQ LP 9HUJOHLFK ]XU 6FKOHUVFKDIW DXV +DXSW 5HDO
VFKXOHQXQG*\PQDVLHQ
'LH %HJDEXQJVHLQVFKlW]XQJ LVW LQ %H]XJ DXI GLH /HLVWXQJVPRWLYDWLRQ QLFKW LUUHOH
YDQW V .DS 'HU RELJH ]ZHLWH 3XQNW JUR‰H 6WUHXXQJ GHU %HJDEXQJVHLQ
VFKlW]XQJLQ*HVDPWVFKXOHQOlVVWGLH)ROJHUXQJ]XGDVVVFKZlFKHUH-XJHQGOLFKHLQ
*HVDPWVFKXOHQ PRWLYDWLRQDO HKHU VFKOHFKWHUH 5DKPHQEHGLQJXQJHQ IU GLH )|UGH
UXQJ LKUHU /HLVWXQJVPRWLYDWLRQ YRUILQGHQ DOV OHLVWXQJVPl‰LJ ± REMHNWLY JHVHKHQ ±
YHUJOHLFKEDUH-XJHQGOLFKHDQ+DXSWVFKXOHQ:DUXP":HLOKLHUGHU%H]XJVJUXSSHQ
HIIHNW KLQHLQVSLHOW 'HU VRJHQDQQWH 3\JPDOLRQ(IIHNW LVW EHVRQGHUV LP GUHLJOLHGUL
JHQ 6FKXOV\VWHP +DXSW 5HDOVFKXOH XQG *\PQDVLXPEHL GHU $QDO\VH YRQ /HUQ
PRWLYDWLRQ ]X EHUFNVLFKWLJHQ 'LHVHP 3\JPDOLRQ(IIHNW 5RVHQWKDO(IIHNW QDFK
ZLUNHQ VLFK (UZDUWXQJHQ (LQVWHOOXQJHQ XQG 9RUXUWHLOH GHU (U]LHKXQJVSHUVRQ JH
Pl‰GHUÄVHOEVWHUIOOHQGHQ3URSKH]HLXQJ³DXVGKGLH/HLVWXQJHQYRQ.LQGHUQXQG
-XJHQGOLFKHQ HQWZLFNHOQ VLFK LQ HUZDUWHWHU )RUP 'LHVHU (IIHNWH NDQQ QDWUOLFK LQ
SRVLWLYHUZLHQHJDWLYHU+LQVLFKWDEODXIHQ'LH(UIDKUXQJLQGHU6FKXOH±RELQHLQHU
+DXSWVFKXOHRGHUHLQHP*\PQDVLXP±]%VWHWVDOVÄNQDSSJHQJHQG³RGHUÄXQJH
=XGHPJLOWEHLGHU%HUFNVLFKWLJXQJGHU%H]XJVJUXSSHQHIIHNWHLQ*HVDPWVFKXOHQGLH(UNHQQWQLVGDVV
SRVLWLYH(IIHNWHYRQ%H]XJVJUXSSHQZHFKVHOQIU/HLVWXQJVVFKZlFKHUHYJO-HUXVDOHP6FKZDU]HU
63HNUXQ+HOPNH6QLFKWXQEHGLQJWOlQJHUIULVWLJHU1DWXUVLQGYJO%XII6
)RUVFKXQJVVWDQG
'LIIHUHQWLHOOH%HIXQGHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
QJHQG³HLQJHVWXIW]XZHUGHQZLUGQLFKWRKQH.RQVHTXHQ]HQLQ%H]XJ]XUOlQJHU
IULVWLJHQ3HUV|QOLFKNHLWVHQWZLFNOXQJEOHLEHQ8PJHNHKUWZlUHHLQHVFKXOW\SHQEH]R
JHQH:LUNXQJGHV3\JPDOLRQ(IIHNWVLQSRVLWLYHU+LQVLFKWGDQQJHJHEHQZHQQHLQ
JXWHU+DXSWVFKOHUZHOFKHUJHPl‰GHUVR]LDOHQ%H]XJVQRUPEHXUWHLOWZLUGPRWLYD
WLRQDOEHVVHUJHI|UGHUWZLUGDOVZHQQGLHVHULQHLQHU*HVDPWVFKXOHGHP/HLVWXQJV
YHUJOHLFK GHU JHVDPWHQ $OWHUVJUXSSH DXVJHVHW]W LVW 6RODQJH VLFK GLH 1RWHQJHEXQJ
ZHLWHUKLQPHLVWHQVDQGHU6R]LDOQRUPGHU.ODVVHRULHQWLHUWZLUGGHU$QVWUHQJXQJV
EHUHLWVFKDIWYRQ-XJHQGOLFKHQLQHLQHU+DXSWVFKXOHLQPRWLYDWLRQDOHU+LQVLFKWZDKU
VFKHLQOLFKEHVVHUHQWVSURFKHQDOVZHQQGLHVHLQHLQHUDQGHUHQ6FKXOIRUPWDJWlJOLFK
EHU 1RWHQ ÄHUIDKUHQ³ GDVV VLH YHUJOLFKHQ PLW GHU JHVDPWHQ $OWHUVJUXSSH ]X GHQ
VFKZDFKHQ6FKOHUQJHK|UHQ
1DWUOLFKN|QQWHPDQDQIJHQGDVVGLHOHLVWXQJVRULHQWLHUWH6FKXOHDXI.RQNXUUHQ]
DQJHOHJWLVWXQGGDVVHLQJXWHU6FKOHUDXFKLQQHUKDOEHLQHU/HLVWXQJVJUXSSH]%LQ
HLQHU .ODVVH HLQHU +DXSWVFKXOH VHLQH SRVLWLYH %HJDEXQJVHLQVFKlW]XQJ DXI .RVWHQ
YRQQRFKVFKZlFKHUHQ0LWVFKOHUQKROW'DVVGHUVR]LDOH9HUJOHLFKXQWHUGHQ6FK
OHUQ DEHU QLFKW GDV EHVWLPPHQGH 0HUNPDO IU GLH )|UGHUXQJ GHU /HUQ XQG /HLV
WXQJVPRWLYDWLRQ GDUVWHOOW ZLUG GLHVH $UEHLW PLW GHP $QVDW] GHU 6'7 JHQJHQG
GHXWOLFK PDFKHQ *HPl‰ 8OLFK XQG -HUXVDOHP 6 LVW ]% GLH $UW XQG
:HLVHZLH(OWHUQDXIVFKOHFKWH6FKXOOHLVWXQJHQUHDJLHUHQEHODVWHQGHUDOVGHUREMHN
WLYH/HLVWXQJVVWDQGVHOEVW
)LQVWHUZDOGZHLVWDXI%H]XJVJUXSSHQHIIHNWHKLQZRQDFK6FKXOIRUPXQG*H
VFKOHFKWHLQHPRGHULHUHQGH)XQNWLRQEHLGHU0RWLYDWLRQVDXVSUlJXQJEHUQHKPHQ
0HLHU ]HLJW DQKDQG YRQ 3,6$'DWHQ ZLH GLH 6FKXOIRUPHQ EH]JOLFK /HLV
WXQJVPHUNPDOHQ XQG VR]LRGHPRJUDILVFKHQ 0HUNPDOHQ FKDUDNWHULVLHUW ZHUGHQ N|Q
QHQ6,QQHUKDOEGHU+DXSWVFKXOHODVVHQVLFK]ZHLHWZDJOHLFKVWDUNEHVHW]WH
*UXSSHQ XQWHUVFKHLGHQ &OXVWHU OlVVW VLFK EHVFKUHLEHQ GXUFK HLQH VHKU KRKH DJ
JUHVVLYH2ULHQWLHUXQJLQGHU)UHXQGHVJUXSSHKlXILJH*HZDOWKDQGOXQJHQXQGHLQUH
VWULNWLYHV )DPLOLHQNOLPD ,Q LKU VLQG ]X ]ZHL 'ULWWHO .QDEHQ YHUWUHWHQ XQG GHU
0LJUDQWHQDQWHLOEHWUlJWHWZD3UR]HQW&OXVWHUVWHKWXPJHNHKUWIUÄZHQLJ*H
ZDOWXQGHLQHKRKHIDPLOLlUH$N]HSWDQ]³=ZLVFKHQGHQEHLGHQ*UXSSHQ&OXVWHU
KRKH*HZDOWXQG&OXVWHUZHQLJ*HZDOWXQGIDPLOLlUH$N]HSWDQ]JLEWHVNHLQHQ
VLJQLILNDQWHQ8QWHUVFKLHGZDVGLHVR]LR|NRQRPLVFKH6WHOOXQJGHU(OWHUQDQEHWULIIW
GDIUDEHUVLJQLILNDQWH'LIIHUHQ]HQLQGHQ/HLVWXQJVZHUWHQ&OXVWHUZHLVWEHVVHUH
:HUWHDXI'DULQVLQG0lGFKHQHKHUEHUYHUWUHWHQ:LHVLHKWGDVQXQEHLPK|FKVWHQ
6FKXOW\SDXV"
,P*\PQDVLDOEHUHLFKODVVHQVLFK]ZHLXQWHUVFKLHGOLFKVWDUNEHVHW]WH*UXSSHQ
XQWHUVFKHLGHQGLHVLFKLQLKUHUVR]LDOHQ=XVDPPHQVHW]XQJEHU]XIlOOLJXQWHU
VFKLHGHQ'LHGHXWOLFKJU|‰HUH*UXSSH&OXVWHUGLHHLQHKRKH/HVHRULHQWLH
UXQJ DXIZHLVW NDXP *HZDOW DXVEW XQG KRKH IDPLOLlUH $N]HSWDQ] HUIlKUW
ZLUG]X]ZHL'ULWWHOQYRQ0lGFKHQJHELOGHW'LHVR]LR|NRQRPLVFKH6WHOOXQJ
)RUVFKXQJVVWDQG
'LIIHUHQWLHOOH%HIXQGHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
GHU (OWHUQ LVW HEHQVR VLJQLILNDQW K|KHU ZLH GLH HUUHLFKWHQ .RPSHWHQ]QLYHDXV
LP/HVHQXQGLQ0DWKHPDWLNHEG
'HPJHJHQEHU ZHLVW GDV &OXVWHU LQQHUKDOE GHU 6FKXOIRUP *\PQDVLXP HLQ UH
VWULNWLYHV)DPLOLHQNOLPDXQGHLQHQWLHIHUHQVR]LR|NRQRPLVFKHQ6WDWXVGHU(OWHUQDXI
XQG]HLJWWLHIHUH.RPSHWHQ]QLYHDXVLP/HVHQXQGLQGHU0DWKHPDWLN(V]HLJWVLFK
DOVR GDVV VLFK MH QDFK 6FKXOIRUP XQWHUVFKLHGOLFKH 9HUKDOWHQVZHLVHQ XQG XQWHU
VFKLHGOLFKH *UXSSHQ ELOGHQ XQG GDVV LQQHUKDOE GLHVHU ZLHGHUXP *HVFKOHFKWVXQWHU
VFKLHGH H[LVWLHUHQ )D]LW LVW DOVR GDVV VFKXOIRUP XQG JHVFKOHFKWVVSH]LILVFKH %H
UHFKQXQJHQEHLGHU(UJUQGXQJGHU/HLVWXQJVPRWLYDWLRQQ|WLJVLQG
'LIIHUHQWLHOOH8QWHUVFKLHGHDXIJUXQGGHV(OWHUQKDXVHVE]ZGHU6FKLFKW
'LH%HIXQGHYRQ:LOGXQG5HP\ DVWW]HQGLH$QQDKPHGLIIHUHQWLHOOHU=X
VDPPHQKlQJH ]ZLVFKHQ YHUVFKLHGHQHQ )RUPHQ GHU /HUQPRWLYDWLRQ HLQHUVHLWV XQG
OHUQEH]RJHQHQ(LQVWHOOXQJVXQG9HUKDOWHQVPXVWHUQGHU(OWHUQDQGHUHUVHLWV
'HUJU|‰WH(LQIOXVVGHV(OWHUQKDXVHVDXIGLHVFKXOLVFKH%LOGXQJHUIROJWQDFK0LQVHO
ÄLQGLUHNW EHU GLH DOOJHPHLQHQ 6R]LDOLVDWLRQV XQG (QWZLFNOXQJVEHGLQJXQ
JHQGLHVLFKNXPXODWLYDXIGLH3HUV|QOLFKNHLWVHQWZLFNOXQJGHU.LQGHUXQG-XJHQG
OLFKHQ DXVZLUNHQ VR GDVV EHUHLWV ]X %HJLQQ GHU 6FKXO]HLW HUKHEOLFKH 8QWHUVFKLHGH
LP %HUHLFK VSUDFKOLFKHU DOOJHPHLQ NRJQLWLYHU XQG HPRWLRQDOPRWLYDWLRQDOHU /HUQ
YRUDXVVHW]XQJHQEHVWHKHQYJO:HLQHUW+HOPNH³6
,QVRIHUQ PXVV DOVR GDYRQ DXVJHJDQJHQ ZHUGHQ GDVV GLH HPRWLRQDOPRWLYDWLRQDOHQ
3HUV|QOLFKNHLWVPHUNPDOH DOV DXFK GHU /HUQHUIROJ YRQ $QIDQJ DQ VFKLFKWVSH]LILVFK
JHSUlJW VLQG 'LH GLIIHUHQWLHOOHQ %HUHFKQXQJHQ IU *\PQDVLXP XQG +DXSWVFKXOH
WUDJHQGLHVHP%HIXQG5HFKQXQJ
'LH%HUFNVLFKWLJXQJGHU%LOGXQJVVFKLFKWKDWLQVJHVDPWJHVHKHQHLQHZLFKWLJH6WHO
OXQJEHLHU]LHKHULVFKHQXQGVR]LDOLVDWLRQVEH]RJHQHQ3UR]HVVHQ6LHLVWDXFKHQJPLW
GHU6FKXOIRUP]XJHK|ULJNHLWYHUEXQGHQÄ'HUVFKXOLVFKH6WDWXVDOVRGLH=XJHK|ULJ
NHLW ]X +DXSW 5HDOVFKXOH RGHU *\PQDVLXP E]Z ]X HLQHP )DFKOHLVWXQJVQLYHDX
VWHOOWHLQH*UXQGODJHGHU5HSURGXNWLRQVFKLFKWVSH]LILVFKHUVXENXOWXUHOOHU:HUWPXV
WHUGDU³)HQGHWDO6
6LHJOHUHWDO6ZHLVHQGDUDXIKLQGDVVZLUWVFKDIWOLFKH6WUHVVRUHQLQQHU
KDOEGHU)DPLOLHGLH4XDOLWlWGHU,QWHUDNWLRQ]ZLVFKHQ(OWHUQXQG.LQGYHUVFKOHFK
WHUQN|QQHQXQGVLFKGDUDXV5LVLNHQZLH'HSUHVVLRQ6FKXOYHUVDJHQ6W|UYHUKDOWHQ
XQG 'URJHQNRQVXP HUJHEHQ N|QQHQ 'HPQDFK ZlUH DXFK GDYRQ DXV]XJHKHQ GDVV
EHL GHQ +DXSWVFKXODEJlQJHULQQHQ XQG DEJlQJHUQ VRZRKO GLH /HLVWXQJVPRWLYDWLRQ
LP-XJHQGDOWHUDOVDXFKGLHEHUXIOLFKH:HLWHUELOGXQJVXQG/HLVWXQJVPRWLYDWLRQLP
(UZDFKVHQHQDOWHUGXUFKGLHHOWHUOLFKH6R]LDOLVDWLRQJHSUlJWLVW
'LH6WXGLHYRQ&KRLXQG6FKPLGWÄZXUGHYRQGHU$QQDKPHJHWUDJHQGDVV
VLFK GLH 9HUKlOWQLVVH GHU +HUNXQIWVIDPLOLH LQ GHQHQ GHU *UXQGVFKOHU RGHU GLH
)RUVFKXQJVVWDQG
'LIIHUHQWLHOOH%HIXQGHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
*UXQGVFKOHULQ DXIZlFKVW QLFKW XQZHVHQWOLFK GXUFK GLH W\SLVFKHQ /HLVWXQJVRULHQ
WLHUXQJVPXVWHUGHU(OWHUQEHVFKUHLEHQODVVHQ³6I
)DVVW PDQGLH«7KHVHQGHUVFKLFKWVSH]LILVFKHQ6R]LDOLVDWLRQVIRUVFKXQJ]X
VDPPHQVRODVVHQVLFKGUHLZHVHQWOLFKH3KDVHQ«EHVFKUHLEHQ«,QGHUHUV
WHQ3KDVHZHUGHQGLH$UEHLWVSODW]HUIDKUXQJHQLQGLH)DPLOLHWUDQVIRUPLHUWXQG
ILQGHQ LKUHQ 1LHGHUVFKODJ LQ (U]LHKXQJVHLQVWHOOXQJHQ XQG SUDNWLNHQ ,Q GHU
]ZHLWHQ 3KDVH EHHLQIOXVVW GDV LQ GHU 5HJHO LQWHQWLRQDOH (U]LHKXQJVYHUKDOWHQ
GHU (OWHUQ GLH SV\FKRVR]LDOH (QWZLFNOXQJ GHU .LQGHU 'HU GULWWHQ 3KDVH
VFKOLH‰OLFKOLHJWGLH$QQDKPH]XJUXQGHGDVVGLHLQGHU)DPLOLHVR]LDOLVLHUWHQ
9HUKDOWHQVPXVWHUGXUFKGDV.LQGJHQHUDOLVLHUWZHUGHQXQGDXIDX‰HUIDPLOLDOH
%HUHLFKH±LQGLHVHP=XVDPPHQKDQJYRUDOOHPDXIGDV%LOGXQJVV\VWHPXQG
GHQ$UEHLWVSODW]±EHUWUDJHQZHUGHQYJO$EUDKDPV6RPPHUNRUQ
&KRL6FKPLGW6
+LHULVWQXQGHU7UDQVIRUPDWLRQVSUR]HVVHUVLFKWOLFKJHZRUGHQGDVVGLHVFKLFKWVSH]L
ILVFKHQ$UEHLWVEHGLQJXQJHQGHU(OWHUQXQGLKUH(U]LHKXQJVHLQVWHOOXQJHQVLFKOHW]W
OLFKEHLP.LQGLP5DKPHQYRQ6FKXOHLQVWHOOXQJHQXQG/HLVWXQJVPRWLYDWLRQVR]LDOL
VLHUHQXQGVRPLWSRVLWLYRGHUQHJDWLYDXVZLUNHQ
'LIIHUHQWLHOOH8QWHUVFKLHGHDXIJUXQGGHUUHODWLYHQ/HLVWXQJVSRVLWLRQLQ
GHU.ODVVH
,P .DSLWHO LVW GLH 7KHPDWLN GHU %HJDEXQJVXQG /HLVWXQJVHLQVFKlW]XQJ UXQG
XPGLH%H]XJVJUXSSHQHIIHNWHEHUHLWVGDUJHOHJWZRUGHQ'LH%HGHXWXQJGHUZDKUJH
QRPPHQHQ UHODWLYHQ /HLVWXQJVSRVLWLRQ LQQHUKDOE GHU .ODVVH LVW GHUDUW YRQ %HGHX
WXQJ GDVV LQ GHQ YRUOLHJHQGHQ %HUHFKQXQJHQ GLHVH 9DULDEOH DOV .RQWUROOYDULDEOH
EHQXW]W ZLUG *HPl‰ GHU )UDJHVWHOOXQJ VROO TXDVL GLH 1HWWRZLUNXQJ GHU VR]LDOHQ
(LQELQGXQJ DXI GLH /HLVWXQJVPRWLYDWLRQ EHUHFKQHW ZHUGHQ XQG ]ZDU XQDEKlQJLJ
YRQGHU/HLVWXQJGHV6FKOHUV'HU6FKOHUVHOEVWEHXUWHLOWVHLQH/HLVWXQJPHLVWHQV
PLWGHULKP]XU9HUIJXQJVWHKHQGHQ,QIRUPDWLRQÄ1RWH³ZHOFKHVLFKLQGHQDOOHU
PHLVWHQ )lOOHQ DXI GLH VR]LDOH %H]XJVQRUP GHU .ODVVH VWW]W 'DUXP VROOHQ KLHU
JUXQGVlW]OLFKH$VSHNWHEHUGDV7KHPD1RWHQLQ(ULQQHUXQJJHUXIHQZHUGHQ
1RWHQ VLQG ± GXUFK GLH $EVFKDIIXQJ GHU $XIQDKPHSUIXQJ IU +|KHUH 6FKXOHQ
XQGGLH(LQIKUXQJGHV1XPHUXV&ODXVXV±]XPZLFKWLJVWHQ,QVWUX
PHQW GHU VFKXOLVFKHQ /HLVWXQJVEHXUWHLOXQJ XQG GDPLW GHU VFKXOLVFKHQ $XIVWLHJV
P|JOLFKNHLWHQJHZRUGHQ0HXOHPDQQ6I'LHZHVHQWOLFKHQ.ULWLNSXQNWH
ODVVHQVLFKZLHIROJW]XVDPPHQIDVVHQ
6FKXOQRWHQ VLQG NHLQH UHOLDEOHQ ,QGLNDWRUHQ IU GDV WDWVlFKOLFKH /HLVWXQJVXUWHLO
'LH1RWHQHLQHU/HKUSHUVRQIUGLHJOHLFKH$UEHLWHLQHV6FKOHUV]XYHUVFKLHGH
QHQ=HLWSXQNWHQNRUUHOLHUHQQXUVHKUJHULQJPLWHLQDQGHU
'LH .RUUHODWLRQHQ ]ZLVFKHQ 6FKXOOHLVWXQJVWHVWV XQG GHQ 6FKXOQRWHQ OLHJHQ QXU
]ZLVFKHQXQGZDVGLH*OWLJNHLWYRQ1RWHQLQ)UDJHVWHOOW
)RUVFKXQJVVWDQG
'LIIHUHQWLHOOH%HIXQGHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
'D1RWHQPHLVWHQVDXIGHU%DVLVGHUVR]LDOHQ%H]XJVQRUPGHU.ODVVHYHUJHEHQ
ZHUGHQVLQGVLHDXVYHUVFKLHGHQHQ.ODVVHQQLFKWPLWHLQDQGHUYHUJOHLFKEDU
6FKXOQRWHQZHLVHQHLQHQQXUJHULQJHQ9RUKHUVDJHZHUWIUGHQVSlWHUHQ6FKXOHU
IROJDXIYJODD26I
*HPl‰ 6WHFKHU LVW HV DEHU LQ GLHVHP =XVDPPHQKDQJ QLFKW YRQ %HGHXWXQJ
REGLH6FKXOQRWHQ]ZLVFKHQ.ODVVHQ6FKXOHQRGHUDXFK%XQGHVOlQGHUQPLWHLQDQGHU
YHUJOHLFKEDUVLQG'HQQ
ÄGDGDV/HLVWXQJVQLYHDXGHU.ODVVHGHU$QNHU]XU%HXUWHLOXQJGHVHLQ]HOQHQ
6FKOHUV LVW NRQNXUULHUW GHU HLQ]HOQH LPPHU QXU JHJHQ GHQ 'XUFKVFKQLWW
VHLQHU 0LWVFKOHU XP GLH VFKXOLVFKHQ XQG VSlWHU DXFK EHUXIOLFKHQ $XI
VWLHJVP|JOLFKNHLWHQ HLQ 6FKOHU PLW HLQHU 'XUFKVFKQLWWVQRWH YRQ LP
=HXJQLV LVW LPPHU HLQ EHUGXUFKVFKQLWWOLFKHU 6FKOHU HLQ 6FKOHU PLW GHU
'XUFKVFKQLWWVQRWH LPPHU HLQ XQWHUGXUFKVFKQLWWOLFKHU 6FKOHU ± XQDEKlQ
JLJGDYRQREHULQ)OHQVEXUJRGHU0QFKHQ]XU6FKXOHJHKW³6
6DXHUXQG*DPVMlJHUGLHVLFKLP%HVRQGHUHQPLWGHPSURJQRVWLVFKHQ:HUW
GHU *UXQGVFKXOOHLVWXQJHQ IU GHQ 6HNXQGDUVFKXOHUIROJ EHVFKlIWLJWHQ NDPHQ ]XP
(UJHEQLV GDVV GLH *UXQGVFKXOQRWHQ GLH UHODWLY ZLFKWLJVWHQ 'HWHUPLQDQWHQ GHU 6H
NXQGDUVFKXOZDKO VLQG 6 /HLVWXQJVVFKZlFKHUH ]HLJHQ LP 9HUJOHLFK ]X OHLV
WXQJVVWlUNHUHQ6FKOHUQHLQHQLHGULJHUHLQWULQVLVFKH0RWLYDWLRQYJO:LOG+RIHU
6 'LHVH (UNHQQWQLV NDQQ VRZRKO VHOEVWEHVWLPPXQJVWKHRUHWLVFK PLW GHU
)UXVWUDWLRQGHV%HGUIQLVVHVQDFK.RPSHWHQ]HUOHEHQDOVDXFKDOV$XVGUXFNGHUOHLV
WXQJVVWHLJHUQGHQ:LUNXQJYRQ,QWHUHVVHQLQWHUSUHWLHUWZHUGHQ
*HPl‰)HQGQHKPHQ1RWHQHQWVFKHLGHQGHUHQ(LQIOX‰DXIGLH6HOEVWNRQ]HSW
HQWZLFNOXQJ DOV HWZD GLH EHVXFKWH 6FKXOIRUP (U ZHLVW GDUDXI KLQ GDVV VLFK DXI
JUXQG YRQ %H]XJVJUXSSHQHIIHNWHQ GLH ÄJHQHUDOLVLHUWHQ 6HOEVWHLQVFKlW]XQJHQ (U
IROJV]XYHUVLFKW +LOIORVLJNHLW XQG GDV 6HOEVWZHUWJHIKO YRQ +DXSWVFKOHUQ XQG
*\PQDVLDVWHQ LQ GHU 6HNXQGDUVWXIH YRQ -DKU ]X -DKU DQJOHLFKHQ³ 6 XQG
ÄGDVV GLH SV\FKLVFKH 6LWXDWLRQ GHU JXWHQ +DXSWVFKOHU JQVWLJHU >LVW@ DOV MHQH GHU
VFKOHFKWHQ*\PQDVLDVWHQ³HEG
,QVJHVDPW JHVHKHQ LVW GHU (LQIOXVV GHU /HLVWXQJVSRVLWLRQ RE LQQHUKDOE GHU .ODVVH
RGHU LP 6FKXOV\VWHP IU GLH /HLVWXQJVPRWLYDWLRQ GHXWOLFK JHZRUGHQ 9RU DOOHP
3DUWLDOEHUHFKQXQJHQLQGHQHQGLH9DULDEOHÄUHODWLYH/HLVWXQJVSRVLWLRQLQGHU.ODV
VH³NRQWUROOLHUWZLUGWUDJHQGLHVHU%HIXQGODJH5HFKQXQJV.DS
'LIIHUHQWLHOOH8QWHUVFKLHGHDXIJUXQGGHV*HVFKOHFKWV
*UXQGVlW]OLFKVLQGGLHVR]LDOHQ%HGLQJXQJHQIUGLH3HUV|QOLFKNHLWVHQWZLFNOXQJIU
EHLGH*HVFKOHFKWHUXQWHUVFKLHGOLFKYJO+XUUHOPDQQ6
1LFKWJHNOlUWLVWGLH)UDJHRELP(OWHUQKDXVGLHIU0XWWHUXQG9DWHUMHZHLOVW\SL
VFKHQ9HUKDOWHQVZHLVHQJHQXLQJHVFKOHFKWVVSH]LILVFKRGHUHLQH)ROJHGHUVR]LRNXO
WXUHOOHQ 5ROOHQYHUWHLOXQJ YRQ 0DQQ XQG )UDX LQ XQVHUHU *HVHOOVFKDIW VLQG /DPE
)RUVFKXQJVVWDQG
'LIIHUHQWLHOOH%HIXQGHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
$XFK)HQGHWDOYHUZHLVHQEHLGLIIHUHQWLHOOHQ/HLVWXQJVPRWLYDWLRQV
HUJHEQLVVHQDXIGLH5ROOHGHV*HVFKOHFKWVZHOFKHVVLHDXIGLHUROOHQVSH]LILVFKH6R
]LDOLVDWLRQGXUFKGLH)DPLOLH]XUFNIKUHQ6
9lWHUYHUKDOWHQVLFK]%JHJHQEHU6|KQHQXQG7|FKWHUQYRQNOHLQDXIPLWJU|‰H
UHQ8QWHUVFKLHGHQDOVGLHV0WWHUWXQ6LHÄZDUHQVWUHQJHULQGHU'LV]LSOLQXQGZLO
GHU XQG GLUHNWLYHU LQ LKUHP 6SLHO PLW 6|KQHQ XQG ZHLFKHU YRUVLFKWLJHU XQG XQWHU
VWW]HQGHU LP 8PJDQJ PLW 7|FKWHUQ³ 6HLIIJH.UHQNH 6 6LH QHLJHQ
ÄPHLVWHQVGD]X-XQJHQDOVVWlUNHUXQGNUlIWLJHUDQ]XVHKHQVLHRIW]XEHUKUHQLKUH
N|USHUEHWRQWHQ 6SLHOH XQG (UNXQGXQJHQ ]X XQWHUVWW]HQ « >6LH@ JUHLIHQ EHL GHQ
-XQJHQPHKUHLQDOVEHLGHQ0lGFKHQ³/H&DPXV62IIHQEDULVWDOVRGLH
YlWHUOLFKH (U]LHKXQJ GHU 6|KQH PHKU DXI 'LV]LSOLQ XQG $NWLYLWlW DXVJHULFKWHW LP
*HJHQVDW]]XGHUGHU7|FKWHU
=XGHP NRQQWHQ +HOPNH 6FKUDGHU XQG /HKQHLV.OHSSHU QDFKZHLVHQ GDVV
EHL -XQJHQ GLH UHODWLYH /HLVWXQJVSRVLWLRQ LQ GHU .ODVVHEHLP =XVDPPHQKDQJ /HLV
WXQJVHUZDUWXQJ GHU (OWHUQ XQG /HLVWXQJ GHV .LQGHV ]HQWUDOHV *HZLFKW HUKlOW EHL
0lGFKHQKLQJHJHQQLFKW6'LH6R]LDOLVDWLRQVZLUNVDPNHLWDXIJUXQGGHU/HLV
WXQJVI|UGHUXQJYRQ6|KQHQLVWJU|‰HUDOVGLHYRQ7|FKWHUQYJO6'LHVHU$V
SHNW VWHKW PLW GHP REHUHQ .DSLWHO Ä'LIIHUHQWLHOOH 8QWHUVFKLHGH DXIJUXQG GHU
UHODWLYHQ/HLVWXQJVSRVLWLRQ³LQ=XVDPPHQKDQJ
*HPl‰ :DOSHU OHJHQ 6XEJUXSSHQDQDO\VHQ JHVFKOHFKWVVSH]LILVFKH OlQJV
VFKQLWWOLFKH (IIHNWH YRQ %LQGXQJ DXI GLH (QWZLFNOXQJ -XJHQGOLFKHU QDKH *HPl‰
6LOEHUHLVHQ%RHKQNHXQG&URFNHWWVLQGHVÄ-XQJHQQLFKW0lGFKHQIUGLH
VLFK HLQ 0LVVYHUKlOWQLV YRQ (U]LHKXQJ XQG 6FKXOPLOLHX QDFKKDOWLJ DXV]XZLUNHQ
VFKHLQW³6
*HPl‰8OLFKEHKDQGHOQGLHDOOHUPHLVWHQ/HKUSHUVRQHQ0lGFKHQDQGHUVDOV
.QDEHQ XQG VLH HUZDUWHQ YRQ 0lGFKHQ HLQ WHQGHQ]LHOO DQGHUHV 9HUKDOWHQ DOV YRQ
-XQJHQYJO68QWHUVXFKXQJHQLQYHUVFKLHGHQHQ/lQGHUQEHOHJHQÄGDVV-XQ
JHQ|IWHUDOV0lGFKHQEHDFKWHWDQJHVSURFKHQDXIJHUXIHQJHOREWXQGJHWDGHOWZHU
GHQ³ 6 'LHVHU (IIHNW ZLUG DXFK DOV Ä=ZHL'ULWWHO$XIPHUNVDPNHLWVJHVHW]³
EH]HLFKQHWYJO)DXOVWLFK:LHODQG6
,QVJHVDPW NDQQ YRQ HLQHU JHVFKOHFKWVSH]LILVFKHQ :LUNXQJ RE DQJHERUHQ RGHU VR
]LDOLVLHUW DXVJHJDQJHQ ZHUGHQ 'HU WHQGHQ]LHOOH )RNXV ZLUG EHL GHU 8QWHUVXFKXQJ
GHU /HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJ YRU DOOHP DXI GHQ PlQQOLFKHQ 3UREDQGHQ LP
*\PQDVLXPXQGLQGHU+DXSWVFKXOHOLHJHQ
$QGHUHUVHLWVNRQQWHQ+RIHUXQG:LOG]ZDUOlQJVVFKQLWWOLFKH=XVDPPHQKlQJH]ZLVFKHQHPRWLR
QDOXQGDXWRQRPLHXQWHUVWW]HQGHP9HUKDOWHQYRQ(OWHUQXQGGHU/HUQPRWLYDWLRQYRQ6FKOHUQDP(QGH
GHV-XJHQGDOWHUV]HLJHQMHGRFKOLH‰HQVLFKEHLLKQHQNHLQH+LQZHLVHDXIGLHYHUPLWWHOQGHRGHUPRGHULHUHQ
GH5ROOHZLH*HVFKOHFKWRGHUVR]LDOH+HUNXQIWEHVWlWLJHQ
)RUVFKXQJVVWDQG
6R]LDOH(LQJHEXQGHQKHLWXQG0RWLYDWLRQLP/lQJVVFKQLWW
6R]LDOH(LQJHEXQGHQKHLWXQG0RWLYDWLRQLP/lQJVVFKQLWW
+LHUVROOHQDXIGLH)UDJHVWHOOXQJEH]RJHQHOlQJVVFKQLWWUHOHYDQWH(UNHQQWQLVVHEHU
GLIIHUHQWLHOOH:LUNXQJVZHLVHQYRQVR]LDOHQ$VSHNWHQDXIGLH(QWZLFNOXQJXQG0R
WLYDWLRQDXIJHIKUWZHUGHQ:lKUHQGLQ.DSEHUTXHUVFKQLWWOLFKHUKREHQH(U
NHQQWQLVVHEHULFKWHWZXUGHKDQGHOWHVVLFKLQGLHVHP.DSLWHOYDXPHQWZLFNOXQJV
SV\FKRORJLVFKH XQG OlQJVVFKQLWWOLFKH %HOHJH ZHOFKH EH]JOLFK *HVFKOHFKW XQG
6FKXOIRUPQRFKZHLWHUGLIIHUHQ]LHUWVLQG
1DFK 7UXGHZLQG XQG 5HLI NDQQ GLH HOWHUOLFKH 6HOEVWlQGLJNHLWV
HU]LHKXQJ LP YLHUWHQ XQG IQIWHQ 6FKXOMDKU DOV DP HIIHNWLYVWHQ IU GLH .LQGHU EH
]HLFKQHWZHUGHQ=XIUKHVRGHU]XVSlWHVGLHVEH]JOLFKHV%HPKHQGHU(OWHUQKDWWH
HLQHJHULQJHUH:LUNXQJ6RPLWNDQQIHVWJHVWHOOWZHUGHQ1LFKW)UK]HLWLJNHLWVRQ
GHUQ(QWZLFNOXQJVDQJHPHVVHQKHLWEHLGHU6HOEVWlQGLJNHLWVHU]LHKXQJVFKHLQWGHUHQW
VFKHLGHQGH )DNWRU IU GLH )|UGHUXQJ GHU /HLVWXQJVPRWLYDWLRQ ]X VHLQ ZHQQ VLFK
+RIIQXQJDXI(UIROJDPJU|‰WHQ)XUFKWYRU0LVVHUIROJDPJHULQJVWHQ]HLJHQ
'LIIHUHQWLHOOH8QWHUVFKLHGHXQG:LUNXQJHQLP%H]XJ]XP$OWHUEHVWHKHQQLFKWQXU
EHLGHU6HOEVWVWlQGLJNHLWVHU]LHKXQJVRQGHUQDXFKEHLGHU$QZHQGXQJYRQ%HNUlIWL
JXQJHQLQGHU(U]LHKXQJ:lKUHQGPDQDXVDOOWDJVSV\FKRORJLVFKHU6LFKWDQQHKPHQ
N|QQWH SRVLWLYH 9HUVWlUNXQJ /RE %HORKQXQJ ZLUNH VLFK VWHWV I|UGHUOLFK DXI GLH
/HLVWXQJVPRWLYDWLRQGHU.LQGHUDXVXQG7DGHOXQG6WUDIHHKHUQDFKWHLOLJ]HLJWGLH
:LUNOLFKNHLWJHUDGHLQGLHVHU+LQVLFKWHLQHQSDUDGR[HQ%HIXQG*HPl‰GHU6WUXNWXU
GHU /HLWXQJVPRWLYDWLRQ GLH HQWZLFNOXQJVSV\FKRORJLVFK GHWHUPLQLHUW LVW YJO .DS
]HLJHQ VLFK DXFK (UJHEQLVVH DXV HLQHU 8QWHUVXFKXQJ YRQ 5HLI VHKU
VWLPPLJ 0WWHU HUIROJVPRWLYLHUWHU 6|KQH EHQXW]WHQ KDOE VRYLHOH %HNUlIWLJXQJHQ
ZLH0WWHUPLVVHUIROJVPRWLYLHUWHU6|KQH0DQNRPPWDOVR]XIROJHQGHP)D]LW'HU
=XVDPPHQKDQJ ]ZLVFKHQ ÄYLHO /RE ZHQLJ 7DGHO³ XQG 0RWLYDWLRQ ZLUNW VLFK HKHU
IU NOHLQHUH .LQGHU SRVLWLY DXV ZlKUHQG XQDQJHPHVVHQHV /RE IU MlKULJH
.LQGHUHKHUGHPRWLYLHUHQGZLUNW
,Q HLQHU lOWHUHQ /lQJVVFKQLWWVWXGLH DP )HOV5HVHDUFK,QVWLWXWH EHL GHU HLQH 6WLFK
SUREHYRQ.LQGHUQELVLQGDV(UZDFKVHQHQDOWHUKLQHLQJHWHVWHWZXUGHHUJDEHQVLFK
EHPHUNHQVZHUWH *HVFKOHFKWVXQWHUVFKLHGH YJO .DJDQ 0RVV 'LH DP
VWlUNVWHQPRWLYLHUWHQ)UDXHQZDUHQYRQLKUHQ0WWHUQVFKRQLQGHQHUVWHQGUHL/H
EHQVMDKUHQ IRUFLHUW ]XU 6HOEVWlQGLJNHLW XQG IRUWODXIHQGHU /HLVWXQJVVWHLJHUXQJ DQ
JHKDOWHQZRUGHQ(V]HLJWHVLFKGRUWHLQVRJHQDQQWHUJHVFKOHFKWVVSH]LILVFKHUÄ6FKOl
IHU(IIHNW³ %HLGHQ )UDXHQ NDP GLH VWDUNH /HLVWXQJVPRWLYDWLRQ HUVW LP (UZDFKVH
QHQDOWHU ]XP 'XUFKEUXFK LQ GHU .LQGKHLW EOLHE VLH YHUERUJHQ RGHU JHKHPPW %HL
GHQ-XQJHQKLQJHJHQJDEHVGLHVHQ6FKOlIHUHIIHNWQLFKW0lQQHU]HLJWHQGDQQDQKDO
WHQG DXVJHSUlJWHV /HLVWXQJVYHUKDOWHQ ZHQQ VLH QDFK HLQHP EHKWHQGHQ (U]LH
KXQJVYHUKDOWHQ LQ GHQ HUVWHQ GUHL /HEHQVMDKUHQ VWlUNHU OHLVWXQJVPl‰LJ DQJHVSRUQW
ZXUGHQ'LHVHVHKUDOWH8QWHUVXFKXQJGLHQWKLHUOHGLJOLFKDOV+LQZHLVGDVVGDV(U
]LHKXQJVYHUKDOWHQ GHU (OWHUQ LP /lQJVVFKQLWW HLQH JHVFKOHFKWVVSH]LILVFKH :LUNXQJ
DXIPRWLYDWLRQDOHU%DVLVKDEHQN|QQWH
)RUVFKXQJVVWDQG
6R]LDOH(LQJHEXQGHQKHLWXQG0RWLYDWLRQLP/lQJVVFKQLWW
,Q GLHVHU :HLVH NDQQ DXFK GHU HPSLULVFKH %HIXQG YRQ .UXVH LQWHUSUHWLHUW
ZHUGHQ (U ELODQ]LHUW VHLQH PLW 6WUXNWXUJOHLFKXQJVPRGHOOHQ EHUHFKQHWHQ OlQJV
VFKQLWWOLFKHQ 'DWHQ LQ $EKlQJLJNHLW GHV HOWHUOLFKHQ (U]LHKXQJVVWLOV XQG KlOW IHVW
GDVVVLFK(IIHNWHHOWHUOLFKHQ9HUKDOWHQVDXIGLHVHHOLVFKH*HVXQGKHLWXQWHU8PVWlQ
GHQHUVWYLHOH-DKUHVSlWHU]HLJHQ'LHVHV5HVXOWDWZHLVWHLQPDOPHKUDXIGLH([LV
WHQ]ODQJIULVWLJHU:LUNXQJHQYRQ6R]LDOLVDWLRQVEHGLQJXQJHQKLQ
:LOG XQG +RIHU HUEULQJHQ HEHQIDOOV GHQ 1DFKZHLV ]XP OlQJVVFKQLWWOLFKHQ
=XVDPPHQKDQJ]ZLVFKHQHOWHUOLFKHU(U]LHKXQJXQGGHU(QWZLFNOXQJPRWLYDWLRQDOHU
2ULHQWLHUXQJHQ 6HOEVWEHVWLPPXQJVWKHRUHWLVFKH hEHUOHJXQJHQ KDEHQ KLHU HPSLUL
VFKH(YLGHQ]HUJHEHQ
6R]HLFKQHWVLFKEHL-XJHQGOLFKHQGLHVLFKLQGHU.ODVVHE]ZLP]ZHLWHQ
/HKUMDKULQLKUHU6HOEVWlQGLJNHLWXQWHUVWW]WXQGYRQGHQ(OWHUQDQJHQRPPHQ
IKOHQLP9HUJOHLFK]XDQGHUHQ-XJHQGOLFKHQHLQHDXVJHSUlJWHUH1HLJXQJDE
VLFKHLQ-DKUVSlWHUPLWVFKXOLVFKHQ,QKDOWHQLQWHQVLYDXVHLQDQGHU]XVHW]HQXQG
VLFKGDEHLSULPlUYRP6SD‰DQGHU6DFKHXQGGHP,QWHUHVVHDP*HJHQVWDQG
OHLWHQ]XODVVHQ8PJHNHKUWVFKHLQHQ(OWHUQGLHGHP%HGUIQLVGHU-XJHQGOL
FKHQQDFK$XWRQRPLHZHQLJ5HFKQXQJWUDJHQGLH+HUDXVELOGXQJHLQHUH[WHU
QDOHQ >RULHQWLHUWHQ@ 3HUV|QOLFKNHLWVVWUXNWXU ]X I|UGHUQ IU GLH HLQH HKHU LQ
VWUXPHQWHOONDONXOLHUHQGH/HUQKDOWXQJNHQQ]HLFKQHQGLVW6I
'LH :LUNXQJ GHU VR]LDOHQ (LQELQGXQJ LVW ZDKUVFKHLQOLFK GDQQ DP K|FKVWHQ ZHQQ
GLH%H]LHKXQJ]ZLVFKHQ.LQGXQG(OWHUQDXFKEHUHLQHQOlQJHUHQ=HLWUDKPHQDXI
HLQHPKRKHQ1LYHDXEOHLEW6LHJOHUHWDO6KDOWHQIHVWGDVVYRQHLQHU
JHZLVVHQ .RQWLQXLWlW GHU (OWHUQ.LQG%LQGXQJ LQ GHU .LQGKHLW XQG LP (UZDFKVH
QHQDOWHUDXV]XJHKHQLVW±VRODQJHHVNHLQHJUDYLHUHQGHQ(UHLJQLVVHZLH6FKHLGXQJ
.UDQNKHLW.LQGHVPLVVKDQGOXQJRGHUPWWHUOLFKH'HSUHVVLRQJHJHEHQKDW
*HPl‰6WHLQEHUJHWDONRUUHOLHUWHGLH/HLVWXQJVEHUHLWVFKDIWLP/lQJVVFKQLWW
VLJQLILNDQW PLW U PLW GHU $XWRULWDWLYLWlWVVNDOD JUR‰H )DOO]DKOHQ %HLP 9HU
JOHLFKGHU([WUHPJUXSSHQVHKUDXWRULWDWLYHUXQGVHKUDXWRULWlUHU(U]LHKXQJVVWLOHU
JDEHQ VLFKEHLGHU $XINOlUXQJ GHU/HLVWXQJVEHUHLWVFKDIW XQG GHU /HUQKDOWXQJ KRKH
(IIHNWVWlUNHQ 0DQ VLHKW GDVV JUXQGVlW]OLFK PLW NOHLQHQ .RUUHODWLRQVZHUWHQ ]X
UHFKQHQLVWZHQQQLFKWDXI([WUHPJUXSSHQDXVJHZLFKHQZLUG8PJHNHKUWGDUIDEHU
VFKRQ HLQ VLJQLILNDQWHV (UJHEQLV EHU -DKUH KLQZHJ DXV HQWZLFNOXQJV
SV\FKRORJLVFKHU 6LFKW DOVEHDFKWOLFK JHOWHQ DXFK ZHQQ NHLQH JUR‰HQ (IIHNWVWlUNHQ
YRUOLHJHQ
$QKDQG GHV 0QFKQHU /lQJVVFKQLWWV ELV .ODVVH NRPPW GHP (OWHUQKDXVEHL
GHU )lKLJNHLWV6HOEVWNRQ]HSWHQWZLFNOXQJ OlQJHUIULVWLJ HLQH JU|‰HUH %HGHXWXQJ ]X
DOV GHU VFKXOLVFKHQ 8PZHOW ZHOFKH GXUFK GLH /HKUHUXQWHUVWW]XQJ UHSUlVHQWLHUW
ZLUGYJO3HNUXQ6
)RUVFKXQJVVWDQG
6WDELOLWlWLQGHU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJ
:LOG XQG +RIHU EOHLEHQ DEHU DXIJUXQG GHU YLHOHQ TXHUVFKQLWWOLFKHQ 6WXGLHQ
]XP(LQIOXVVGHUHOWHUOLFKHQ(U]LHKXQJVSUDNWLNHQIUGLH/HUQPRWLYDWLRQYRUVLFKWLJ
EHLGHU,QWHUSUHWDWLRQYRQNDXVDOHQ:LUNXQJVZHLVHQDQKDQGGHU6'78QWHU%H]XJ
QDKPH ]X ÄLQQHU ZRUNLQJ PRGHOV³ LQ ZHOFKHQ %H]LHKXQJVHUIDKUXQJHQ EHU NRQWL
QXLHUOLFKH DOOWlJOLFKH ,QWHUDNWLRQHQ ]ZLVFKHQ -XJHQGOLFKHQ XQG (OWHUQ YHUGLFKWHW
VLQG XQG GHU 7DWVDFKH GDVV -XJHQGOLFKH XQG (OWHUQ LQ GHU 0HKUKHLW EHU GDV -X
JHQGDOWHUKLQDXVHPRWLRQDOYHUEXQGHQEOHLEHQYHUPXWHQVLHGDVV(OWHUQāEHUGDV
JHVDPWH .LQGHV XQG -XJHQGDOWHU KLQZHJ³ (LQIOXVV DXIV /HUQHQ GHU .LQGHU KDEHQ
YJO6
.UDFNHXQG+RIHUZHLVHQDXIJUXQGYRQOlQJVVFKQLWWOLFKHQ$QDO\VHQLP.RQ
WH[W GHV (LQVWLHJV LQV %HUXIVOHEHQ EHL -XJHQGOLFKHQ QDFK GDVV ÄGLH %HKDUUOLFKNHLW
XQG $XVGDXHU VLFK XP HLQHQ $XVELOGXQJVSODW] ]X EHPKHQ JDQ] ZHVHQWOLFK YRQ
GHUHPRWLRQDOHQ8QWHUVWW]XQJGHU(OWHUQ³DEKlQJW6,QGLHVHP6LQQHLVWHLQH
I|UGHUOLFKH .RPPXQLNDWLRQ LQ GHU )DPLOLH GXUFK 9HUEXQGHQKHLW XQG ]XQHKPHQGH
:HFKVHOVHLWLJNHLWGHU(OWHUQ.LQG%H]LHKXQJJHNHQQ]HLFKQHW
:HQQ VLFK DOVR VLJQLILNDQWH :LUNXQJHQ GHU IDPLOLlUHQ VR]LDOHQ (LQJHEXQGHQKHLW
XQG GHU .RPPXQLNDWLRQ DXI GDV /HLVWXQJVYHUKDOWHQ LP hEHUJDQJ LQV %HUXIVOHEHQ
LQHLQHP=ZHLMDKUHV/lQJVVFKQLWWHUJHEHQGDQQLVWDXFKGDYRQDXV]XJHKHQGDVV
GLHV ± DOOHUGLQJV LQ VFKZlFKHUHU )RUP ± DXFK IU HLQHQ ELV -DKUH ODQJHQ
/lQJVVFKQLWW JLOW 'DVV QLFKW QXU 9DULDEOHQ DXI GHU |NRORJLVFKHQ (EHQH VRQGHUQ
DXFK 3HUV|QOLFKNHLWVDVSHNWH GHV -XJHQGOLFKHQ VHOEVW DOV %HVWLPPXQJVIDNWRUHQ GHU
(QWZLFNOXQJ KHUDQJH]RJHQ ZHUGHQ GUIHQ ZLUG GXUFK GLH (UNHQQWQLVVH DXV 3IDG
DQDO\VHQEHOHJWYJODD26ZRQDFKGHUDXWRULWDWLYH(U]LHKXQJVVWLODOVDXFK
GLHDGDSWLYH3HUV|QOLFKNHLW3UREOHPO|VHNRPSHWHQ]6HOEVWZLUNVDPNHLW«GHV-X
JHQGOLFKHQ HLQHQ %HLWUDJ ]XU $XINOlUXQJ GHV EHUXIVEH]RJHQHQ ([SORUDWLRQVYHUKDO
WHQOHLVWHQ
,QVJHVDPW JLEW HV ]DKOUHLFKH GLIIHUHQWLHOOH %HIXQGH GLH MH QDFK .RQWH[W HLQHQ
OlQJVVFKQLWWOLFKHQ (LQIOXVV GHU VR]LDOHQ (LQJHEXQGHQKHLW DXI GLH QDFKVFKXOLVFKH R
GHUEHUXIOLFKHRGHUVRJDUQDFKEHUXIOLFKH0RWLYDWLRQQDFKZHLVHQ
,P)ROJHQGHQZLUGGHU=XVDPPHQKDQJGHU/HLVWXQJVPRWLYDWLRQLP-XJHQGDOWHUXQG
GHU EHUXIOLFKHQ /HLVWXQJVPRWLYDWLRQ XQG :HLWHUELOGXQJVPRWLYDWLRQ LP (UZDFKVH
QHQDOWHUEHWUDFKWHWXQGPLWVWDWLVWLVFKHQ%HIXQGHQXQWHUOHJW
6WDELOLWlWLQGHU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJ
,P )ROJHQGHQ ZLUG GLH OlQJVVFKQLWWOLFKH 3HUVSHNWLYH LQ GHU /HLVWXQJVPRWLYDWLRQV
HQWZLFNOXQJWKHPDWLVLHUW(VZHUGHQ%HIXQGHVRZRKOLQDOOJHPHLQHUDOVDXFKLQGLI
IHUHQ]LHUWHU )RUP EH]JOLFK *HVFKOHFKW RGHU 6FKXOW\S EHULFKWHW 'LHVH $XVIKUXQ
JHQ EHJUQGHQ VRPLW GLH 7KHVH HLQHU /HLVWXQJVPRWLYDWLRQVVWDELOLWlW LQ GLHVHP ODQ
JHQ/lQJVVFKQLWWXQGEHUHLWHQDXIGLH(UJHEQLVVHLQ.DSLWHOYRU
)RUVFKXQJVVWDQG
6WDELOLWlWLQGHU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJ
6WDELOLWlW RGHU .RQWLQXLWlW ZHLVHQ GDUDXI KLQ GDVV HWZDV JOHLFK EOHLEW ,QVWDELOLWlW
E]Z 'LVNRQWLQXLWlW PHLQW GDV *HJHQWHLO GK GDV 3HUV|QOLFKNHLWVPHUNPDO lQGHUW
VLFK1DFK$VHQGRUSIOlVVWVLFKGLH6WDELOLWlWHLQHU3HUV|QOLFKNHLWVHLJHQVFKDIW
GXUFK HLQH /lQJVVFKQLWWVWXGLH ]ZLVFKHQ ]ZHL 0H‰]HLWSXQNWHQ W XQG WEHVWLPPHQ
LQ GHU GLHVHOEH (LJHQVFKDIW Ä]X GLHVHQ EHLGHQ =HLWSXQNWHQ LQ HLQHU 6WLFKSUREH YRQ
3HUVRQHQJHPHVVHQXQGGDQQGLH.RUUHODWLRQ]ZLVFKHQGHQEHLGHQ=HLWSXQNWHQEH
VWLPPW ZLUG 'LHVH .RUUHODWLRQ EHVFKUHLEW GLH PLWWOHUH 6WDELOLWlW GHU (LJHQ
VFKDIWVZHUWHLQGHUEHWUDFKWHWHQ6WLFKSUREHVLHLVWHLQH(LJHQVFKDIWGHU6WLFKSUREH
QLFKWHLQ]HOQHU3HUVRQHQ³6
-HGRFK LVW HV LQ GLHVHU $UEHLW EH]JOLFK GHV (QWZLFNOXQJVEHJULIIV ZLFKWLJ ZRUDXI
GHU)RNXVJHULFKWHWZHUGHQPXVV
'HQQEHLKRKHU6WDELOLWlWXQGGDPLWDXFK.RQWLQXLWlWOLHJWNHLQHEHGHXWVDPH
GLIIHUHQWLHOOH(QWZLFNOXQJYRUXQGGDPLWDXFKNHLQHLQWHUHVVDQWH)UDJHIUGLH
3HUV|QOLFKNHLWVHQWZLFNOXQJ >«@ :LFKWLJHU DOV %HVFKUHLEXQJHQ GHU GLIIHUHQ
WLHOOHQ (QWZLFNOXQJ VLQG GHVKDOE $QDO\VHQ GHU (LQIOVVH DXI GLH 3HUV|QOLFK
NHLWXQGLKUH(QWZLFNOXQJ:DUXPLVW)UDQ]LQWHOOLJHQWHUDOVGHUJOHLFKDOWULJH
)ULW]XQGZDUXPLVW)ULW]DJJUHVVLYHUDOV)UDQ]":HQQVLFKGLHVH8QWHUVFKLH
GH HUVW LP 9HUODXI GHU =HLW HQWZLFNHOW KDEHQ :DUXP KDEHQ VLH VLFK VR XQG
QLFKWDQGHUVHQWZLFNHOW"'LHVVLQG)UDJHQGHU(UNOlUXQJYRQ3HUV|QOLFKNHLWV
XQWHUVFKLHGHQ XQG LKUHU (QWZLFNOXQJ $VHQGRUSI 6 I +HUYRUKH
EXQJGXUFK'/
0RQWDGDZHLVWGDUDXIKLQGDVVGHU6WDELOLWlWVEHJULIIE]Z.RQWLQXLWlWVEHJ
ULIILQXQWHUVFKLHGOLFKHQ%HGHXWXQJHQJHEUDXFKWZLUG(LQHLVWGLHÄ(UNOlUXQJLQWHU
LQGLYLGXHOOHU8QWHUVFKLHGHDXVYRUDXVJHKHQGHQ8QWHUVFKLHGHQLQHLQHUDQGHUHQ'L
PHQVLRQ³ 6 :HQQ LP )ROJHQGHQ GLH VFKXOLVFKH XQG EHUXIOLFKH /HLVWXQJVEH
UHLWVFKDIW DXI GHP +LQWHUJUXQG GHU XQWHUVFKLHGOLFK VR]LDOHQ (LQEHWWXQJ LQ )DPLOLH
XQG 6FKXOH LQ XQWHUVFKLHGOLFKHQ 6FKXOIRUPHQ HUNOlUW ZLUG GDQQ ZLUG GLHVHP 9HU
VWlQGQLVHQWVSURFKHQ6RPLWLVWDXVJHZLHVHQGDVVGHU)RNXVDXIGHU(UNOlUXQJYRQ
0RWLYDWLRQOLHJW
0LW6WDPPNDQQDXIGLHOlQJHUIULVWLJH:LUNXQJYRQ3HUV|QOLFKNHLWVPHUNPD
OHQ LP 5DKPHQ GHU OHLVWXQJVEH]RJHQHQ (QWZLFNOXQJ ZlKUHQG GHU 6FKXO]HLW KLQJH
ZLHVHQ ZHUGHQ Ä1LFKW GLH DOOJHPHLQHQ )lKLJNHLWVQLYHDXV RGHU GDV IUKH /HVHQ
RGHU5HFKQHQOHUQHQVLQG%HGLQJXQJVPHUNPDOHIU/HLVWXQJVH[]HOOHQ]DP(QGHGHU
REOLJDWRULVFKHQ 6FKXO]HLW VRQGHUQ EHVRQGHUV DXVJHSUlJWH 3HUV|QOLFKNHLWVPHUNPDOH
ZLH $XVGDXHU /HLVWXQJVPRWLYDWLRQ RGHU .RQ]HQWUDWLRQVYHUP|JHQ³ 6WDPP 6
'LH EHLGHQ %HJULIIH VWHKHQ LQ JHJHQVHLWLJHU $EKlQJLJNHLW Ä$XV HLQHU KRKHQ EHREDFKWHWHQ 6WDELOLWlW
>JHPHVVHQGXUFK.RUUHODWLRQHQ@IROJWHLQHKRKH.RQWLQXLWlWXQG6WDELOLWlWGHV(LJHQVFKDIWVNRQVWUXNWV>]%
[email protected]>6NDOD$QJVW@GHU(LJHQVFKDIWVPHVVXQJHQ]XEHLGHQ=HLWSXQNWHQ³
$VHQGRUSI6I
)RUVFKXQJVVWDQG
6WDELOLWlWLQGHU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJ
:HQQ GLH 6WDELOLWlW YRQ 3HUV|QOLFKNHLWVPHUNPDOHQ XQWHUVXFKW ZLUG GDQQ LVW HV
ZLFKWLJ DGROHV]HQ]VSH]LILVFKH (UNHQQWQLVVH ]XEHUFNVLFKWLJHQ *HPl‰ $VHQGRUSI
NDQQHVLQ PDQFKHQ(LJHQVFKDIWHQSXEHUWlWVEHGLQJW]XHLQHUYRUEHUJHKHQ
GHQ 'HVWDELOLVLHUXQJ NRPPHQ 6 'DUXP ZLUG LQ GHU YRUOLHJHQGHQ 8QWHUVX
FKXQJGHU$XINOlUXQJGHU/HLVWXQJVPRWLYDWLRQLP-XJHQGDOWHUHLQNOHLQHUHV*HZLFKW
HLQJHUlXPWDOVGHU%HVWLPPXQJGHUEHUXIOLFKHQ/HLVWXQJVXQG:HLWHUELOGXQJVPR
WLYDWLRQLP(UZDFKVHQHQDOWHUPLWHLQHP-DKUH/lQJVVFKQLWW
*UXQGVlW]OLFK OlVVW VLFK ODQJIULVWLJ EHVVHU YRUKHUVDJHQ ZHU XQDXIIlOOLJ EOHLEW DOV
ZHUDXIIlOOLJEOHLEW,Q/lQJVVFKQLWWVWXGLHQVLQGSDWKRORJLVFKH*UXSSHQGXUFKZHJV
LQVWDELOHUDOVGLH.RQWUROOJUXSSHQYJODD26'LHVH)HVWVWHOOXQJN|QQWHLQ
GHUYRUOLHJHQGHQ$UEHLWGHUDUWLQWHUSUHWLHUWZHUGHQGDVVEHL+DXSWVFKXODEVROYHQWHQ
DXIJUXQGGHUJHULQJHUHQ4XDOLILNDWLRQXQGGHVHKHUJHULQJHUHQVR]LDOHQ6WDWXVHLQH
NOHLQHUH6WDELOLWlW]XHUZDUWHQLVWÄ3UREOHPDWLVFKH³/HEHQVYHUOlXIH±ZDVQLFKWPLW
ÄSDWKRORJLVFK³JOHLFKJHVHW]WZLUG±VLQGZDKUVFKHLQOLFKEHL-XJHQGOLFKHQHKHUDQ]X
WUHIIHQ ZHOFKH GLH +DXSWVFKXOH EHVXFKWHQ DOV ZHQQ VLH DP *\PQDVLXP ZDUHQ VR
GLH9HUPXWXQJ
,Q .DSLWHO ZXUGH GLH 6WDELOLWlW YRQ DOOJHPHLQHQ 3HUV|QOLFKNHLWVHLJHQVFKDIWHQ
%LJ)LYHWKHPDWLVLHUW1XQZHUGHQZHLWHUH%HOHJHGDIUDXIJHIKUWGDVVHVHLQHQ
OlQJVVFKQLWWOLFKHQ =XVDPPHQKDQJ YRQ PRWLYDWLRQDOHQ 3HUV|QOLFKNHLWVPHUNPDOHQ
LP -XJHQG XQG LP (UZDFKVHQHQDOWHU JLEW E]Z YRQ HLQHU 6WDELOLWlW DXVJHJDQJHQ
ZHUGHQNDQQ
'LH 6FKXOH VRUJW IU GHQ (UZHUE HLQHU VWDELOHQ JUXQGOHJHQGHQ $UEHLWVKDOWXQJ
E]Z/HUQPRWLYDWLRQ$FKWHQKDJHQ/HPSHUW%DXPHUW
:HQQ:HLQHUWEHUIDFKOLFKH.RPSHWHQ]HQDOVUHODWLYVWDELOH'LVSRVLWLR
QHQE]Z3HUVRQPHUNPDOHYJODXFK*URE0DDJ0HUNL6EH]HLFK
QHWGDQQN|QQHQ/HUQEHUHLWVFKDIW/HUQNRPSHWHQ]XQG/HLVWXQJVPRWLYDWLRQGLH
DOVEHUIDFKOLFKH.RPSHWHQ]HQJHOWHQYJO*URE0DDJ0HUNL5DPVHL
HUHEHQIDOOVDOVVWDELODQJHQRPPHQZHUGHQ
1DFK 6SLHVV +XOGL JLEW HV HLQH .RQWLQXLWlWVUDQJIROJH EHL GHU NRJQLWLYH
)lKLJNHLWHQ ]% ,QWHOOLJHQ] DP VWDELOVWHQ 7HPSHUDPHQWVHLJHQVFKDIWHQ ]%
*HZLVVHQKDIWLJNHLWHWZDVZHQLJHUVWDELOXQG:HUWH/HEHQV]LHOHVRZLH(LQVWHO
OXQJHQYDULDEOHU1DWXUVLQG
*HPl‰6WXKOPDQQJLEWHVZHQLJHPSLULVFKH%HIXQGH]XGHQ/DQJ]HLWHI
IHNWHQYRQVFKXOLVFKHQWZLFNHOWHU/HUQXQG/HLVWXQJVPRWLYDWLRQ(LQHTXDOLWDWL
YH UHWURVSHNWLYH 6WXGLH YRQ 6FKUlGHU1DHI ]X GHQ 'HWHUPLQDQWHQ YRQ
:HLWHUELOGXQJVEHUHLWVFKDIW]HLJWDEHUGDVVVLFK(UZDFKVHQHPLWVFKXOLVFKHQ'H
IL]LWHQ QLFKW ZHLWHUELOGHQ ZHQQ VLH QHJDWLYH 6FKXOHUIDKUXQJHQ JHPDFKW KDEHQ
GKHLQHQHJDWLYH*UXQGKDOWXQJJHJHQEHU6FKXOHXQG/HUQHQHQWZLFNHOWKDEHQ
'LH7UDGLWLRQLQGHU3HUV|QOLFKNHLWVXQG(QWZLFNOXQJVSV\FKRORJLHQDFKHLQHUKRKHQODQJIULVWLJHQ.RQ
WLQXLWlW XQG 6WDELOLWlW YRQ (LJHQVFKDIWHQ ]X VXFKHQ LVW DEHU QXU YRQ EHJUHQ]WHP 1XW]HQ IU HLQ WLHIHUHV
9HUVWlQGQLV GHU 3HUV|QOLFKNHLWVHQWZLFNOXQJ ]% 6WDELOLWlW YRQ $JJUHVVLYLWlW EHL 9DWHU XQG 6RKQ LP
.LQGHVXQGLP(UZDFKVHQHQDOWHUYJO$VHQGRUSI6I
)RUVFKXQJVVWDQG
6WDELOLWlWLQGHU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJ
hEHUKDXSWLVW/HUQHQLP(UZDFKVHQHQDOWHULP*HJHQVDW]]XVFKXOLVFKHP/HUQHQ
YHUPHKUWVHOEVWJHVWHXHUWXQGVHOEVWRUJDQLVLHUWYJO6HPELOO6RPLWN|QQHQ
DXFKGLH0RWLYDWLRQVHLJHQVFKDIWHQÄEHUXIOLFKH/HLVWXQJVPRWLYDWLRQ³XQGÄEHUXI
OLFKH :HLWHUELOGXQJVPRWLYDWLRQ³ DOV VHOEVWEHVWLPPW EHWUDFKWHW ZHUGHQ ZHOFKH
VRZRKO LQWULQVLVFKH DOV DXFK H[WULQVLVFKH $QWHLOH EHLQKDOWHQ YJO 6'7
.RQWLQXXPLQ.DS
'LHLQ.DSLWHODXIJHIKUWHQ%HUHFKQXQJHQPVVHQDOVRGHU)UDJHQDFKJHKHQRE
VLFKGLH/HLVWXQJVPRWLYDWLRQLP6LQQHHLQHU'LVSRVLWLRQUHODWLYVWDELOLP/HEHQVODXI
]HLJW XQG LQZLHIHUQ GLHVH EHHLQIOXVVW ZLUG YRP VR]LDOHQ XQG VWUXNWXUHOOHQ 8PIHOG
)DPLOLH6FKXOIRUP«
'DGLH6R]LDOLVDWLRQVIRUVFKXQJ]HLJHQNRQQWHGDVVÄ0HQVFKHQLQJOHLFKHU/HEHQV
ODJH DXFK lKQOLFKH :HUWYRUVWHOOXQJHQ (LQVWHOOXQJHQ XQG 9HUKDOWHQVZHLVHQ HQWZL
FNHOQ³+XUUHOPDQQ6LVWGDYRQDXV]XJHKHQGDVVGLHEHUXIOLFKH3RVLWL
RQHQWVFKHLGHQGHQ(LQIOXVVDXIGLH$XVSUlJXQJGHU0RWLYDWLRQKDW9RQJUR‰HU%H
GHXWXQJVHLGDEHLGLH4XDOLWlWXQG/lQJHGHU%LOGXQJ$XVELOGXQJXQGGLH$UWXQG
:HLVHGHU$UEHLWVXQG%HUXIVWlWLJNHLW%HGLQJXQJHQLQ$XVELOGXQJXQG$UEHLWEH
HLQIOXVVHQ DOVR GLH 3HUV|QOLFKNHLWVHQWZLFNOXQJ QLFKW XQZHVHQWOLFK HEG +LHUDXV
ZLUGHUVLFKWOLFKGDVVEHLGHU%HVWLPPXQJGHUEHUXIOLFKHQ:HLWHUELOGXQJVXQG/HLV
WXQJVPRWLYDWLRQ GXUFK 9DULDEOHQ GHV -XJHQGDOWHUV 3DUWLDONRUUHODWLRQHQ EHQ|WLJW
ZHUGHQGLHGHQK|FKVWHQ$XVELOGXQJVDEVFKOXVVNRQWUROOLHUHQGYHUZHQGHQ
Ä'LH KHUDXVUDJHQGH %HGHXWXQJ GHU PRWLYDWLRQDOHQ %HGLQJXQJHQ IU /HUQHQ XQG
/HLVWXQJEHUGLHJHVDPWH/HEHQVVSDQQHXQGGLH]7KRKH6WDELOLWlWPRWLYDWLRQDOHU
'LVSRVLWLRQHQVLQG6DFKYHUKDOWHGLHLP3ULQ]LSOlQJVWEHNDQQWVLQG³.UDSS
6'LHVNDQQLP5DKPHQGHVVR]LDOHQ.RQWH[WHVDOVDXFKEH]JOLFKGHUHLJHQHQ
SHUVRQDOHQ 6WHXHUXQJVPHFKDQLVPHQ YHUVWDQGHQ ZHUGHQ 8SPHLHU ]X %HO]HQ 9RJW
:LHGHUXQG&KULVWHQVWHOOHQQlPOLFKIHVWÄ-HIUKHU.LQGHUGHILQLHUWH,QWH
UHVVHQ DXVELOGHQ GHVWR EHVVHU VLQG VLH LQ GHU /DJH HUQHXW ,QWHUHVVHQ DXI]XEDXHQ³
6 'HP]XIROJH LVW GLH 9HUPXWXQJ QDKHOLHJHQG GDVV HV VLFK DXFK EHLP 3HU
V|QOLFKNHLWVPHUNPDO Ä/HLVWXQJVPRWLYDWLRQ³ lKQOLFK DXVZLUNWMH IUKHU .LQGHU XQG
-XJHQGOLFKHVLFKOHLVWXQJVPRWLYLHUWHQWZLFNHOQGHVWRPHKUZLUGGHU3UR]HVVGHU,Q
WHUQDOLVLHUXQJ XQG 7UDQVIRUPDWLRQ V .DS % JHI|UGHUW XQG GHVWR JU|‰HU LVW
GLH6WDELOLWlW.UDSSELODQ]LHUWGLHVH7KHPDWLNZLHIROJWÄ(PSLULVFKH8QWHU
VXFKXQJHQ DXV YLHOHQ DQGHUHQ )RUVFKXQJVEHUHLFKHQ ]HLJHQ VHKU GHXWOLFK GDVV GHU
/HKUHUXQGGLHLQGHU6FKXOHYRUKHUUVFKHQGHQ/HUQXQG/HEHQVEHGLQJXQJHQHLQHQ
]7SUlJHQGHQ(LQIOXVVDXIGLH5LFKWXQJXQGGLH4XDOLWlWGHUOlQJHUIULVWLJZLUNVD
PHQPRWLYDWLRQDOHQ'LVSRVLWLRQHQHLQHU3HUVRQKDEHQ³6
6RPLW VLQG =XVDPPHQKDQJV XQG 6WDELOLWlWVEHUHFKQXQJHQ ]ZLVFKHQ GHU /HLVWXQJV
PRWLYDWLRQXQGGHUEHUXIOLFKHQ/HLVWXQJVXQG:HLWHUELOGXQJVPRWLYDWLRQXPVFKULH
EHQXQGEHJUQGHWXQGHVNDQQEHUJHJDQJHQZHUGHQ]XU%HWUDFKWXQJGHUJDQ]KHLW
OLFKHQ(QWZLFNOXQJLP5DKPHQGHU6R]LDOLVDWLRQYRQ/HLVWXQJVPRWLYDWLRQYRPIU
KHQ-XJHQGDOWHUELVLQV(UZDFKVHQHQDOWHU
)RUVFKXQJVVWDQG
=XU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJGXUFKVR]LDOH(LQJHEXQGHQKHLW
=XU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJGXUFKVR]LDOH(LQJHEXQGHQKHLW
'LH KLHU DXIJHIKUWHQ %HOHJH EH]LHKHQ VLFK QLFKW QXU DXI GLH EHUXIOLFKH :HLWHUELO
GXQJVXQG /HLVWXQJVPRWLYDWLRQ VRQGHUQ DXFK DXI GLH =XIULHGHQKHLW PLWEHGHXWVD
PHQ/HEHQVEHUHLFKHQZLH]%GHU$UEHLWVVWHOOH'DVIROJHQGH=LWDWEHOHJWGDVVVLFK
6R]LDOLVDWLRQVSUR]HVVHQLFKWPLWQXUYRQHLQHU6HLWHJHULFKWHWHQHLQIDFKHQXQGXQL
YHUVDOHQ :LUNXQJVPHFKDQLVPHQ ]HLJHQ Ä6HOEVWNRQ]HSW 0RWLYDWLRQ XQG 9HUKDOWHQ
YRQ 6FKOHUQ XQWHUOLHJHQ :HFKVHOZLUNXQJVSUR]HVVHQ GLH GXUFK VR]LDOH (UZDUWXQ
JHQ %HZHUWXQJHQ XQG 5FNPHOGXQJHQ LQ GHU ,QWHUDNWLRQ PLW (OWHUQ /HKUHUQ XQG
0LWVFKOHUQJHVWHXHUWXQGVWDELOLVLHUWZHUGHQ³8OLFK-HUXVDOHP6
,P )ROJHQGHQ VLQG HLQLJH %HOHJH DXIJHIKUW GLH GLHVH OlQJVVFKQLWWOLFKH XQG JDQ]
KHLWOLFKH3HUVSHNWLYHLQ%H]XJ]XU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJWKHPDWLVLHUHQ
%XII GHU 6FKOHU GHU IQIWHQ DFKWHQ XQG HOIWHQ .ODVVHQVWXIH QDFK GHQ
*UQGHQLKUHVVFKXOLVFKHQ(QJDJHPHQWVLQYHUVFKLHGHQHQ)lFKHUQEHIUDJWH]HLJW
YRUGHP+LQWHUJUXQGGHU6HOEVWEHVWLPPXQJVWKHRULHGDVVHUVWHQVGLH'LFKRWRPLH
LQWULQVLVFKH[WULQVLVFK GHU 5HDOLWlW QLFKW JHUHFKW ZLUG ZHLO HLQ *UR‰WHLO GHU
.LQGHUPRWLYDWLRQDOH2ULHQWLHUXQJHQDXVEHLGHQ%HUHLFKHQKDEHQXQG]ZHLWHQV
GDVV)UHPGEHVWLPPXQJLP9HUODXIHGHU6FKXO]HLWVRJDUDQ%HGHXWXQJJHZLQQW
'DUXQWHU IDOOHQ GLH .DWHJRULHQ $QVHKHQ (UZDUWXQJHQ XQG *UDWLILNDWL
RQ6DQNWLRQ'LHVHU%HIXQGLVWQLFKWXQLQWHUHVVDQW(UZHLVWGDPLWDXVGDVVHLQH
]X HLQVHLWLJH $XVULFKWXQJ QXU DXI LQWULQVLVFKH =LHOH GHQ .LQGHUQ-XJHQGOLFKHQ
QLFKWJHUHFKWZLUG(UZDUWXQJHQ$QVHKHQ3UHVWLJHXQGYHUKDOWHQVVWHXHUQGH0H
FKDQLVPHQEHKDOWHQLKUH%HGHXWXQJ9LHOHVZDVZLUWDJWlJOLFKPDFKHQPDFKHQ
ZLUQLFKWDXVUHLQHP,QWHUHVVH'DV/HUQSDUDGLJPDGHV%HKDYLRULVPXVEHLGHP
$X‰HQVWHXHUXQJLP=HQWUXPVWHKWLVWDXFKIUGDVVSlWH-XJHQGDOWHU]XEHUFN
VLFKWLJHQ
(VNDQQYHUKDOWHQVWKHRUHWLVFKDXFKYRQGHU:LUNXQJHLJHQHU±DOVRLQQHQJHVWHX
HUWHQ±(UZDUWXQJVKDOWXQJHQJHVSURFKHQZHUGHQ,QHLQHU8QWHUVXFKXQJGHU/H
EHQV]XIULHGHQKHLWLP/HEHQVMDKUHKHPDOLJHU*\PQDVLDVWHQDXIJUXQGLKUHU6L
WXDWLRQLP/HEHQVMDKUXQGLKUHU/HEHQVJHVFKLFKWHNRPPW0HXOHPDQQ
]XP6FKOXVVGDVVHUVWHQVGLH/HEHQV]XIULHGHQKHLWYRPELV]XP/HEHQV
MDKUZHQLJVWDELOLVWXQG]ZHLWHQVGDVVHLJHQHKRKH$QVSUFKHLP-XJHQGDOWHU
GLH =XIULHGHQKHLW LP %HUXI GHV /HEHQVMDKUV PLQGHUQ 'DUDXV OlVVW VLFK GHU
6FKOXVV ]LHKHQ GDVV GHU DQJHOHJWH 3HUV|QOLFKNHLWV]XJ DQ VLFK VHOEVW ]X KRKH
)RUGHUXQJHQ]XVWHOOHQHLQHODQJIULVWLJH:LUNXQJKDW
1DFK+D]DQXQG6KDYHUVLQG3HUVRQHQZHOFKHLP.LQGHVDOWHUVLFKHUJH
EXQGHQZDUHQ]XIULHGHQHUPLWLKUHU$UEHLWVVWHOOHXQGLKUHQ.ROOHJHQDOVXQVLFKHU
JHEXQGHQH .LQGHU 'LHVHU %HIXQG ZHLVW DXI ODQJIULVWLJ ZLUNHQGH 0HFKDQLVPHQ
GHUVR]LDOHQ(LQELQGXQJLP.OHLQNLQGHVDOWHUDXIGLHDOOJHPHLQH=XIULHGHQKHLWLP
(UZDFKVHQHQDOWHUKLQ
Ä-H K|KHU LP /HEHQVMDKU GLH HLJHQWOLFKHQ )lKLJNHLWHQ HLQJHVFKlW]W XQG GLH %LOGXQJV]LHOH JHVWHFNW
ZHUGHQGHVWRJHULQJHULVW±EHL.RQWUROOHGHVWDWVlFKOLFKHQ(UUHLFKWHQXQGGHQ]ZLVFKHQ]HLWOLFK*HVFKHKH
QHQ±GLHEHUXIOLFKH=XIULHGHQKHLWLP/HEHQVMDKU³0HXOHPDQQ6
)RUVFKXQJVVWDQG
.RPSHQVDWRULVFKH:LUNXQJHQ"
1XQ IROJHQ HLQ]HOQH %HIXQGH ]XU EHUXIOLFKHQ /HLVWXQJVPRWLYDWLRQ XQG ]XU EHUXIOL
FKHQ:HLWHUELOGXQJVPRWLYDWLRQ(V]HLJWVLFKDXFKKLHUGDVVGHUVR]LDOH.RQWH[WIU
XQWHUVFKLHGOLFKH=XVDPPHQKlQJHVRUJW
,QVJHVDPW NDQQ JHVDJW ZHUGHQ GDVV 3HUVRQHQ PLW KRKHQ /HLVWXQJVPRWLYDWLRQV
ZHUWHQHLQHDXVGDXHUQGHXQGKlUWHUH$UEHLWVZHLVHDQGHQ7DJOHJHQDOVQLHGULJ
OHLVWXQJVPRWLYLHUWH3HUVRQHQ&KRL6FKPLGW6
*HPl‰6RPPXQG'U|JHLVW$QVWUHQJXQJIU3HUVRQHQGLHVLFKLPVR]LD
OHQ$XIVWLHJEHILQGHQQDFKZLHYRUYRQJUR‰HU%HGHXWXQJIUGLH,QWHUSUHWDWLRQ
GHV (UIROJV 'DJHJHQ LVW HV IU 3HUVRQHQ LP 0LOLHX GHU 'LHQVWOHLVWXQJVHOLWH RIW
QLFKW PHKU ÄHQ YRJXH³ YRQ $QVWUHQJXQJ ]X VSUHFKHQ DXFK ZHQQ GLHVH ULHVLJ
VHLQPDJ$QVWUHQJXQJLVWIUGLHVH*UXSSHQLFKWPHKUSHUVHGLH9RUDXVVHW]XQJ
YRQ /HLVWXQJ YJO 6 'LHVHU %HIXQG ]HLJW GDVV GLH :HUWLJNHLW YRQ /HLV
WXQJVPRWLYDWLRQMHQDFKVR]LDOHU6FKLFKWHLQHDQGHUHLVW
$XFK&KRLXQG6FKPLGWHUVFKOLH‰HQXQWHU9HUZHQGXQJYRQ9DULDEOHQGHU
VR]LDOHQ+HUNXQIW=XVDPPHQKlQJHZHOFKHGLHPLOLHXVSH]LILVFKH.RQVWLWXLHUXQJ
YRQ /HLVWXQJVPRWLYDWLRQ NRQNUHWLVLHUHQ XQG LQ GLHVHU :HLVH (UNOlUXQJVPRGHOOH
IUGLH:DKOVSH]LILVFKHU%LOGXQJVZHJHHUODXEHQ
%LHUL%XVFKRU)RUUHUXQG0DDJ0HUNLZHLVHQLQLKUHU8QWHUVXFKXQJDQ
KDQG YRQ NQDSS ¶ MlKULJHQ 6FKZHL]HU 0lQQHUQ DXV GDVV GLH /HLV
WXQJVPRWLYDWLRQ GDV SROLWLVFKH ,QWHUHVVH XQG GLH .RQWLQJHQ]EHU]HXJXQJ
'HXWXQJLQZLHIHUQVLFK/HLVWXQJLQGHU*HVHOOVFKDIWORKQWPLW%HWDZHUWHQYRQ
XQGZHLWJU|‰HUH(UNOlUXQJVZHUWHIUGLH:HLWHUELOGXQJVEHUHLWVFKDIW
LQGHQHUVWHQIQI-DKUHQQDFKGHU%HUXIV$XVELOGXQJDXIZHLVHQDOVGHU%LO
GXQJVKLQWHUJUXQG PLW HLQHP %HWDZHUW YRQ $XIJUXQG GLHVHV %HIXQGV LVW HV
DQJH]HLJWGHQ%LOGXQJVKLQWHUJUXQGXQGGLHVR]LDOH6FKLFKWEHLGHQ5HJUHVVLRQV
DQDO\VHQXQGGHQ6WUXNWXUJOHLFKXQJVPRGHOOHQLQ.DSHEHQIDOOV]XEHUFNVLFK
WLJHQ
$EHUQLFKWQXU6'7EH]RJHQH$VSHNWHZLH6HOEVWVWlQGLJNHLWXQG$XIJDEHQVFKZLH
ULJNHLWEHVWLPPHQGLH$XVSUlJXQJGHU%HUXIVPRWLYDWLRQLP(UZDFKVHQHQDOWHU$XFK
GHU %HUXIVVWDWXV ZLUNW VLFK VLJQLILNDQW DXI GLH :HLWHUELOGXQJVEHUHLWVFKDIW DXV YJO
%XFKPDQQ.|QLJ+RQJ/L6DFFKL6HOEVWGLH6WHOOXQJLPEHUXIOLFKHQ.RQ
WH[WVRZLHGHU$UEHLWVVHNWRUZLUNHQHEHQIDOOVDOVZHVHQWOLFKH%HVWLPPXQJVIDNWRUHQ
GHU:HLWHUELOGXQJVEHUHLWVFKDIWHEG+DUQH\:HLVFKHW*HVHOEUDFKW8QG
VFKOLH‰OLFKJLEWHVJHPl‰0DUWLQHLQHQEHGHXWVDPHQ(LQIOXVVGHU/HLVWXQJV
PRWLYDWLRQDXIGLH:HLWHUELOGXQJVEHUHLWVFKDIW
.RPSHQVDWRULVFKH:LUNXQJHQ"
%HYRU EHUJHJDQJHQ ZLUG ]XU $XVIRUPXOLHUXQJ GHU )UDJHVWHOOXQJ XQG GHUHQ %H
JUQGXQJHQVROOHQLQGLHVHPOHW]WHQWKHRUHWLVFKHQ.DSLWHOZHVHQWOLFKH%HOHJHDXI
JHIKUWZHUGHQZHOFKHGDV9HUKlOWQLV]ZLVFKHQ6FKXOHXQG(OWHUQKDXVWKHPDWLVLH
/HLVWXQJVPRWLYDWLRQLVWDXVGHQ6XEVNDOHQ+RIIQXQJDXI(UIROJXQG$QJVWYRU0LVVHUIROJ]XVDPPHQJH
VHW]W
)RUVFKXQJVVWDQG
.RPSHQVDWRULVFKH:LUNXQJHQ"
UHQ(VLQWHUHVVLHUWGLH)UDJHREJHZLVVH.RQWH[WHLQ)DPLOLHXQG6FKXOHOlQJHUIULV
WLJDGGLWLYRGHUNRPSHQVDWRULVFKZLUNHQ
'LH ELV KLHUKLQ GDUJHOHJWHQ =XVDPPHQKlQJH XQG :LUNXQJVZHLVHQ GHU IDPLOLlUHQ
XQG DX‰HUIDPLOLlUHQ VR]LDOH (LQJHEXQGHQKHLW XQG GHU HLJHQDNWLYHQ 3HUV|QOLFKNHLW
GHV -XJHQGOLFKHQ DXI VHLQH /HLVWXQJVPRWLYDWLRQ VROOHQ LP )ROJHQGHQ VSH]LILVFK LP
.RQWH[WGHV*\PQDVLXPVEHWUDFKWHWZHUGHQ
'LHOlQJVVFKQLWWOLFKH:LUNXQJVZHLVHGHV(LQIOXVVHVIDPLOLlUHUVR]LDOHU%H]LHKXQJHQ
DXIGLH/HLVWXQJVPRWLYDWLRQKDEHQ([HOHUXQG:LOGEHL*\PQDVLDVWHQXQWHU
VXFKW 8QG ]ZDU KDEHQ VLH GLH $XVJHVWDOWXQJ KlXVOLFKHU /HKU/HUQ$UUDQJHPHQWV
XQWHUGHU)UDJHEHWUDFKWHWREXQGLQZLHIHUQVLHGLH/HUQPRWLYDWLRQYRQ6LHEWNOlVV
OHUQLP)DFK&KHPLHEHHLQIOXVVW
$QNQSIHQG DQ IUKHUH $UEHLWHQ ZLUG GDEHL DQJHQRPPHQ GDVV (OWHUQ GXUFK
HLQGLUHNWLYNRQWUROOLHUHQGHV9HUKDOWHQEHLGHU+DXVDXIJDEHQEHWUHXXQJKlXILJ
XQEHDEVLFKWLJW GD]X EHLWUDJHQ GDVV 6FKOHU HLQH QHJDWLYH +DOWXQJ JHJHQEHU
VFKXOLVFKHQ ,QKDOWHQ HQWZLFNHOQ XQG LKU /HUQYHUKDOWHQ ]XQHKPHQG YRQ lXVVH
UHQ$QUHL]HQDEKlQJLJPDFKHQ'DJHJHQVROOWHGLH%HUHLWVFKDIWYRQ6FKOHUQ
VLFKVHOEVWEHVWLPPW±DXV,QWHUHVVHRGHUPLWGHP=LHOGHU(UZHLWHUXQJGHUHL
JHQHQ .RPSHWHQ]HQ ± PLW FKHPLVFKHQ )UDJHQ ]X EHVFKlIWLJHQ XPVR JU|‰HU
ZHUGHQMHPHKUGDV9HUKDOWHQGHU(OWHUQDOVHPRWLRQDO]XJHZDQGWDXWRQRPLH
XQWHUVWW]HQGXQGVWUXNWXULHUHQGHUOHEWZLUG*HSUIWZXUGHQGLHVH$QQDKPHQ
LP5DKPHQHLQHUOlQJVVFKQLWWOLFKDQJHOHJWHQ6WXGLHLQGHUHWZD*\PQDVL
DVWHQ GUHL PDO LP $EVWDQG YRQ VHFKV :RFKHQ E]Z HLQHP KDOEHQ -DKU QDFK
YHUVFKLHGHQHQ )RUPHQ GHU /HUQPRWLYDWLRQ XQG GHU HOWHUOLFKHQ +DXVDXIJDEHQ
EHWUHXXQJ JHIUDJW ZXUGHQ ,Q 7HLODXVZHUWXQJHQ ]XU 3UIXQJ GHU 9DOLGLWlW GHU
6FKOHUDXVVDJHQ ZXUGHQ ]XGHP SDUDOOHO HUKREHQH (LQVFKlW]XQJHQ GHU (OWHUQ
KHUDQJH]RJHQ 'LH (UJHEQLVVH VWW]HQ VHOEVWEHVWLPPXQJVWKHRUHWLVFKH $QQDK
PHQXQGZHLVHQ9HUlQGHUXQJHQLQGHU/HUQPRWLYDWLRQYRQ6FKOHUQDOV)ROJH
OHUQEH]RJHQHU (LQVWHOOXQJV XQG 9HUKDOWHQVPXVWHU YRQ (OWHUQ VHOEVW EHL .RQ
WUROOH GHU VR]LDOHQ +HUNXQIW XQG VFKXOLVFKHQ /HLVWXQJVIlKLJNHLW YRQ 6FKOHUQ
DXV6+HUYRUKHEXQJGXUFK'/
:LHEHUHLWVJHQDQQWZXUGHEHVWHKWYRUDOOHPEHL-XQJHQHLQVWDUNHU=XVDPPHQKDQJ
]ZLVFKHQ GHU (OWHUQ.LQG%H]LHKXQJ XQG GHU 6FKXOOHLVWXQJ :LH LVW QXQ GLH 5ROOH
GHU6FKXOH"6RUJWVLHPLWLKUHQJHVHOOVFKDIWOLFKHQ)XQNWLRQHQLKUHP:HWWEHZHUEV
FKDUDNWHU XQG GHU KlXILJ DQJHZHQGHWHQ VR]LDOHQ %H]XJVQRUPRULHQWLHUXQJ LQ GHQ
.ODVVHQIUHLQH=XVSLW]XQJGLHVHU7KHPDWLNE]Z3UREOHPDWLN"+DWGLH6FKXOHDXFK
SURWHNWLYH$QWHLOH"'LH)UDJHGUHKWVLFKXPGDV6\QHUJLH$GGLWLRQVXQG.RPSHQ
VDWLRQVPRGHOO EH]JOLFK (LQIOVVHQ YRQ (OWHUQKDXV 6FKXOH XQG 3HHUV YJO )HQG
6II
)RUVFKXQJVVWDQG
.RPSHQVDWRULVFKH:LUNXQJHQ"
'D(OWHUQLQGHU5HJHOKRKH%LOGXQJVHUZDUWXQJHQDQLKUH.LQGHUKDEHQVLQG,QWH
UHVVHQNRQIOLNWH]ZLVFKHQ(OWHUQKDXVXQG6FKXOHEHLQLHGULJHQ/HLVWXQJHQ PHLVWHQV
YRUSURJUDPPLHUW YJO 3HNUXQ .OHLQ$OOHUPDQQ .UDFNH 6RPLW
ZLUNWGLH6FKXOHDOV6WUHVVRU IUGLH)DPLOLH$EHUGLH6FKXOHNDQQ DXFKHLQHSUR
WHNWLYH)XQNWLRQLQIDPLOLDOHQ.ULVHQVLWXDWLRQHQKDEHQ
6FKQHHZLQGHWDOKDOWHQIHVWGDVVGLH6WXGLHYRQ+HWKHULQJWRQ&R[XQG&R[
]XUHPRWLRQDOHQ9HUKDOWHQVHQWZLFNOXQJEHL6FKHLGXQJVNLQGHUQ]HLJHQNRQQ
WH ³GDVV QDFKWHLOLJH )ROJHQ GHU HOWHUOLFKHQ 7UHQQXQJ ZHLWJHKHQG DEJHIDQJHQ ZHU
GHQ NRQQWHQ ZHQQ GLH .LQGHU 6FKXOHQ PLW HLQHP DXWRULWDWLYHQ .OLPD EHVXFKWHQ
GDVLKQHQSRVLWLYHQ5FNKDOWERWXQG$QIRUGHUXQJHQNODUVWUXNWXULHUWH'HUSRVLWLYH
(LQIOX‰ VROFKHU 6FKXOHQ ZDU QLFKW QXU EHL 6FKHLGXQJVNLQGHUQ VRQGHUQ DXFK EHL
.LQGHUQDXVNRQIOLNWEHODGHQHQ.HUQIDPLOLHQJU|‰HUDOVEHL.LQGHUQDXVHKHUKDUPR
QLVFKHQ.HUQIDPLOLHQ´6+LHUZLUGDOVRDXIGLHNRPSHQVDWRULVFKH)XQNWLRQ
HLQHV VR]LDOHQ .OLPDV XQG HLQHU SRVLWLYHQ /HKUHU6FKOHU%H]LHKXQJ LQ HLQHP
DXWRULWDWLYHP (U]LHKXQJVYHUKlOWQLV LQ GHU /HLVWXQJVHQWZLFNOXQJ EHL VR]LDO
EHQDFKWHLOLJWHQ.LQGHUQXQG-XJHQGOLFKHQKLQJHZLHVHQ
*HPl‰ TXHUVFKQLWWOLFKHQ XQG NXU]HQ OlQJVVFKQLWWOLFKHQ )RUVFKXQJVUHVXOWDWHQ YRQ
3HNUXQELHWHWGLHIDPLOLlUH/HUQXPZHOWGXUFKGDVYRUKHUUVFKHQGH.OLPDXQG
GHQ HPRWLRQDOHQ 5FNKDOW 6FKXW] YRU QHJDWLYHQ (LQZLUNXQJHQ DQGHUHU (QWZLFN
OXQJVXPZHOWHQ]%6FKXOH-HGRFKNRQQWHHUNHLQH,QWHUDNWLRQVHIIHNWH]ZLVFKHQ
GHU VFKXOLVFKHQ XQG GHU IDPLOLlUHQ 8PZHOW IU GLH 9RUKHUVDJH YRQ 3UIXQJVDQJVW
IHVWVWHOOHQ(U]LHKWGDUDXVGHQ6FKOXVVGDVVGLH]ZHL8PZHOWHQRIIHQEDUXQDEKlQ
JLJYRQHLQDQGHUZLUNHQ
%HL GHU JDQ]KHLWOLFKHQ %HWUDFKWXQJ GHU (OWHUQ.LQG%H]LHKXQJ XQG GHU /HKUHU
6FKOHU%H]LHKXQJEHLGHU %HVWLPPXQJ GHU /HLVWXQJVXQG :HLWHUELOGXQJVPRWLYD
WLRQLP(UZDFKVHQHQDOWHUVWHOOWVLFKDOVRGLH)UDJHREDGGLWLYHRGHUNRPSHQVDWRUL
VFKH:LUNXQJHQLQGHQ$QDO\VHQIHVWVWHOOEDUVLQG
:DVVSULFKWJHJHQGLHNRPSHQVDWRULVFKH)XQNWLRQGHU6FKXOHZlKUHQGGHU-XJHQG
]HLW",QGHUÄ6WDJH(QYLURQPHQW)LW7KHRULH³(FFHOV0LGJOH\VWHKHQGLH
VFKXOLVFKHQ .RQWH[WEHGLQJXQJHQ LP =HQWUXP ZHOFKH QDFK 0HLQXQJ GHU $XWRUHQ
]XQHKPHQGZHQLJHUDXIGLHVLFKHQWZLFNHOQGHQ%HGUIQLVVHGHU6FKOHUDEJHVWLPPW
VLQG'DV%HGUIQLVQDFK6HOEVWXQG0LWEHVWLPPXQJDXIGHU6HNXQGDUVWXIHZHUGH
GXUFKGHQVWDUNOHKUHUJHVWHXHUWHQ8QWHUULFKW]XQHKPHQGIUXVWULHUW9LHOH/HKUHUYRU
DOOHPLQK|KHUHQ6FKXOVWXIHQVlKHQHVQLFKWPHKUDOVLKUH$XIJDEHDQVLFKPLWGHQ
SHUV|QOLFKHQ 3UREOHPHQ YRQ 6FKOHUQ ]X EHIDVVHQ =XGHP ZHUGH DXFK GDV ]XQHK
PHQGH%HGUIQLVQDFKVR]LDOHU(LQJHEXQGHQKHLWGXUFKGLHNRPSHWLWLYH$XVULFKWXQJ
GHU6FKXOHXQGGLHIHKOHQGHQNRRSHUDWLYHQ/HKU/HUQ$QJHERWHLQ0LWOHLGHQVFKDIW
JH]RJHQ'LH3DVVXQJ]ZLVFKHQ%HGUIQLVVHQGHU6FKOHUXQGGHPVFKXOLVFKHQ8P
IHOG YHUVFKOHFKWHUH VLFK PLW ]XQHKPHQGHU .ODVVHQVWXIH GD GHP ]XQHKPHQGHQ %H
,QVEHVRQGHUH GHU VFKXOLVFKH /HLVWXQJVGUXFN RGHU GHU LQ GHU .ODVVH KHUUVFKHQGH :HWWEHZHUE NDQQ VR
3HNUXQGXUFKGDVVR]LDOH:RKOEHILQGHQLQGHU)DPLOLHGHUDUWDEJHIHGHUWZHUGHQGDVVGLH$QJVWYRU/HLV
WXQJVDQIRUGHUXQJHQXQG3UIXQJHQVLFKLQ*UHQ]HQKlOW
)RUVFKXQJVVWDQG
.RPSHQVDWRULVFKH:LUNXQJHQ"
GUIQLVQDFK.RPSHWHQ]VFKOHFKWHUH1RWHQGHP]XQHKPHQGHP%HGUIQLVQDFKVR
]LDOHU(LQJHEXQGHQKHLWPHKU.RQNXUUHQ]XQGGHP]XQHKPHQGHQ6WUHEHQQDFK$X
WRQRPLHPHKU)UHPGVWHXHUXQJLP8QWHUULFKWHQWJHJHQVWHKHQ
'LHVHU Ä6WDJH(QYLURQPHQW)LW³ ZLUG LQKDOWOLFK DXFK YRQ 3HNUXQ XQG +HOPNH
EHOHJW =XVDPPHQIDVVHQG VWHOOHQ VLH IHVW ÄGDVV GLH GXUFKVFKQLWWOLFKHQ )l
KLJNHLWV6HOEVWNRQ]HSWHYRQ6FKOHUQHEHQVRZLH'XUFKVFKQLWWVZHUWHIU6FKXOHLQ
VWHOOXQJHQXQGOHLVWXQJVUHOHYDQWH0RWLYDWLRQLP/DXIHGHU*UXQGVFKXO]HLWDEVLQNHQ
ZlKUHQG«GLHGXUFKVFKQLWWOLFKH3UIXQJVDQJVWZlKUHQGGHUHUVWHQ6FKXOMDKUH]X
QLPPW³6
*HPl‰(UJHEQLVVHQGHU&2&216WXGLH&RPSHWHQFHDQG&RQWH[WGHV-DFREV&HQ
WHUDQGHU8QLYHUVLWlW=ULFKYJO%XFKPDQQ)HQG3URMHNWPLWDUEHLWHUJH
K|UWGLH$QVWUHQJXQJVEHUHLWVFKDIW]XGHQSURGXNWLYHQ.RPSHWHQ]HQLP3UR]HVVGHV
$XIZDFKVHQV 'DPLW ÄVLQG EHUIDFKOLFKH OHEHQVEHUHLFKVEHUJUHLIHQGH )lKLJNHLWHQ
JHPHLQWGLHHIIL]LHQWHVXQGHIIHNWLYHV+DQGHOQLQYHUVFKLHGHQVWHQ6LWXDWLRQHQLQGHU
6FKXOHRGHUDP$UEHLWVSODW]HUP|JOLFKHQ³6$QVWUHQJXQJVEHUHLWVFKDIWZLUGLQ
GLHVHU6WXGLHDOVÄ*UDGPHVVHUGHU$QWULHEVVWlUNHYRQSRVLWLYHP+DQGHOQLQ6FKXOH
XQG%HUXI³KHUDQJH]RJHQ
(V JLQJ GDEHL XP GLH 8QWHUVXFKXQJ GHU RIW JHlX‰HUWHQ .ODJH MXQJH /HXWH VHLHQ
QLFKW DQVWUHQJXQJVEHUHLW XQG OHLVWXQJVEHZXVVW 'LH (UJHEQLVVH ]HLJHQ GDVV -lKULJH LQ GHU 6FKZHL] HLQH KRKH $QVWUHQJXQJVEHUHLWVFKDIW DXIZHLVHQ GDVV VLHEHL
-lKULJHQ DEHUQRFK GHXWOLFKHU DXVJHSUlJW LVW YJO HEG +LHU LVW DOVR DXVJHZLH
VHQ GDVV VLFK GHU ]HLWOLFK EHJUHQ]WH (LQEUXFK GHU /HUQ XQG /HLVWXQJVPRWLYDWLRQ
ZlKUHQG GHU $GROHV]HQ] LP IUKHQ (UZDFKVHQHQDOWHU ZLHGHU HUKROW ZDV PLW GHP
6WDJH(QYLURQPHQW)LWHUNOlUWZHUGHQN|QQWHXQGPLWGHU'HVWDELOLWlWLP-XJHQGDO
WHUYJO.DSEHUHLQVWLPPW
hEHUUDVFKHQGHUZHLVH ]HLJW GLH &2&216WXGLH GDVVHOEH 5HVXOWDW ZLH EHLP .RQ
VWDQ]HU/lQJVVFKQLWW 'LH /HLVWXQJVEHUHLWVFKDIW LVW QLFKW YRP VFKXOLVFKHQ 1LYHDX
DEKlQJLJ -HGRFK ZLUG GDV (UJHEQLV GHU &2&216WXGLH GDVV HV ]ZLVFKHQ VFKXOL
VFKHU /HLVWXQJ XQG $QVWUHQJXQJVEHUHLWVFKDIW NHLQHQ =XVDPPHQKDQJ JLEW YJO
%XFKPDQQHWDO6LQGHUYRUOLHJHQGHQ6WXGLHZLGHUOHJW'LH$XWRUHQYRQ
&2&21 ZHLVHQ LQ LKUHU %LODQ] DXI GLH DXVVFKODJJHEHQGH %HGHXWXQJ GHV VFKXOL
VFKHQXQGIDPLOLlUHQ8PIHOGVKLQ'LH(LQVFKlW]XQJXQGGLHSRVLWLYH5FNPHOGXQJ
GHV /HKUHUV GDV (LQJHEHWWHW6HLQ LQ GHU 6FKXONODVVH XQG GLH HPRWLRQDOH 9HUEXQ
GHQKHLW LQ GHU )DPLOLH VRUJHQ ZHVHQWOLFK GDIU ZLH KRFK GLH $QVWUHQJXQJVEHUHLW
VFKDIW GHU -XJHQGOLFKHQ LVW 6RPLW LVW GLH 7KHRULH GHU 6'7 TXHUVFKQLWWOLFK HLQPDO
PHKUXQWHUPDXHUWHEHQVRGDV$GGLWLRQVPRGHOO:LOGXQG+RIHUZHLVHQGHQ
DGGLWLYHQ(LQIOXVVYRQ)DPLOLHQXQG6FKXONRQWH[WDXIGLHVFKXOLVFKH/HUQPRWLYDWL
RQHEHQIDOOVHPSLULVFKDXVÄ6FKOHUZDUHQDPVWlUNVWHQLQWULQVLVFKPRWLYLHUWZHQQ
VLHVRZRKOGDVHOWHUOLFKH9HUKDOWHQLP8PJDQJ PLWVFKXOLVFKHQ%HODQJHQDOVDXFK
'LH6WDJH(QYLURQPHQW)LW7KHRULHLVWDOVRLQVRIHUQNRPSDWLEHO]XU6'7YRQ'HFLXQG5\DQ
)RUVFKXQJVVWDQG
.RPSHQVDWRULVFKH:LUNXQJHQ"
GDV ,QVWUXNWLRQVYHUKDOWHQ GHU /HKUHU DOV DXWRQRPLHXQWHUVWW]HQG VWLPXOLHUHQG XQG
HPRWLRQDO]XJHZDQGWEHVFKULHEHQ³6
)UDJHVWHOOXQJ5DKPHQPRGHOOXQG%HJUQGXQJ
.RPSHQVDWRULVFKH:LUNXQJHQ"
)UDJHVWHOOXQJ5DKPHQPRGHOOXQG%HJUQGXQJ
,QGLHVHP.DSLWHOZHUGHQGLH)UDJHVWHOOXQJ.DSXQGGDV5DKPHQPRGHOO.DS
GLHVHU$UEHLWYRUJHVWHOOW,P.DSLWHOZLUGGDQQGLH%HJUQGXQJGHUHLQ]HO
QHQ )UDJHVWHOOXQJHQ ]XU %HVWLPPXQJ GHU /HLVWXQJVPRWLYDWLRQ GXUFK GLH VR]LDOH
(LQJHEXQGHQKHLWGDUJHVWHOOW
8PSRWHQ]LHOOI|UGHUOLFKHXQGKLQGHUOLFKHSV\FKRORJLVFKH0HUNPDOHGHV(OWHUQKDX
VHVXQGGHU6FKXOHOlQJVVFKQLWWOLFKQDFK]XZHLVHQZLUGDXIGLHYRQ'HFLXQG5\DQ
HQWZLFNHOWH6'7]XUFNJHJULIIHQGLH]XYRULQ.DSLWHOYRUJHVWHOOW
ZRUGHQLVW
=XVDPPHQIDVVHQG N|QQWH GLH 3UR]HVVZLUNXQJ DP %HLVSLHO GHV VRZRKO I|UGHUQGHQ
DOVDXFKIRUGHUQGHQDXWRULWDWLYHQ(U]LHKXQJVVWLOVGHU(OWHUQVD.DSIROJHQ
GHV(UJHEQLVQDFKVLFK]LHKHQÄ'LH(OWHUQYHUVXFKHQRKQHPRUDOLVFKH$SSHOOHXQG
VWUHQJH .RQWUROOPD‰QDKPHQ DXV]XNRPPHQ XQG VLH EUGHQ GHP .LQG ]XPLQGHVW
YRUGHUJUQGLJ NHLQHQ YRUIRUPXOLHUWHQ /HEHQVSODQ DXI 'HQQRFK VWHOOW VLFK LP HQW
VFKHLGHQGHQ 0RPHQW KHUDXV GDVV GHU -XJHQGOLFKH GHQ JHKHLPHQ EHUXIVELRJUDIL
VFKHQ,QWHQWLRQHQGHU(OWHUQ)ROJHOHLVWHWXQGJHQDXGLH3URIHVVLRQDQVWUHEWGHUGLH
(OWHUQ RGHU EHVWLPPWH 9HUZDQGWH HEHQIDOOV QDFKJHKHQ :HGHU ZHUGHQ GLH 6FKOHU
LQ LKUHU VFKXOELRJUDSKLVFKHQ (QWZLFNOXQJ HLQGHXWLJYRQ GHQ (OWHUQ IUHPGEHVWLPPW
QRFK ZLUG LKQHQ JlQ]OLFKH :DKOIUHLKHLW « ]XJHVWDQGHQ *HVSHLVW ZHUGHQ GLH (U
IROJVRULHQWLHUXQJ « DXV HLQHU )DPLOLHQLGHRORJLH «³ 1LWWHO 6 (V LVW
JHPl‰GHU6'7DQ]XQHKPHQGDVVGLH:LUNXQJYRQVROFKHQ)DPLOLHQLGHRORJLHQDXI
GLH (UIROJVRULHQWLHUXQJ -XJHQGOLFKHU QXU JHOLQJHQ NDQQ ZHQQ GLH (OWHUQ.LQG
%H]LHKXQJ VHKU JXW LVW DQVRQVWHQ GLH :LUNXQJ GHV ,QWHUQDOLVLHUXQJVSUR]HVVHV YRQ
:HUWHQ XQG hEHU]HXJXQJHQ HKHU JHULQJ EOHLEHQ ZUGH 6R]LDOLVDWLRQ ,QWHUQDOLVLH
UXQJ XQG /HUQPRWLYDWLRQ VWHKHQ DOVR LQ JHJHQVHLWLJHU 9HUELQGXQJ ZLH :LOG XQG
+RIHUHEHQIDOOVIHVWKDOWHQ
$XV GHU 3HUVSHNWLYH GHU 6HOEVWEHVWLPPXQJVWKHRULH LVW ]X YHUPXWHQ GDVV GHU
OHUQ XQG OHLVWXQJVI|UGHUQGH (IIHNW IDPLOLlUHU 6R]LDOLVDWLRQ ZHVHQWOLFK EHU
9HUlQGHUXQJHQGHU/HUQPRWLYDWLRQYHUPLWWHOWZLUG(OWHUQ±HEHQVRZLH/HK
UHURGHUDQGHUH%H]XJVSHUVRQHQ±N|QQHQGDQDFKGXUFKHLQHDQGHQ%HGUI
QLVVHQ +HUDQZDFKVHQGHU RULHQWLHUWH *HVWDOWXQJ GHU /HUQ XQG (QWZLFNOXQJV
XPJHEXQJ GD]X EHLWUDJHQ GDVV GLH LQWULQVLVFKH 0RWLYDWLRQ ]XU $XVHL
QDQGHUVHW]XQJPLWQHXHQ(UIDKUXQJHQDXIUHFKWHUKDOWHQEOHLEWXQGGHU3UR]HVV
GHU,QWHUQDOLVLHUXQJDXFKVFKXOEH]RJHQHU:HUWHXQG6WDQGDUGVYRUDQVFKUHL
WHW:LOG+RIHU6+HUYRUKHEXQJGXUFK'/
'LHVHV=LWDWLVWGDUXPEHVRQGHUVDXVVDJHNUlIWLJZHLOHVGLHVFKXOOHLVWXQJVEH]RJHQH
IDPLOLlUH6R]LDOLVDWLRQDXIGHQ3XQNWEULQJW2E-XJHQGOLFKHLQGHU)DPLOLHHUIROJ
UHLFKVR]LDOLVLHUWZRUGHQVLQGPHUNWPDQDOVRDQKDQGGHU+|KHLKUHU/HLVWXQJVXQG
/HUQPRWLYDWLRQ XQG ]ZDU EH]JOLFK GHU LQWHUQDO UHJXOLHUWHQ XQG VRPLW VHOEVWEH
)UDJHVWHOOXQJ5DKPHQPRGHOOXQG%HJUQGXQJ
)RUVFKXQJVIUDJHQ
VWLPPWHQ0RWLYDWLRQVLFKLQGHU6FKXOHDQ]XVWUHQJHQ'LH9HUlQGHUXQJZLHVLHLP
RELJHQ=LWDWJHQDQQWZLUGEH]LHKWVLFKDOVRDXIGLH,QWHUQDOLVLHUXQJYRQ:HUWHQXQG
GHU/HUQKDOWXQJZDVVLFKEHUHLQHVWXIHQPl‰LJH%HZHJXQJKLQ]XPHKUVHOEVWEH
VWLPPWHU0RWLYDWLRQlX‰HUWYJO.DS(QWJHJHQGHULQGHU/LWHUDWXURIWSUR
SDJLHUWHQ )RNXVVLHUXQJ DXI GLH LQWULQVLVFKH 0RWLYDWLRQ YRQ 6FKOHUQ LVW GLH %HWR
QXQJ YRQ VHOEVWEHVWLPPWHQ )RUPHQ GHU H[WULQVLVFKHQ 0RWLYDWLRQ GXUFK GHQ .HUQ
SUR]HVVGHU,QWHUQDOLVLHUXQJXQG,QWHJUDWLRQYRQ:HUWHQHLQH]HQWUDOH*U|‰HLQXQVH
UHU:LVVHQVJHVHOOVFKDIW
'LH.XOWXUEHUPLWWOXQJLQGHU6FKXOHNDQQVLFKQLFKWDOOHLQHDXIVSRQWDQH,QWHUHVVHQ
XQGLQWULQVLVFKH0RWLYDWLRQYHUODVVHQVLHLVWDXIGLH,QWHUQDOLVLHUXQJGHUVFKXOLVFKHQ
/HUQDQVSUFKHDQJHZLHVHQYJO)HQG6I+LHU]HLJWVLFKHLQH6FKOVVHO
VWHOOH 'DPLW ÄGLH PRGHUQHQ %HGLQJXQJHQ GHU /HEHQVEHZlOWLJXQJ XQG GHV $XI
ZDFKVHQV GLH +HUDXVELOGXQJ GHU OHLVWXQJV]HQWULHUWHQ ,QGLYLGXDOLWlW GHV 0HQVFKHQ
QLFKWQXUHUP|JOLFKHQVRQGHUQLQEHVRQGHUHU:HLVHIRUGHUQXQGI|UGHUQ³DD2
6N|QQHQEUDXFKWHVJXWHXQGYHUOlVVOLFKH%H]LHKXQJHQXQGHLQHVR]LDOH(LQJH
EXQGHQKHLW VRZRKO XQG YRU DOOHP LP (OWHUQKDXV DEHU DXFK LQ GHU 6FKXOH 6RPLW
ZHQGHLFKPLFKGHQ]HQWUDOHQ)RUVFKXQJVIUDJHQ]X
)RUVFKXQJVIUDJHQ
3HNUXQ ZHLVW GDUDXI KLQ GDVV /lQJVVFKQLWWVWXGLHQ Q|WLJ VHLHQ ZHOFKH GLH
%HGHXWXQJGHU6R]LDOLVDWLRQLP6FKXODOWHUIUGLHQDFKVFKXOLVFKH(QWZLFNOXQJ]HL
JHQ 3HNUXQ XQG 6FKLHIHOH ZHLVHQ DXI GHQ %HGDUI ZHLWHUHU )RUVFKXQJ ]XP
OHEHQVODQJHQ/HUQHQXQG]XU0RWLYDWLRQKLQÄ$QJHVLFKWVGHU]XQHKPHQGHQ%HGHX
WXQJGHVOHEHQVODQJHQ/HUQHQVVFKHLQWHVEHUIlOOLJGHQ6WHOOHQZHUW OHUQUHOHYDQWHU
(PRWLRQ XQG 0RWLYDWLRQ DXFK LQ GHU (UZDFKVHQHQELOGXQJ XQG GHU EHWULHEOLFKHQ
:HLWHUELOGXQJ ]X XQWHUVXFKHQ³ 6 .UDSS KlOW IHVW GDVV GDV 3UREOHP
GHUWUDGLWLRQHOOHQ6LFKWZHLVHGDULQOLHJHGDVVGLH/HUQPRWLYDWLRQPHLVWHQVXQGSUL
PlUDXVGHU3HUVSHNWLYHHLQ]HOQHU+DQGOXQJVHSLVRGHQEHWUDFKWHWZLUGXQGQLFKWDXV
GHU3HUVSHNWLYHODQJIULVWLJZLUNVDPHU3UR]HVVGHUSHUV|QOLFKHQ(QWZLFNOXQJYJO6
'LHYRUOLHJHQGH$UEHLWQLPPWVLFKGLHVHU)RUGHUXQJHQXQWHUDQGHUHPDQIRNXVVLHUW
VRPLW GLH H[WULQVLVFK JHSUlJWH /HLVWXQJVPRWLYDWLRQ LP -XJHQGDOWHU XQG HUNOlUW GLH
6LHKLHOWHQIROJHQGH'HVLGHUDWDIUZHLWHUH)RUVFKXQJVEHPKXQJHQIHVW
%HGLQJXQJVEH]LHKXQJHQLQVEHVRQGHUHGHUNDXVDOH6WHOOHQZHUWYRQ0RWLYDWLRQVHIIHNWHQ
)XQNWLRQVPHFKDQLVPHQ(PRWLRQVXQG0RWLYDWLRQVHIIHNWHZHUGHQ]ZDUQDFKJHZLHVHQGRFKEHUGH
UHQ=XVWDQGHNRPPHQLVWQRFKZHQLJJHNOlUW
(LQIOVVHYRQ$XIJDEHQ3HUVRQXQG.RQWH[WSDUDPHWHUQ'LH:HFKVHOZLUNXQJHQYRQ.RJQLWLRQ3HU
V|QOLFKNHLWXQGJHVHOOVFKDIWOLFKHQNXOWXUHOOHP.RQWH[WGHU/HUQEHGLQJXQJHQVLQGZHLWHU]XEHIRUVFKHQ
(UZHLWHUXQJGHV*HJHQVWDQGVEHUHLFKVDEVHLWVGHVVFKRQJXWEHIRUVFKWHQ7KHPDV3UIXQJVDQJVW0RWL
YDWLRQXQG/HUQOHLVWXQJ
(UZHLWHUXQJGHV*HOWXQJVEHUHLFKÄ$QJHVLFKWVGHU]XQHKPHQGHQ%HGHXWXQJGHVOHEHQVODQJHQ/HUQHQV
VFKHLQWHVEHUIlOOLJGHQ6WHOOHQZHUWOHUQUHOHYDQWHU(PRWLRQXQG0RWLYDWLRQDXFKLQGHU(UZDFKVHQHQ
ELOGXQJXQGGHUEHWULHEOLFKHQ:HLWHUELOGXQJ]XXQWHUVXFKHQ³
,QWHJUDWLYH 7KHRULHELOGXQJ YRQ 3DUWLDOWKHRULHQ ]X DOOJHPHLQHQ 7KHRULHHQWZUIHQ JHODQJHQ YJO
3HNUXQ6FKLHIHOH6
)UDJHVWHOOXQJ5DKPHQPRGHOOXQG%HJUQGXQJ
)RUVFKXQJVIUDJHQ
EHUXIOLFKH/HLVWXQJVXQG:HLWHUELOGXQJVPRWLYDWLRQGXUFKSV\FKRVR]LDOHXQGPRWL
YDWLRQDOH9DULDEOHQGHV-XJHQGDOWHUV±-DKUHYRUKHU%H]JOLFKJHVFKOHFKWVVSH]L
ILVFKHU6R]LDOLVDWLRQVZLUNXQJVHLDXI6W|FNOL6YHUZLHVHQGHUHEHQIDOOV
ZHLWHUH8QWHUVXFKXQJHQKLQVLFKWOLFKGLHVHU7KHPDWLNIRUGHUW
)ROJHQGHVLHEHQ)RUVFKXQJVIUDJHQZHUGHQDXIJHVWHOOW
,QZLHIHUQ ZLUG GLH /HLVWXQJVPRWLYDWLRQ GXUFK .RQWUROOYDULDEOHQ XQG PRWLYDWLR
QDOH 3HUV|QOLFKNHLWVPHUNPDOH PLWEHHLQIOX‰W" YJO .DS E]Z GLH HUVWH
.DSLWHO$QJDEHYHUZHLVWDXIGLHWKHRUHWLVFKH%HIXQGODJHGLH]ZHLWHDXIGLHEH
UHFKQHWHQ(UJHEQLVVH
,QZLHIHUQ ZLUNW VLFK GLH VR]LDOH (LQELQGXQJ LQ GHU )DPLOLH JHPl‰ GHU 6'7 DXI
GLH PRWLYDWLRQDOHQ 3HUV|QOLFKNHLWVPHUNPDOH XQG LQVEHVRQGHUH DXI GLH /HLV
WXQJVPRWLYDWLRQDXV"YJO.DSE]Z
,QZLHIHUQ ZLUNHQ VLFK DX‰HUIDPLOLlUH VR]LDOH (LQELQGXQJHQ /HKUHU6FKOHU
%H]LHKXQJ ,QWHJUDWLRQ LQ .ODVVH « JHPl‰ GHU 6'7 DXI GLH PRWLYDWLRQDOHQ
3HUV|QOLFKNHLWVPHUNPDOH XQG LQVEHVRQGHUH DXI GLH /HLVWXQJVPRWLYDWLRQ DXV"
YJO.DSE]Z
:HOFKH GLIIHUHQWLHOOHQ :LUNXQJV]XVDPPHQKlQJH VLQG ]ZLVFKHQ GHU IDPLOLlUHQ
XQG DX‰HUIDPLOLlUHQ VR]LDOHQ (LQJHEXQGHQKHLW XQG GHU /HLVWXQJVPRWLYDWLRQ LP
IUKHQ-XJHQGDOWHUIHVW]XVWHOOHQ"YJO.DSE]Z
:HOFKH GLIIHUHQWLHOOHQ :LUNXQJV]XVDPPHQKlQJH VLQG ]ZLVFKHQ GHU IDPLOLlUHQ
XQGDX‰HUIDPLOLlUHQVR]LDOHQ(LQJHEXQGHQKHLWLPIUKHQ-XJHQGDOWHUXQGGHUEH
UXIOLFKHQ/HLVWXQJVXQGGLH:HLWHUELOGXQJVEHUHLWVFKDIWLPIUKHQ(UZDFKVHQHQ
DOWHU-DKUHVSlWHUIHVW]XVWHOOHQ"YJO.DSE]Z
,QZLHIHUQZLUNHQVLFKPRWLYDWLRQDOH3HUV|QOLFKNHLWVPHUNPDOHLPIUKHQ-XJHQG
DOWHUDXIGLHEHUXIOLFKH/HLVWXQJVXQGGLH:HLWHUELOGXQJVEHUHLWVFKDIWLPIUKHQ
(UZDFKVHQHQDOWHU -DKUH VSlWHU DXV" 6WDELOLWlWV XQG .RQWLQXLWlWVSUIXQJ
YJO.DSE]Z
=XU DOOJHPHLQHQ XQG GLIIHUHQWLHOOHQ 6R]LDOLVDWLRQ GHU /HLVWXQJVPRWLYDWLRQ ,Q
ZLHIHUQ ZLUNW VLFK GLH IDPLOLlUH XQG DX‰HUIDPLOLlUH VR]LDOH (LQJHEXQGHQKHLW LP
IUKHQ-XJHQGDOWHUGLUHNWXQGEHUGLH/HLVWXQJVPRWLYDWLRQLP-XJHQGDOWHULQ
GLUHNWDXIGLHEHUXIOLFKH/HLVWXQJVPRWLYDWLRQXQGGLH:HLWHUELOGXQJVEHUHLWVFKDIW
LPIUKHQ(UZDFKVHQHQDOWHU-DKUHVSlWHUDXV"YJO.DSE]Z
'LH 6WDELOLWlWVSUIXQJVIUDJH LVW YRQ 6WXKOPDQQ PLW GHPVHOEHQ 'DWHQVDW]
VFKRQXQWHUVXFKWZRUGHQMHGRFKXQWHUGHU3HUVSHNWLYHGHVJHVFKOHFKWVVSH]LILVFKHQ
8QWHUVFKLHGVXQGGHV0LWHLQEH]XJVGHV6WDWXVGHU(OWHUQVFKDIWXQGYRUDOOHPRKQH
GLH%HUFNVLFKWLJXQJGHUVR]LDOHQ9HUXUVDFKXQJVSULQ]LSLHQJHPl‰GHU6'7,QGHU
YRUOLHJHQGHQ 6WXGLH LVW GLH VFKXOIRUPVSH]LILVFKH %HWUDFKWXQJ GLHVHU 6WDELOLWlW E]Z
.RQWLQXLWlWXQGLQVEHVRQGHUHGLH%HUFNVLFKWLJXQJGHU$XVO|VHUGHU/HLVWXQJVPRWL
YDWLRQ*HJHQVWDQGGHV,QWHUHVVHV
=XU 2ULHQWLHUXQJ VLQG GLH )RUVFKXQJVIUDJHQ LQ LKUHQ 'LPHQVLRQHQ DXFK LQ
$EELOGXQJYJO.DSLWHOEHUVLFKWOLFKPLW3IHLOV\PEROHQDXIJHIKUW'LHVHV
)UDJHVWHOOXQJ5DKPHQPRGHOOXQG%HJUQGXQJ
5DKPHQPRGHOO]XU9RUKHUVDJHGHU/HLVWXQJVPRWLYDWLRQ
5DKPHQPRGHOO PDFKW VRZRKO GLH WKHRUHWLVFKH 9HUDQNHUXQJ DOV DXFK GLH 9RUJH
KHQVZHLVHLP%HUHFKQXQJVWHLOVLFKWEDU
5DKPHQPRGHOO]XU9RUKHUVDJHGHU/HLVWXQJVPRWLYDWLRQ
'LHGUHL]HQWUDOHQ0HUNPDOVEHUHLFKHGHU3HUV|QOLFKNHLWZHOFKHYRQ6FKXOHXQG(O
WHUQKDXVMHQVHLWVYRQ,QWHOOLJHQ]XQG:LVVHQJHPHLQVDPEHHLQIOXVVWZHUGHQN|QQHQ
VLQG VHOEVWEH]RJHQH .RJQLWLRQHQ XQG ,GHQWLWlW (PRWLRQHQ XQG 0RWLYD
WLRQ9ROLWLRQYJO3HNUXQ6
+LHUEHLLVWPHWDWKHRUHWLVFK]ZLVFKHQNRJQLWLYHQ.RPSHWHQ]HQHLQHUVHLWVXQG9DOHQ
]HQDQGHUHUVHLWV]XXQWHUVFKHLGHQYJODD268QWHUGHUNRJQLWLYHQ3HUVSHN
WLYHEHWUDFKWHWWUDJHQ]XU(QWVWHKXQJYRQ(PRWLRQXQG0RWLYDWLRQ6HOEVWNRQ]HSWH
6HOEVWZLUNVDPNHLWVHUZDUWXQJHQ RGHU .RQWUROOHUZDUWXQJHQ EHL YJO +HFNKDXVHQ
3HNUXQ 8QWHU GHU 3HUVSHNWLYH YRQ VXEMHNWLYHQ 9DOHQ]HQ NOlUHQ MHQH
7KHRULHQ GDV PRWLYDWLRQDOH +DQGHOQ YRQ 6FKOHUQ XQG (UZDFKVHQHQ DXI ZHOFKH
=LHOH :HUWHLQVFKlW]XQJHQ XQG,QWHUHVVHQ LQ LKUHP *HJHQVWDQGVEHUHLFK WKHPDWLVLH
UHQ
)ROJHQGH IQI8PZHOWIDNWRUHQ VLQGEH]JOLFK HPRWLRQV XQG PRWLYDWLRQVVWLIWHQGHQ
.RPSHWHQ]HQXQG9DOHQ]HQEHVRQGHUV]HQWUDOYJO3HNUXQ6
6R]LDOH(LQJHEXQGHQKHLW'LHVR]LDOH(LQELQGXQJ$N]HSWDQ]XQG8QWHUVWW]XQJ
GXUFK %H]XJVSHUVRQHQ ZLH (OWHUQ XQG /HKUHU GUIWH QHEVW DQGHUHQ ]HQWUDO VHLQ
,P6LQQHGHU6'7QDFK'HFLXQG5\DQYJO'HFL9DOOHUDQG3HOOHWLHU5\DQ
WUlJW GLH VR]LDOH (LQELQGXQJ GDUEHU KLQDXV DXFK SRVLWLY ]XU 9DOHQ] YRQ
7lWLJNHLWHQEHL
$XWRQRPLHJHZlKUXQJ YV .RQWUROOH (LQH DOWHUVDEKlQJLJ DQJHPHVVHQH %DODQFH
YRQ6HOEVWVWlQGLJNHLWVJHZlKUXQJXQG9HUKDOWHQVOHQNXQJLVWZLFKWLJ
,QVWUXNWLRQ XQG 0RGHOOYHUKDOWHQ 'DV 0RGHOOYHUKDOWHQ YRQ /HKUHUQ XQG (OWHUQ
VSLHOWLP%HUHLFKSUR]HGXUDOHQ/HUQHQVHLQH]HQWUDOH5ROOH
=LHOVWUXNWXUHQ (UZDUWXQJHQ XQG /HLVWXQJVGUXFN 8QVHUV 6FKXOV\VWHPH VHW]HQ
SlGDJRJLVFKH =LHOVWUXNWXUHQ NRPSHWLWLYHU NRRSHUDWLYHU RGHU LQGLYLGXDOLVWLVFKHU
$UW 'LHVH ZHUGHQ KlXILJ YRQ (OWHUQ XQG 3HHUV JHVWW]W XQG IKUHQ VR ]XU OHLV
WXQJVEH]RJHQHQ 6R]LDOLVDWLRQ GHV .LQGHV EHL GHP GLH ]% ]X KRFK JHVHW]WHQ
(UZDUWXQJHQHLQHU%H]XJVSHUVRQ3UIXQJVDQJVWDXVO|VHQNDQQ
9HUKDOWHQVUFNPHOGXQJHQXQGNRQVHTXHQ]HQ5FNPHOGXQJHQ]X9HUKDOWHQ(U
IROJXQG0LVVHUIROJEHHLQIOXVVHQOHLVWXQJVEH]RJHQH6HOEVWNRQ]HSWELOGXQJ
'LHYRUOLHJHQGH$UEHLWIRNXVVLHUWYRUDOOHPGHQHUVWHQ3XQNWVR]LDOH(LQJHEXQGHQ
KHLW LQ )DPLOLH XQG 6FKXOH 'LH $XWRQRPLH VLHKH 3XQNW REHQ LVW LQ HLQ]HOQHQ
,WHPV DEHU HEHQIDOOV HQWKDOWHQ YJO Ä(OWHUQ.LQG.RQVHQV³ LP %HUHLFK 9HUKDOWHQ
XQG/HLVWXQJVDQVWUHQJXQJLQ.DS(EHQIDOOVHQWKDOWHQLVWGLH(UZDUWXQJVKDO
WXQJYRQ(OWHUQ(LQ]HOLWHPVD3XQNWREHQGD]XJHK|UWLQVEHVRQGHUHDXFKHLQH
]XVWDUNH%HWRQXQJGHV6FKXOPRQLWRULQJGHU(OWHUQJHJHQEHULKUHP.LQG]%(O
WHUQ IUDJHQ KlXILJ QDFK GHU 6FKXOOHLVWXQJ ZLVVHQ %HVFKHLG EHU GLH 6FKXOOHLVWXQJ
)UDJHVWHOOXQJ5DKPHQPRGHOOXQG%HJUQGXQJ
5DKPHQPRGHOO]XU9RUKHUVDJHGHU/HLVWXQJVPRWLYDWLRQ
RGHU ZLUNHQ PLW LKUHP +DXVDXIJDEHQHQJDJHPHQW ± 9DULDEOHQ GLH LQ GLHVHU 6WXGLH
EHQXW]WZHUGHQ
*UROQLFN 5\DQ XQG 'HFL NRQQWHQ XQWHU 9HUZHQGXQJ YRQ 6WUXNWXUJOHL
FKXQJVPRGHOOHQQDFKZHLVHQGDVVGHUHOWHUOLFKH(LQIOXVVEHUPRWLYDWLRQDOH0HGLD
WRUYDULDEOHQ HLQHQ VLJQLILNDQWHQ (LQIOXVV DXI GLH 6FKXOOHLVWXQJ GHV .LQGHV DXVEW
'LHVHU)UDJHVWHOOXQJVLQGDXFK6DXHUXQG*DPVMlJHUQDFKJHJDQJHQ,KU0R
GHOO]HLJWGHQNHWWHQDUWLJHQ(EHQHQJHEUDXFKEHLGHU9RUKHUVDJHGHV6FKXOHUIROJV
9HUIHVWLJWH3HUV|QOLFKNHLWVPHUNPDOHXQG+DOWXQJHQGHU6FKXOHXQGGHP/HUQHQJH
JHQEHU VLQG DOV *OLHGHU YRQ :LUNXQJVNHWWHQ ]X YHUVWHKHQ XQG IU GHQ ZHLWHUHQ
6FKXOHUIROJGHU-XJHQGOLFKHQYHUDQWZRUWOLFK+HOPNHXQG6FKUDGHUZHLVHQLQ
LKUHP hEHUVLFKWVDUWLNHO LQGLYLGXHOOH NRJQLWLYH XQG PRWLYDWLRQDOH IDPLOLlUH XQG
VFKXOLVFKH$VSHNWHDOV'HWHUPLQDQWHQVFKXOLVFKHU/HLVWXQJHQDXV,Q$EELOGXQJ
VLQGPLWJUDXPDUNLHUWHQ)HOGHUQXQGPLWGLFNJH]HLFKQHWHQ/LQLHQ8PUDKPXQJHQ
XQG3IHLOHQMHQH0HUNPDOHQDFK6DXHUXQG*DPVMlJHUKHUDXVJHKREHQZHO
FKHLQGHUYRUOLHJHQGHQ8QWHUVXFKXQJLP=HQWUXPVWHKHQ
6R]LRORJLVFKH
(EHQH
gNRORJLVFKH
(EHQH
6R]LDOH
+HUNXQIW
*HVFKOHFKW
5HJLRQ
)DP
8PZHOW
VFKXOLVFKH
8PZHOW
3V\FKRORJLVFKH
(EHQH
.RJQ
3HUV|QOLFKNHLWV
PHUNPDOH
0RWLYDWLRQDOH
3HUV|QOLFKNHLWV
PHUNPDOH
.ULWHULXP,
/HLVWXQJV
HEHQH
*UXQGVFKXO
/HKUHUXUWHLO
*UXQGVFKXO
QRWHQ
/HLVWXQJV
YHUKDOWHQ
/HLVWXQJVPRWLYDWLRQLP-XJHQGDOWHU
$EELOGXQJ
.ULWHULXP
6HNXQGDU
6FKXO
HUIROJ
3V\FKRORJLVFKH
(EHQHLP
(UZDFKVHQHQDOWHU
%HUXIOLFKH
/HLVWXQJV
0RWLYDWLRQ%/0
%HUXIOLFKH
:HLWHU
ELOGXQJV
0RWLYDWLRQ
%:0
.ULWHULXP,,
6WUXNWXUPRGHOOGHU'HWHUPLQDQWHQGHV*UXQGVFKXOHUIROJVYJO6DXHU*DPVMlJHU6XQGGLHIU
YRUOLHJHQGH6WXGLH]HQWUDOHQ8QWHUVXFKXQJVREMHNWHJUDXPDUNLHUW
*HVWULFKHOWH(OHPHQWHZHUGHQLQYRUOLHJHQGHU6WXGLHLQJOHLFKHURGHUHWZDVDQGHUHU)RUPDOV.RQWUROOYDULDEOHQEHQXW]W+LQ]XJHIJW
GXUFK'/.ULWHULXP,,,HLQJHUDKPWLPXQWHUHQ5HFKWHFNÄ3V\FKRORJLVFKH(EHQHLP(UZDFKVHQHQDOWHU³XQGÄVFKXOLVFKH8PZHOW³
*HPl‰$EELOGXQJZLUNHQ|NRORJLVFKH.RQWH[WHIDPLOLlUHXQGVFKXOLVFKH8P
ZHOWXQWHU.RQWUROOHYRQVR]LRGHPRJUDILVFKHQ9DULDEHOQDXIPRWLYDWLRQDOH3HUV|Q
OLFKNHLWVHLJHQVFKDIWHQHLQ.ULWHULXPVYDULDEOH,LVWGLH/HLVWXQJVPRWLYDWLRQLP$O
WHU YRQ -ZHOFKH ]X GHQ PRWLYDWLRQDOHQ 3HUV|QOLFKNHLWVPHUNPDOHQ GHV IUKHQ
-XJHQGDOWHUV ]lKOW .ULWHULXPVYDULDEOHQ ,, VLQG GLH EHUXIOLFKH /HLVWXQJV XQG :HL
WHUELOGXQJVPRWLYDWLRQLPIUKHQ(UZDFKVHQHQDOWHU$OWHU-'LHVHEHLGHQJUDX
Ä'LH )UDJH QDFK GHQ 'HWHUPLQDQWHQ VFKXOLVFKHU /HLVWXQJHQ « JHK|UW ]X GHQ lOWHVWHQ XQG ]XJOHLFK
VFKZLHULJVWHQ3UREOHPHQGHU3lGDJRJLVFKHQ3V\FKRORJLH³+HOPNH6FKUDGHU6
)UDJHVWHOOXQJ5DKPHQPRGHOOXQG%HJUQGXQJ
5DKPHQPRGHOO]XU9RUKHUVDJHGHU/HLVWXQJVPRWLYDWLRQ
PDUNLHUWHQ 5HFKWHFNH LP XQWHUHQ 7HLO GHU $EELOGXQJ ]HLJHQ GLH IRNXVVLHUWHQ
=LHOYDULDEOHQGLHVHU$UEHLW
,Q IROJHQGHU $EELOGXQJ LVW QXQ GDV IU GLHVH 8QWHUVXFKXQJ YHUZHQGHWH 5DK
PHQPRGHOO HUVLFKWOLFK GDV VLFK HLQHUVHLWV DXI GDV HEHQ EHVFKULHEHQH 0RGHOO QDFK
6DXHUXQG*DPVMlJHUXQGDXIGDVKLHUQLFKWDXIJHIKUWHDEHUEHUFNVLFKWLJWH
ÄVR]LDONRJQLWLYH 0RGHOO GHU DIIHNWLYPRWLYDWLRQDOHQ (QWZLFNOXQJ³ QDFK 3HNUXQ
6 VWW]W $XV OHW]WHUHP JHKW JUXQGVlW]OLFK KHUYRU GDVV GLH :LUNXQJHQ
YRQVR]LDOHQ8PZHOWHQDXIGLH3HUVRQHLQH,QWHUDNWLRQPLWGHP6FKXOW\SDXIZHLVHQ
N|QQHQ'HQQGLVWDOH8PZHOWHQ]%6FKXOIRUPZLUNHQDXISUR[LPDOH8PZHOWHQ
]%VR]LDOH(LQELQGXQJLQ)DPLOLHRGHU6FKXOHZHOFKHZLHGHUXPGLH3HUV|QOLFK
NHLW PLWEHHLQIOXVVHQ ZDV GDQQ LQ HLQHU ZHLWHUHQ NHWWHQDUWLJHQ .DXVDOZLUNXQJ ]XU
$XVSUlJXQJGHU6FKXO0RWLYDWLRQIKUWYJO6
'LH(OOLSVHQ]HLJHQGLHIRNXVVLHUWHQ:LUNXQJHQXQG)UDJHVWHOOXQJHQGLHVHU$UEHLW
GLH JHVWULFKHOWH /LQLH ]HLJW MHQH 9DULDEOH GLH EHL YLHOHQ %HUHFKQXQJHQ NRQWUROOLHUW
ZLUG XP =XVDPPHQKlQJH XQG :LUNXQJHQ RKQH GHQ (LQIOXVV GLHVHV /HLVWXQJVDV
SHNWV]XHUKDOWHQ
$EELOGXQJ
6(6(OWHUQ
*HVFKOHFKW
,4
«
:RKOIKOHQ]XKDXVH
(OWHUQ.LQG%H]LHKXQJ
(U]LHKXQJVVWLO
5HLEHUHLHQ«
‡
‡
‡
‡
9HUWUDXHQ]X/3
%H]LHKXQJ]X/3
$QHUNHQQXQJ0LWVFK
,QWHJUDWLRQ3HHUV
$XVVHUIDPLOLlU
‡
‡
‡
‡
)DPLOLlU
6R]LDOH(LQELQGXQJ
LP-XJHQGDOWHU
.RQWUROO
YDULDEOHQN
‡
‡
‡
‡
‡
‡
‡
‡
‡ :DKUJHQRPPHQH
UHODWLYH
/HLVWXQJVSRVLWLRQ
LQGHU.ODVVH
6FKXOOHLVWXQJ
LPIUKHQ
-XJHQGDOWHU
0RWLYDWLRQDOH
3HUV|QOLFKNHLWVPHUNPDOH
LPIUKHQ-XJHQGDOWHU
/HLVWXQJVDQJVW
6HOEVWZLUNVDPNHLWVEHU]HXJXQJ
%HJDEXQJV]XVFKUHLEXQJ
/HLVWXQJVPRWLYDWLRQ
1RUPYHUOHW]XQJ
(hEHUHLQVWLPPXQJÄZDVOHLVWHQLQ6FKXOH³
5DXFKHQ
%LOGXQJVRULHQWLHUXQJ
:DKUJHQRPPHQH
VFKXOLVFKH
/HLVWXQJ
3V\FKRORJLVFKH
(EHQH,
‡ %HUXIOLFKH
/HLVWXQJVPRWLYDWLRQ%/0
‡ %HUXIOLFKH:HLWHUELOGXQJV
PRWLYDWLRQ %:0
‡ %HUXIOLFKH
‡ 6HOEVWZLUNVDPNHLW%6:
0RWLYDWLRQDOH
3HUV|QOLFKNHLWVPHUNPDOH
LPIUKHQ(UZDFKVHQHQDOWHU
3V\FKRORJLVFKH
(EHQH,,
'LIIHUHQWLHOOH:LUNXQJV]XVDPPHQKlQJH]ZVR](LQJHEXQGHQKHLWLP-XJHQGDOWHU
XQGPRWLYDWLRQDOHQ 3HUV|QOLFKNHLWVPHUNPDOHQLP(UZDFKVHQHQDOWHU
'LII:LUNXQJV]XVDPPHQKlQJH]ZVR](LQJHEXQGHQKHLW
XQGPRWLYDWLRQDOHQ 3HUV|QOLFKNHLWVPHUNPDOHQ
VWHKHQMHZHLOVIU.DS7KHRULH
XQG.DS(UJHEQLVVH
5DKPHQPRGHOOYJO.DS
6WDELOLWlWLQGHU /HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJGLIIHUHQ]LHUWQDFK6FKXOW\S
XQG*HVFKOHFKW
=XU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJYRPIUKHQ-XJHQGDOWHULQVIUKH(UZDFKVHQHQDOWHU
3DUWLDONRUUHODWLRQ
3DUWLDONRUUHODWLRQ
(LQIOXVVDXVVHUIDPVR](LQJHEXQGHQKHLW
DXIPRWLYDWLRQDOH 3HUV|QOLFKNHLWVPHUNPDOH
(LQIOXVVGHU.RQWUROOYDULDEOHQDXIPRWLYDWLRQDOH 3HUV|QOLFKNHLWVPHUNPDOHLP-XJHQGDOWHUXQGLP(UZDFKVHQHQDOWHU (LQIOXVVIDPVR](LQJHEXQGHQKHLW
'LH=LIIHUQ9HUZHLVH
DXIPRWLYDWLRQDOH 3HUV|QOLFKNHLWVPHUNPDOH
‡
‡
‡
‡
gNRORJ
(EHQH
6R]LRORJ
(EHQH
%HVWLPPXQJGHUEHUXIOLFKHQ/HLVWXQJV XQG:HLWHUELOGXQJVPRWLYDWLRQGXUFKGLH/HLVWXQJVPRWLYDWLRQXQG
GLHIDPLOLlUHXQGDXVVHUIDPLOLlUHVR]LDOH(LQJHEXQGHQKHLWLPIUKHQ-XJHQGDOWHU
)UDJHVWHOOXQJ5DKPHQPRGHOOXQG%HJUQGXQJ
5DKPHQPRGHOO]XU9RUKHUVDJHGHU/HLVWXQJVPRWLYDWLRQ
5DKPHQPRGHOO]XUOlQJVVFKQLWWOLFKHQ%HVWLPPXQJYRQ/HLVWXQJVPRWLYDWLRQXQGEHUXIOLFKHU:HLWHUELOGXQJVXQG
/HLVWXQJVPRWLYDWLRQLQNOXVLYH$QJDEHGHU.DSLWHOQXPPHUQ
'LHLQRELJHU$EELOGXQJDXIJHIKUWHQ(EHQHQVR]LRORJLVFKH(EHQH|NRORJ(EHQHSV\FKRORJLVFKH(EHQH,XQGSV\FKRORJLVFKH(EH
QH,,PXVVWHQLQGHU(UDUEHLWXQJVSKDVHGHV.RQ]HSWVPLWLP'DWHQVDW]YRUKDQGHQHQ9DULDEOHQSUIHQGDQJHUHLFKHUWZHUGHQXP
OHW]WOLFKGLH%DVLV]XHUKDOWHQGLHYRUOLHJHQGH)UDJHVWHOOXQJGHU6WXGLHEHDQWZRUWHQ]XN|QQHQ,P)ROJHQGHQZHUGHQGLHVH.RQ
VWUXNWHGHU5HLKHQDFKDXIJHIKUWXQGDXIZHVHQWOLFKH$VSHNWHKLQJHZLHVHQ
)UDJHVWHOOXQJ5DKPHQPRGHOOXQG%HJUQGXQJ
5DKPHQPRGHOO]XU9RUKHUVDJHGHU/HLVWXQJVPRWLYDWLRQ
$.RQWUROOYDULDEOHQ6R]LRORJLVFKH(EHQH
=X GHQ .RQWUROOYDULDEOHQ JHK|UHQ 9DULDEOHQ ZLH *HVFKOHFKW 6FKLFKW RGHU GLH
:RKQUHJLRQ7DEHOOHJLEWGHQhEHUEOLFNEHUGLHYHUZHQGHWHQ.RQWUROOYDULDEOHQ
PLW GHQ HQWVSUHFKHQGHQ ..U]HOQ ZHOFKH DXVIKUOLFK LP .DSLWHO 0HWKRGH EH
VFKULHEHQZHUGHQ
7DEHOOH
.RQWUROOYDULDEOHQ
N*HVFKOHFKWZP
N6FKXOIRUP+656*<RUGLQDO
NYHUEDOH,QWHOOLJHQ]
N6FKLFKW
N5HJLRQ6WDGW/DQG
N1DWLRQDOLWlW'HXWVFK±QLFKW'HXWVFK
NK|6FKXODEVFKOXVV(OWHUQ+656*<( N%HUXIVVWDWXV9DWHU,6(,(
N%HUXIVVWDWXV0XWWHU,6(,(
N)DPLOLHQVLWXDWLRQQLFKWWUDGWUDG
N%HUXIVWlWLJNHLW0XWWHU
N*HVFKZLVWHU]DKOPLW%HIUDJWHP
N(LQ]HONLQGVWDWXVQHLQMD
N(OWHUQVWDWXVQHLQMD
[UHODWLYH/HLVWXQJVSRVLWLRQLQ.O[JOHLFKH9DULP-DKU
[1RWHQVXPPH'W(QJOLVFK0DWK[JO9DULP-DKU
\+|FKVWHUEHUXIO$XVELOGXQJVDEVFKOXVV
\0RQDWOLFKHV1HWWRHLQNRPPHQ
%)DPLOLH6FKXOHXQG3HHUVgNRORJLVFKH(EHQH
$XIGHU|NRORJLVFKHQ(EHQHVLQG9DULDEOHQGHUVR]LDOHQ(LQJHEXQGHQKHLWLQ)DPLOLH
XQGLPDX‰HUIDPLOLlUHQ%HUHLFKDXIJHIKUW(VJHKWYRUDOOHPXPGLHZDKUJHQRP
PHQH (OWHUQ.LQG%H]LHKXQJ XQG XP GLH ZDKUJHQRPPHQH /HKUHU6FKOHU%H]LH
KXQJXQG:HUWVFKlW]XQJ$EHUDXFKGLH,QWHJUDWLRQLQGHU3HHUJUXSSHVDRGHU
GLH9HUHLQVDNWLYLWlWVDVDZHUGHQLP6LQQHGHUDX‰HUIDPLOLlUHQVR]LDOHQ(LQ
JHEXQGHQKHLWLQGLH$QDO\VHHLQJHKHQYJO7DEHOOH
7DEHOOH
9DULDEOHQGHUVR]LDOHQ(LQELQGXQJLQ)DPLOLHVIXQGLPDX‰HUIDPLOLlUHQ%HUHLFKVD
)DPLOLlUVI
VI:RKOIKOHQ]X+DXVH
VI(.%H]D*UR‰VNDOD,WHPV
VI(.%H]E9HUVWlQGQLV9RUELOGZLUNXQJ,WHPV
VI(.%H]FDNW,QWHUHVVHZHQLJ.RQIOLNWH,WHPV
VI(.%H]G=XZHQGXQJ9HUVWlQGQLV,WHPV
VI5HLEHUHLHQ]Z(.
VI*HVSUlFKVLQWHQVLWlW(.
VI(OWHUQ%H]LHKXQJUHWURVSHNWLY
VI6FKHLGXQJVX7UHQQXQJVHUI-XJHQG]HLW
VILQNRQVLVWHQWHU(U]LHKXQJVVWLO
VIHQWVSDQQWH)UHL]HLWDNWLYLWlWHQPLW(OWHUQ(
VIVR]LDOH)UHL]HLWDNWLYLWlWHQPLW(OWHUQ(
VIDX‰HUIDP93EHLSHUV3UREO
VIDX‰HUIDP93EHL3UREOPLWDQGHUHQ
VIZDKUJHQ%HJDEXQJVHLQVFKlW]XQJ
VIZDKUJHUZDUWHWHU6FKXODEVFKOXVV+656*<
VI/HLVWXQJVHUZDUWXQJGHU((
VI(IUDJHQKlXILJQDFK6/(
VI(ZLVVHQ%HVFKHLGEHU6/(
VI+DXVDXIJDEHQHQJDJHPHQWGHU((
$X‰HUIDPLOLlU6FKXOH3HHUVXQG9HUHLQHVD
VD:RKOIKOHQLQ6FKXOH
VD$QRQ\PLWlWDQGHU6FKXOH
VD6WDWXVUHOHYDQ]6FKXOOHLVWXQJ
VD6WDWXVUHOHYDQ]6ROLGDULWlW
VD.RQNXUUHQ]NDPSILQ.ODVVH
VD.ODVVHQ]XVDPPHQKDOW
VD9HUWUDXHQ]X/3
VD/36%H]LHKXQJ
VD/HLVWXQJVGUXFNYRQ/3
VD$QHUNHQQXQJGXUFK0LWVFKOHU
VD,QWHJUDWLRQ3HHUV
VDNLUFKOLFKH$NWLYLWlW
VD9HUHLQV]XJHK|ULJNHLWQHLQMD
VD7XUQXQG6SRUWYHUHLQQHLQMD
VD0XVLNRGHU6LQJJUXSSHQHLQMD
6NDOHQ
()UDJHDQGLH(OWHUQ6WLFKSUREHQJU|‰HLVWNOHLQHU
)UDJHVWHOOXQJ5DKPHQPRGHOOXQG%HJUQGXQJ
5DKPHQPRGHOO]XU9RUKHUVDJHGHU/HLVWXQJVPRWLYDWLRQ
&0RWLYDWLRQDOH3HUV|QOLFKNHLWVPHUNPDOHLP-XJHQGDOWHU3V\FKRORJLVFKH(EHQH
=X GHQ PRWLYDWLRQDOHQ 3HUV|QOLFKNHLWVPHUNPDOHQ P LP -XJHQGDOWHU JHK|UW GDV
+DXSWNRQVWUXNW /HLVWXQJVPRWLYDWLRQ DOV DEKlQJLJH 9DULDEOH VRZRKO PLW -DKUHQ
PDOVDXFKPLW-DKUHQP
'DQHEHQ GLHQHQ DEHU DXI GHU SV\FKRORJLVFKHQ (EHQH GLYHUVH ZHLWHUH 3HUV|QOLFK
NHLWVPHUNPDOH DOV 'HWHUPLQDQWHQ ]XU %HVWLPPXQJ GHU /HLVWXQJVPRWLYDWLRQ 1LFKW
QXUVR]LDOH.RQWH[WHKDEHQHLQH:LUNXQJDXIGLH$XVSUlJXQJGHU/HLVWXQJVPRWLYD
WLRQVRQGHUQHEHQVRGLH3HUVRQHQVHOEVWPLWLKUHQ3HUV|QOLFKNHLWVHLJHQVFKDIWHQDOV
DNWLYKDQGHOQGH:HVHQVD,QWHUDNWLRQLVPXV.DS
6HLW] XQG 5DXVFKH GLH GLH 3HUV|QOLFKNHLW YRQ .LQGHUQ-XJHQGOLFKHQ PHKU
GLPHQVLRQDO XQG HPSLULVFK VWULQJHQW PLWWHOV HLQHV )UDJHERJHQV XQWHUVXFKW KDEHQ
QHQQHQ GUHL 2EHUEHJULIIH GHU Ä3HUV|QOLFKNHLW LP HQJHUHQ 6LQQH³ D 0RWLYH E
6HOEVWELOGXQGF9HUKDOWHQVPRWLYH*HIKOHZUGHQJHPl‰GHQ$XWRUHQDXFKGD]X
JHK|UHQVLQGDEHUPLWHLQHP)UDJHERJHQVFKOHFKWHUKHEEDU=XDJHK|UHQVRGDQQ
.RQVWUXNWH ZLH VFKXOLVFKHU (KUJHL] *HKRUVDP JHJHQEHU (UZDFKVHQHQ $JJUHV
VLYLWlW XQG %HUHLWVFKDIW ]XP VR]LDOHP (QJDJHPHQW ]X E $QJVW XQG 6HOEVWZLUN
VDPNHLWVEHU]HXJXQJ XQG ]X F ([WUDYHUVLRQ,QWURYHUVLRQ XQG :LOOHQVNRQWUROOH
YJO .XU]IRUP GHV 3HUV|QOLFKNHLWVIUDJHERJHQV JHPl‰ 5RVW XQG +DQVHV ,Q
7DEHOOH VLQG GLH PRWLYDWLRQDOHQ 3HUV|QOLFKNHLWVPHUNPDOV9DULDEOHQ GHU YRUOLH
JHQGHQ6WXGLHDXIJHOLVWHWXQGGHQHEHQHUZlKQWHQ2EHUEHJULIIHQ]XJHRUGQHW
7DEHOOH
0RWLYDWLRQDOH3HUV|QOLFKNHLWVPHUNPDOHPGHV-XJHQGDOWHUVXQGGHUHQ=XRUGQXQJ]X2EHUEHJULIIHQYRQ3HUV|Q
OLFKNHLWVPHUNPDOHQ6FKOVVHONRQVWUXNWHNXUVLYPDUNLHUW
9DULDEOHQ
P/HLVWXQJVPRWLYDWLRQ
PVFKXO/HLVWXQJVDQJVW
P%HJDEXQJV]XVFKUHLEXQJ
P6HOEVWZLUNVDPNHLWVEHU]HXJXQJ
PVFKXOLVFKH1RUPYHUOHW]XQJ,WHPV
=X
9DULDEOHQ
RUGQXQJ
D
E
E
F
F
P5DXFKHQ
F
P(..RQVHQVZDVOHLVWHQ
D
P(..RQVHQVZDVJODXEHQ
P(..RQVHQVZLHEHQHKPHQ
P=XNXQIWVEHZlOWLJXQJ
P%LOGXQJVRULHQWLHUXQJ
P/HLVWXQJVPRWLYDWLRQ
6NDODZLHPDEHU]ZHL-DKUHVSlWHUHUKREHQ
PDOOJ,QWHUHVVHGHV.LQGHV(
ZHOFKHVDXV6LFKWGHU(OWHUQHUKREHQLVW
=X
RUGQXQJ
D
D
E
D
D
D
,QGHUYRUOLHJHQGHQ8QWHUVXFKXQJZHUGHQGLHGLVSRVLWLRQDOHQ3HUV|QOLFKNHLWVPHUN
PDOH IRNXVVLHUW 1DFK GHU 9HURUWXQJ GHU 0HUNPDOH QDFK 5RVW XQG +DQVHV VROOHQQXQGLHGXUFK3HNUXQXQG+HOPNHIROJHQPPPXQGPJHK|
UHQ JHPl‰ GHU WDEHOODULVFKHQ $XIVWHOOXQJ YRQ VFKXOEH]RJHQHQ 3HUV|QOLFKNHLWV
PHUNPDOHQ 6 ]X GHQ OHLVWXQJVEH]RJHQHQ 3HUV|QOLFKNHLWVPHUNPDOHQ P XQG
P]XGHQVR]LDOHQ'LH0HUNPDOHPPXQGPVLQGLP5DKPHQGHU6HOEVWEH
VWLPPXQJVWKHRULH XQWHU GHP %HJULII GHU $XWRQRPLH DOV YHULQQHUOLFKWH XQG VRPLW
VHOEVWEHVWLPPWH hEHU]HXJXQJHQ HEHQIDOOV GHQ 3HUV|QOLFKNHLWVPHUNPDOHQ ]X]XRUG
QHQ'LH%LOGXQJVRULHQWLHUXQJP]%%FKHUOHVHQNODVVLVFKH0XVLNK|UHQUH
SUlVHQWLHUWHKHUHLQGLVSRVLWLRQDOHV3HUV|QOLFKNHLWVPHUNPDOHLQHV-XJHQGOLFKHQXQG
+LHUZXUGHQQXUMHQH.RQVWUXNWHDXVJHZlKOWZHOFKHHLQHQPRWLYDWLRQDOHQ%H]XJDXIZHLVHQ
)UDJHVWHOOXQJ5DKPHQPRGHOOXQG%HJUQGXQJ
5DKPHQPRGHOO]XU9RUKHUVDJHGHU/HLVWXQJVPRWLYDWLRQ
GDV DOOJHPHLQH ,QWHUHVVH GHV .LQGHV P NDQQ HEHQIDOOV QDFK GHU 6HOEVWEHVWLP
PXQJVWKHRULH HLQHP LQWULQVLVFK XQG OlQJHUIULVWLJ H[LVWLHUHQGHQ 3HUV|QOLFKNHLWV
PHUNPDO]XJHRUGQHWZHUGHQGLH(OWHUQZXUGHQ]XÄW\SLVFKHQ(LJHQKHLWHQXQG)l
KLJNHLWHQ³LKUHV.LQGHVEHIUDJW
':DKUJHQRPPHQHU6FKXOHUIROJVFKXOLVFKH/HLVWXQJVHEHQH
:LHLQ.DSDXVJHIKUWLVWZLUGLP$OWHUYRQ-DKUHQ)lKLJNHLWDOV(U
NOlUXQJVNRQ]HSWIU/HLVWXQJULFKWLJEHQXW]WXQGNRPSHQVDWRULVFKPLW$QVWUHQJXQJ
YHUNQSIW±KRKH)lKLJNHLWNDQQJHULQJH$QVWUHQJXQJZHWWPDFKHQXQGXPJHNHKUW
6RPLW]HLJWVLFKDXVHQWZLFNOXQJVSV\FKRORJLVFKHU3HUVSHNWLYHGDVVGDVYHUZHQGHWH
.RQVWUXNW /HLVWXQJV RGHU $QVWUHQJXQJVEHUHLWVFKDIW DXV 6LFKW GHV .LQ
GHV-XJHQGOLFKHQIUGLH(UNOlUXQJGHU/HLVWXQJLQGHUYRUOLHJHQGHQ8QWHUVXFKXQJ
DOV 1RWHQ XQG ÄZDKUJHQRPPHQH /HLVWXQJVSRVLWLRQ LQ GHU .ODVVH³ *OWLJNHLW KDW
XQGGDKHULQGHU9HUZHQGXQJYRQNDXVDOHQ:LUNXQJVNHWWHQOHJLWLPLVW
(0RWLYDWLRQDOH3HUV|QOLFKNHLWVPHUNPDOHLP(UZDFKVHQHQDOWHU3V\FKRORJLVFKH
(EHQH
'LH EHUXIOLFKH /HLVWXQJVPRWLYDWLRQ XQG GLH EHUXIOLFKH :HLWHUELOGXQJVPRWLYDWLRQ
VLQGGLHDEKlQJLJHQ+DXSWNRQVWUXNWHLQGLHVHU8QWHUVXFKXQJ'LH6NDODÄ%HUXIOLFKH
6HOEVWZLUNVDPNHLWVEHU]HXJXQJ³GLHQWDXFKDOVXQDEKlQJLJH9DULDEOH]XU(UNOlUXQJ
GHVTXHUVFKQLWWOLFKHQ=XVDPPHQKDQJVGHU0RWLYDWLRQLP(UZDFKVHQHQDOWHU'DXQ
WHUDQGHUHPDXFK6WUXNWXUJOHLFKXQJVPRGHOO%HUHFKQXQJHQJHWlWLJWZHUGHQVLQGGLH
:LUNXQJVNHWWHQ$QDO\VHQYRQEHVRQGHUHU%HGHXWXQJ
'LH]HQWUDOHQ,QVWUXPHQWH6NDOHQXQG:LUNXQJVNHWWHQLQ$EKlQJLJNHLWGHV6FKXO
NRQWH[WHVXQGGHV*HVFKOHFKWV]HLJHQVLFK]XVDPPHQJHIDVVWZLHIROJW
3V\FKRVR]LDOH(EHQH
LPIUKHQ-XJHQGDOWHU
0RWLYDWLRQDOH(EHQH
LPIUKHQ-XJHQGDOWHU
0RWLYDWLRQDOH(EHQH
LP(UZDFKVHQHQDOWHU
‡ (OWHUQ.LQG
%H]LHKXQJPLW
-DKUHQ
‡ /HLVWXQJVPRWLYDWLRQ
PLW-DKUHQ
‡ %HUXIOLFKH
/HLVWXQJVPRWLYDWLRQ
PLW-DKUHQ
‡ /HKUHU6FKOHU
%H]LHKXQJPLW
-DKUHQ
‡ /HLVWXQJVPRWLYDWLRQ
PLW-DKUHQ
‡ %HUXIOLFKH
:HLWHUELOGXQJV
PRWLYDWLRQPLW
-DKUHQ
$EELOGXQJ
.HUQ,QVWUXPHQWH6NDOHQXQG:LUNXQJVNHWWHQ
'DPLWGLHVH(LQIOVVHYJO3IHLOHLQ$EELOGXQJMHQDFK.RQWH[WEHUHFKQHWZHU
GHQN|QQHQPVVHQLQHLQHPHUVWHQ6FKULWWGLH.RQWUROOYDULDEOHQLQ%H]XJDXIGLH
)UDJHVWHOOXQJ5DKPHQPRGHOOXQG%HJUQGXQJ
%HJUQGXQJGHU)UDJHVWHOOXQJHQ
PRWLYDWLRQDOHQ.RQVWUXNWHXQWHUVXFKWZHUGHQXQGGDQDFKGLHVWDUNEHHLQIOXVVHQGHQ
EHLZHLWHUHQ%HUHFKQXQJHQNRQWUROOLHUWDXVSDUWLDOLVLHUWZHUGHQ
%HJUQGXQJGHU)UDJHVWHOOXQJHQ
,P )ROJHQGHQ ZHUGHQ GLH ]HQWUDOHQ )UDJHVWHOOXQJHQ XQG LKUH .HUQHOHPHQWH EH
VFKULHEHQXQGXQWHUPDXHUW.DSELV'DEHLZHUGHQGLH.RQVWUXNWHVR
ZRKOGHUDEKlQJLJHQDOVDXFKGHUXQDEKlQJLJHQ9DULDEOHQGDUJHOHJWXQGEHJUQGHW
(EHQVR HUIROJHQ %HJUQGXQJHQ ]XU GLIIHUHQWLHOOHQ 3HUVSHNWLYH ]XU %HQW]XQJ GHU
'DWHQYRQ-lKULJHQDOVDXFK]XOlQJVVFKQLWWOLFKHU)RUVFKXQJ
:DUXPVR]LDOH(LQJHEXQGHQKHLWDOVXQDEKlQJLJH9DULDEOH"
1DFKGHU6'7VLQGIUGLH$XVSUlJXQJGHU/HUQXQG/HLVWXQJVPRWLYDWLRQ$XWRQR
PLH.RPSHWHQ]HUOHEHQXQGVR]LDOH(LQJHEXQGHQKHLWYHUDQWZRUWOLFK6LHVLQGTXDVL
GLH0RWRUHQGHU0RWLYDWLRQ
'DVVLQGLHVHU$UEHLWGLHVR]LDOH(LQJHEXQGHQKHLWLP(OWHUQKDXVXQGLQGHU6FKXOH
XQG GLH GDYRQ DEKlQJLJH /HLVWXQJVPRWLYDWLRQ XQG QLFKW GLH 6HOEVWZLUNVDPNHLW V
9DULDEOHPIRNXVVLHUWZHUGHQNDQQDXFKJHPl‰.UDSSXQG5\DQJHVWW]W
ZHUGHQ 'LHVH ZHLVHQ DXI GHQ ]HQWUDOHQ .ULWLNSXQNW GHU 6'7 DP .RQ]HSW GHU
6HOEVWZLUNVDPNHLWVHUZDUWXQJ KLQ LQ GHU GLH +HUNXQIW GHU PRWLYDWLRQDOHQ '\QDPLN
]XZHQLJEHUFNVLFKWLJWVHL6
(V LQWHUHVVLHUW DOVR QLFKW YRU DOOHP RE GHU -XJHQGOLFKH PRWLYLHUW E]Z HLQH HLJHQH
KRKH 6HOEVWZLUNVDPNHLW EHVLW]W VRQGHUQ LQZLHIHUQ GLH 0RWLYDWLRQ JHI|UGHUW ZLUG
E]Z YRQ ZHOFKHQ 'HWHUPLQDQWHQ VLH DEKlQJLJ LVW 1DFK GHU 6'7 LVW HV YRU DOOHP
GHUSV\FKRVR]LDOH.RQWH[WGHUSUlJHQGZLUNW
=XU%HJUQGXQJGHV.RQVWUXNWVGHU/HLVWXQJVPRWLYDWLRQ
'LH6NDOD/HLVWXQJVPRWLYDWLRQZLHVLHLQGHUYRUOLHJHQGHQ$UEHLWEHQXW]WZLUGEH
LQKDOWHW GLH (LQVFKlW]XQJHQ YRQ $QVWUHQJXQJ $XVGDXHU XQG (KUJHL] ZREHL GLH
6FKOHU VLFK PLW GHQ .ODVVHQPLWJOLHGHUQ YHUJOHLFKHQ 'LHVHV .RQVWUXNW LVW QLFKW
GRPlQHQVSH]LILVFKXQGUHLKWVLFKGDUXP]X$UEHLWHQYRQ*UROQLFNXQG5\DQ
HLQ *UROQLFN .XURZVNL 'XQODS XQG +HYH\ :LOG XQG :LOG XQG
:LOG XQG +RIHU GLH HEHQIDOOV GLH %HGHXWXQJ GHU KlXVOLFKHQ /HKU/HUQ
6LWXDWLRQ IU HLQH EHUJUHLIHQGH 0RWLYDWLRQ IRNXVVLHUWHQ ([HOHU XQG :LOG GLHGLH5ROOHGHU(OWHUQIUGLH)|UGHUXQJVHOEVWEHVWLPPWHQ9HUKDOWHQVEHL*\PQD
VLDVWHQ OlQJVVFKQLWWOLFK XQWHUVXFKWHQ EHQXW]WHQ DOV TXDQWLWDWLYHV 0D‰ GHU 0RWLYD
WLRQHEHQIDOOVGLH6NDODVFKXOLVFKH$QVWUHQJXQJVEHUHLWVFKDIWYRQ3HNUXQGLH
VLFKPLWYHUJOHLFKVZHLVHQKRKHQ5HJUHVVLRQVNRHIIL]LHQWHQYRUDOOHPDXIGLH)DNWR
UHQ HPRWLRQDOH 8QWHUVWW]XQJ XQG DQJHSDVVWH $QVSUFKH GHU (OWHUQ VWW]W ± XQWHU
.RQWUROOH GHV VR]LR|NRQRPLVFKHQ 6WDWXV GHU 1RWHQ XQG GHU (LQJDQJVPRWLYDWLRQ
YJO67DEHOOH]HLJWGLHVH5HVXOWDWHDXI
)UDJHVWHOOXQJ5DKPHQPRGHOOXQG%HJUQGXQJ
3UR]HVVRULHQWLHUW
5HJHOQXQG
5LWXDOH
3URGXNWRULHQWLHUW
KRKH
$QVSUFKH
/HLVWXQJV
RULHQWLHUWHU
'UXFN
=XVDPPHQKlQJH]ZLVFKHQ)RUPHQGHU/HUQPRWLYDWLRQXQGHOWHUOLFKHQ(LQVWHOOXQJHQXQG,QVWUXNWLRQVVWUDWHJLHQVWDQ
GDUGLVLHUWH5HJUHVVLRQVNRHIIL]LHQWHQXQWHU.RQWUROOHYRQVR]LR|NRQRPLVFKHP6WDWXV1RWHQXQG(LQJDQJVPRWLYDWLRQ
([HOHU:LOG6
HPRWLRQDOH
8QWHUVWW]XQJ
7DEHOOH
$XWRQRPLH
%HJUQGXQJGHU)UDJHVWHOOXQJHQ
,QWHUHVVH
$XIJDEHQ2ULHQWLHUXQJ
,GHQWLIL]LHUWH0RWLYDWLRQ
$QVWUHQJXQJVEHUHLWVFKDIW
H[WHUQDOH0RWLYDWLRQ
,FK2ULHQWLHUXQJ
9HUPHLGXQJ
$EQHLJXQJ
)HWWPDUNLHUXQJGHU%HJULIIHGXUFK'/ VFKDWWLHUWH=HOOHQSNXUVLYGDUJHVWHOOWSIHWWGDUJHVWHOOWK|FKVWH:HUWH:HUWHRKQH+HU
YRUKHEXQJ QLFKWVLJQLILNDQW
(VNDQQDOVRJHIROJHUWZHUGHQGDVVGLHVR]LDOHPRWLRQDOH(OWHUQ8QWHUVWW]XQJHL
QHUVHLWVXQGDQJHSDVVWHXQGQLFKW]XKRKH(UZDUWXQJHQDQGHUHUVHLWVVDXQWHU.DS
%Ä(LQIOXVVGHUZDKUJHQRPPHQHQ%HJDEXQJVHLQVFKlW]XQJXQG(UZDUWXQJYRQ
6HLWHQ GHU (OWHUQ³ IU GLH $QVWUHQJXQJVEHUHLWVFKDIW XQG GLH LGHQWLIL]LHUWH 0RWLYD
WLRQYRQ]HQWUDOHU%HGHXWXQJLVW=XKRKH(UZDUWXQJHQZLUNHQNRQWUDSURGXNWLY(
[HOHUXQG:LOGYHUZHLVHQDEHUDXIGLHNOHLQHQ$XINOlUXQJVEHLWUDJHGHUHOWHU
OLFKHQ (LQVWHOOXQJV XQG 9HUKDOWHQVZHLVHQ DXI GLH /HUQPRWLYDWLRQ LQ GLHVHP HKHU
NU]HUHQ /lQJVVFKQLWW ZHOFKH LQ QDFKIROJHQGHQ 8QWHUVXFKXQJHQ ZHLWHU ]X SUIHQ
VHLHQ 'LHVH ÄYHUIHVWLJWHQ ,QWHUDNWLRQVPXVWHU GHU HPRWLRQDOHQ %H]LHKXQJ ]ZLVFKHQ
(OWHUQXQG.LQG³N|QQHQPLWYRUOLHJHQGHU8QWHUVXFKXQJ]XU%HVWLPPXQJGHU/HLV
WXQJVPRWLYDWLRQEHUHLQHQ=HLWUDXPYRQ-DKUHXQWHUVXFKWZHUGHQ
$XIJUXQGGHU7DWVDFKHGDVVEHLGHU6WXGLHYRQ([HOHUXQG:LOGGLHHPRWLR
QDOH8QWHUVWW]XQJLQHLQHP1HEHQIDFKZLH&KHPLHIUHLQH/HLVWXQJVPRWLYDWLRQV
VWHLJHUXQJ XQWHU .RQWUROOH YRQ 6FKLFKW /HLVWXQJ XQG (LQJDQJVPRWLYDWLRQ VRUJW
OlVVW VLFK YHUPXWHQ GDVV GLH JOREDO HUKREHQH /HLVWXQJVPRWLYDWLRQ LP *HJHQVDW]
]XUGRPlQHQVSH]LILVFKHQZLHVLHLQGLHVHU$UEHLWXQWHUVXFKWZLUGYRQJUR‰HU%H
GHXWXQJEOHLEW
'D GLH $QVWUHQJXQJ LQ GHU 6NDOD EHUXIOLFKH /HLVWXQJVPRWLYDWLRQ XQG EHUXIOLFKH
:HLWHUELOGXQJVPRWLYDWLRQLP(UZDFKVHQHQDOWHUHEHQIDOOVJOREDOIRUPXOLHUWLVWVLHKH
.DSLVWGLH3UIXQJGHU6WDELOLWlWE]Z,QVWDELOLWlWEH]JOLFK/HLVWXQJVPRWL
YDWLRQXQWHU.DSLWHOHEHQIDOOVVLQQYROO
:DUXP)RNXVVLHUXQJDXIÄVHOEVWEHVWLPPWH³H[WULQVLVFKH0RWLYDWLRQPLW
WHOV.RQVWUXNW/HLVWXQJVPRWLYDWLRQ"
:LHLQ7DEHOOHEH]RJHQDXI*\PQDVLDVWHQJH]HLJWZXUGHLVWHLQlKQOLFKHU(IIHNW
DXFKIUGLHYRUOLHJHQGH)UDJHVWHOOXQJ]XHUZDUWHQ6R]LDOH8QWHUVWW]XQJXQG(LQ
)UDJHVWHOOXQJ5DKPHQPRGHOOXQG%HJUQGXQJ
%HJUQGXQJGHU)UDJHVWHOOXQJHQ
JHEXQGHQKHLW]XKDXVHVROOWHQDXFKLQGHUOlQJVVFKQLWWOLFKHQ$QDO\VHGHUEHUXIOLFKHQ
:HLWHUELOGXQJVXQG/HLVWXQJVPRWLYDWLRQLKUH:LUNXQJ]HLJHQZHQQGLHVHH[WULQVL
VFKH0RWLYDWLRQLGHQWLIL]LHUWRGHULQWHUQDOLVLHUWXQGGDPLWLQWHUQDOUHJXOLHUWLVW'LH
%HGHXWXQJGLHVHUK|FKVWHQ$UWH[WULQVLVFKHUXQGVRPLWVHOEVWEHVWLPPWHU0RWLYDWLRQ
LVWLPVFKXOLVFKHQ.RQWH[WEHVRQGHUVZLFKWLJ
$XFKZHQQHLQLQWHUHVVHQEDVLHUWHV/HUQHQGDVGXUFKHLQHKRKHZHUWEH]RJHQH
XQG JHIKOVEHWRQWH 9DOHQ] JHNHQQ]HLFKQHW LVW RKQH =ZHLIHO GHQ ,GHDOIDOO
PDUNLHUWZlUHHVJHUDGHLP.RQWH[W6FKXOHLQGHP/HUQHUQXUEHGLQJWLKUHQ
HLJHQHQ ,QWHUHVVHQ QDFKJHKHQ N|QQHQ EHUHLWV YRQ 9RUWHLO ZHQQ DXV ÃQFK
WHUQHU¶(LQVLFKWLQGHQ:HUWYRQ%LOGXQJJHOHUQWZLUG([HOHU:LOG
6
'LHVH (LQVLFKW LQ GHU 6FKXOH YRU DOOHP DXV *UQGHQ IU VSlWHUH %HUXIVFKDQFHQ ]X
OHUQHQ LVW YLHOHQ -XJHQGOLFKHQ DEHU DEKDQGHQ JHNRPPHQ ,Q GHU YRUOLHJHQGHQ $U
EHLWLQWHUHVVLHUWQLFKWYRUDOOHPGLHLQWULQVLVFKH0RWLYDWLRQPLWLKUHQDXVJHZLHVHQHQ
OlQJHUIULVWLJHQ$XVZLUNXQJHQVRQGHUQGLH/HLVWXQJVPRWLYDWLRQDXIGHU6WXIHLQWHU
QDODXVJHO|VWHU5HJXODWLRQV.DS&ZHOFKH]ZDUHLQKHUJHKWPLWGHP*H
IKO GHU 6HOEVWEHVWLPPXQJ VLFK DEHU YRQ GHU LQWHUHVVHQVEDVLHUWHQ 0RWLYDWLRQ NODU
DEKHEW LQGHP GLH VRGDQQ LQWHJULHUWHQ =LHOH XQG $QIRUGHUXQJHQ XUVSUQJOLFK YRQ
DX‰HQNDPHQ'LHVH0RWLYDWLRQKDWDOVRLPPHUQRFKHLQHQLQVWUXPHQWHOOHQ&KDUDN
WHU0DQVWUHQJWVLFKQLFKWYRUDOOHPGHV,QWHUHVVHVZHJHQVRQGHUQDXV*UQGHQHL
QHV]XHUUHLFKHQGHQ=LHO]XVWDQGHVRGHUHLQHU]XHUODQJHQGHQVR]LDOHQ(LQJHEXQGHQ
KHLW LQ GHU .ODVVH RGHU ]XKDXVH DQ 0DQ P|FKWH GD]XJHK|UHQ 'LH VR]LDOH (LQJH
EXQGHQKHLW LVW DOVR HLQH 8UVDFKH H[WULQVLVFK DEHU VHOEVWEHVWLPPW PRWLYLHUWHQ 9HU
KDOWHQV6LHLVWHVGLHGHQ,GHQWLILNDWLRQVSUR]HVVPLWYRQDX‰HQYRUJHJHEHQ=LHOHQ
I|UGHUW1DFK'HFLXQG5\DQEHUXKWGLH0RWLYDWLRQ]XUDNWLYHQ$XVHLQDQGHU
VHW]XQJPLWGHU8PZHOWOHW]WHQGOLFKDXIGHQÄVR]LDOHQ%HGLQJXQJHQGLHGDV%HVWUH
EHQ QDFK $XWRQRPLH .RPSHWHQ] XQG VR]LDOHU (LQJHEXQGHQKHLW XQWHUVWW]HQ RGHU
YHUKLQGHUQ³6+HUYRUKHEXQJGXUFK'/
:HQQEHLGHQ.RUUHODWLRQVEHUHFKQXQJHQ]ZLVFKHQ/HLVWXQJVPRWLYDWLRQLP-XJHQG
DOWHUXQGEHUXIOLFKHU:HLWHUELOGXQJVXQG/HLVWXQJVPRWLYDWLRQLP(UZDFKVHQHQDOWHU
HQWZHGHUDOVLQWULQVLVFKHRGHUVHOEVWEHVWLPPWH[WULQVLVFKH)RUPVLJQLILNDQWH:HUWH
MH QDFK .RQWH[W EHUHFKQHW ZHUGHQ VR N|QQHQ GLHVH 5HVXOWDWH DOV JUR‰H
OlQJVVFKQLWWOLFKH%HZHJXQJHQYRQH[WHUQDOLQLQWHUQDOUHJXOLHUWH0RWLYDWLRQDXIJH
IDVVWZHUGHQ:HLWHUELOGXQJLP(UZDFKVHQHQDOWHULVWLP1RUPDOIDOOHLQHIUHLZLOOLJH
6DFKH XQG JHKW HKHU DXI LQQHUH DOV lXVVHUH 6WHXHUXQJ ]XUFN (V GDUI DOV VHOEVWEH
VWLPPWH0RWLYDWLRQDQJHQRPPHQZHUGHQ
:DUXPGLIIHUHQWLHOOJHVFKOHFKWVVSH]LILVFKH$XVZHUWXQJHQIU6FKOHU
GHV*\PQDVLXPVXQGGHU+DXSWVFKXOH"
Ä>'LH6FKXOH@±VRGHUJHQHUHOOH7HQRUGHU)RUVFKXQJ±YHUIHVWLJWJHVFKOHFKWVVSH]L
ILVFKH8QWHUVFKLHGHLP9HUKDOWHQ HLQVFKOLH‰OLFKNRJQLWLYHUHPRWLRQDOHUXQG PRWL
)UDJHVWHOOXQJ5DKPHQPRGHOOXQG%HJUQGXQJ
%HJUQGXQJGHU)UDJHVWHOOXQJHQ
YDWLRQDOHU$VSHNWH³*XGMRQV67DEHOOH]HLJWGLHJHVFKOHFKWVVSH]L
ILVFKHQ5DQJNRUUHODWLRQVZHUWH]ZLVFKHQ%HUXIVLQWHUHVVHXQG%HUXIVSUHVWLJHDQJDEHQ
DXV HLQHU 6WXGLH YRQ %DUQHWW (V LVW ]X HUNHQQHQ GDVV EHL GHQ .QDEHQ PLW
VWHLJHQGHP$OWHUGDV,QWHUHVVHDQSUHVWLJHWUlFKWLJHQ%HUXIHQ]XQLPPW2EZRKOGLH
6WXGLHYRQLVWXQGVLFKEHLP7KHPD*HQGHU]ZLVFKHQ]HLWOLFKYLHOEHZHJWKDW
HUVFKHLQWHVSODXVLEHOGLHVDOVZHLWHUHQ%HOHJ]XQHKPHQZDUXP.QDEHQJHJHQEHU
0lGFKHQ HLQH XQWHUVFKLHGOLFKH 6R]LDOLVDWLRQ LQ GHU /HLVWXQJVPRWLYDWLRQVHQWZLFN
OXQJDXIZHLVHQN|QQWHQ
7DEHOOH
*HVFKOHFKWVVSH]LILVFKH5DQJNRUUHODWLRQVZHUWH]ZLVFKHQ%HUXIVLQWHUHVVHXQG%HUXIVSUHVWLJHDQJDEHQEHL.LQ
GHUQ-XJHQGOLFKHQYJO%DUQHWW
$OWHU-DKUH
0lQQOLFK1 :HLEOLFK1 5DQJNRUUHODWLRQHQ
³6FKXOHUIROJVHQWZLFNOXQJHQJHKHQEHL-XQJHQLP*HJHQVDW]]X0lGFKHQÃ+DQGLQ
+DQG¶ PLW 9HUlQGHUXQJHQ GHV (OWHUQ.LQG9HUKlOWQLVVHV´ )HQG 6 )HQG ZHUWHW GLHV DOV +LQZHLV GDVV IU (OWHUQ GLH 6FKXOODXIEDKQ YRQ -XQJHQ DXFK
KHXWH QRFK ZLFKWLJHU LVW DOV MHQH IU 0lGFKHQ 6RPLW VFKODJHQ VLFK (UIROJH RGHU
0L‰HUIROJHEHL-XQJHQDXIGLH%H]LHKXQJDXFKVWlUNHU]X%XFKHYJOHEG
'HU HQJH =XVDPPHQKDQJ ]ZLVFKHQ 6FKXOHUIROJ XQG (OWHUQ.LQG%H]LHKXQJ VR
)HQG VSLHJOH VLFK DXFK GDULQ GDVV GLH 9HUlQGHUXQJVPXVWHU PLW GHU 6FKXO
IRUP]XJHK|ULJNHLWGHU-XJHQGOLFKHQNRUUHVSRQGLHUHÄ-XJHQGOLFKHLQ*\PQDVLHQKD
EHQ HLQ EHVVHUHV 9HUKlOWQLV ]X GHQ (OWHUQ DOV -XJHQGOLFKH LQ 5HDOVFKXOHQ *OHLFK
]HLWLJ EOHLEW HV EHL *\PQDVLDVWHQ EHVVHU DOV EHL 5HDOVFKOHUQ´ 6 =XGHP LVW
GDVVFKXOLVFKH3UREOHPYHUKDOWHQLQVJHVDPWGHXWOLFKVWlUNHUPLWHLQHUEHODVWHWHQ%H
]LHKXQJ]XGHQ(OWHUQYHUNQSIWDOVDX‰HUVFKXOLVFKHV5LVLNRYHUKDOWHQYJO6
'LH )UDJHVWHOOXQJ EH]JOLFK GHU GLIIHUHQWLHOOHQ :LUNXQJ GHU 6HOEVWEHVWLPPXQJV
WKHRULHLQYHUVFKLHGHQHQ6FKXONRQWH[WHQXQGLQ$EKlQJLJNHLWGHV*HVFKOHFKWVJUQ
GHWDXFKDXIGHP)D]LWYRQUHOHYDQWHQ6WXGLHQ]XPJOHLFKHQ7KHPD
:LOG XQG +RIHU ZHLVHQ DXI 8QWHUVFKLHGH LQ GHU /HLVWXQJVPRWLYDWLRQV
(QWZLFNOXQJ ]ZLVFKHQ *\PQDVLDVWHQ XQG %HUXIVVFKOHUQ KLQ 6LH KDOWHQ IHVW GDVV
6FKOHU LQ GHU EHUXIOLFKHQ (UVWDXVELOGXQJ LQ EHLGHQ PRWLYDWLRQDOHQ 2ULHQWLHUXQJHQ
K|KHUH:HUWHDOVJOHLFKDOWULJH6FKOHULQGHQOHW]WHQ.ODVVHQGHUJ\PQDVLDOHQ2EHU
VWXIHHU]LHOHQ'LHVH'LIIHUHQ]HQN|QQHQQDFK$QVLFKWGHU$XWRUHQDXI8QWHUVFKLHGH
LQ GHU VFKXOLVFKHQ /HUQXPJHEXQJ XQG KLHU LQVEHVRQGHUH DXI GHQ VWDUNHQ $QZHQ
GXQJVEH]XJGHU/HUQLQKDOWHLQGHU%HUXIVVFKXOH]XUFNJHIKUWZHUGHQ6RODQJHDEHU
VROFKH %HIXQGH QLFKW DXI /lQJVVFKQLWWVWXGLHQ EHUXKHQ ÄGLH GLH (QWZLFNOXQJ YHU
VFKLHGHQHU )RUPHQ GHU /HUQPRWLYDWLRQ EHU GLH JHVDPWH 6SDQQH GHU VFKXOLVFKHQ
XQG EHUXIOLFKHQ $XVELOGXQJ KLQZHJ³ DEELOGHW EOHLEW HLQH VROFKH ,QWHUSUHWDWLRQ IU
GLH$XWRUHQGRFKVSHNXODWLY'LH8QWHUVFKLHGHN|QQWHQJHUDGHVRJXWDXIJUXQGYRQ
IUKHUHQDX‰HUVFKXOLVFKHQ/HUQHUIDKUXQJHQ]XVWDQGHJHNRPPHQVHLQ
)UDJHVWHOOXQJ5DKPHQPRGHOOXQG%HJUQGXQJ
%HJUQGXQJGHU)UDJHVWHOOXQJHQ
6WXKOPDQQKDWJH]HLJWGDVVYRUDOOHPGLH*UXSSHÄ0WWHUPLW.LQGHUQ³EH
]JOLFK EHUXIOLFKHU /HLVWXQJV XQG :HLWHUELOGXQJVPRWLYDWLRQ WLHIH :HUWH KDEHQ
ZlKUHQG GLHV IU Ä0lQQHU PLW .LQGHUQ³ QLFKW JLOW ,QVRIHUQ LVW HV DXFK QDFKYROO
]LHKEDUGDVVEHLGHUYRUOLHJHQGHQ8QWHUVXFKXQJYRUDOOHPGLH*UXSSHGHU0lQQHU
IRNXVVLHUWZLUG
0HLHU GHU YHUWLHIHQGH $QDO\VHQ PLW 3,6$'DWHQ ]XP .RQWH[W YRQ
6FKOHUOHLVWXQJHQPDFKWHZHLVWDXIGLHHPSLULVFKH7DWVDFKHGHV)DPLOLHQNOLPDVLQ
$EKlQJLJNHLWGHV6FKXOW\SVKLQÄ-HÃK|KHU¶GLH6FKXOIRUPGHVWRVR]LDOEHVVHUJH
VWHOOWLVWGLH6FKOHUVFKDIW±XQGGHVWRHKHUZLUGGDV)DPLOLHQNOLPDDOVDN]HSWLHUHQG
HLQJHVFKlW]W³ 6 2EZRKO GLH 8QWHUVFKLHGH NOHLQ DXVIDOOHQ VR 0HLHU ZHLWHU
ZLUNW VLFK GLHVHU %HIXQG YRU DOOHP EHL .QDEHQ LQ =XVDPPHQKlQJHQ PLW DQGHUHQ
.RQVWUXNWHQKLHU]%/HVHNRPSHWHQ]DXV0lGFKHQ]HLJHQEH]JOLFKGHV=XVDP
PHQKDQJV ]ZLVFKHQ /HVHQ XQG )DPLOLHQNOLPD QLFKW VROFKH DXVJHSUlJWH 5HVXOWDWH
6HLQH 'DWHQ ]HLJHQ DOVR GDVV EHLP =XVDPPHQKDQJ YRQ .OLPD XQG /HLV
WXQJVPRWLYDWLRQGLH)RNXVVLHUXQJDXI.QDEHQVLQQYROOLVWYJO7DEHOOH
7DEHOOH
.RUUHODWLRQHQGHU/HVHNRPSHWHQ]PLWGHP)DPLOLHQNOLPDEHL.QDEHQQDFK6FKXOIRUP0HLHU6
+DXSWVFKXOH
5HDOVFKXOH
*\PQDVLXP
SSS
$N]HSWLHUHQGHV)DPLOLHQNOLPD
5HVWULNWLYHV)DPLOLHQNOLPD
'LH:LUNXQJHLQHVSRVLWLYHQ)DPLOLHQNOLPDVDXIGLH/HVHNRPSHWHQ]LVWEHL*\PQD
VLDVWHQVWlUNHUDOVEHL+DXSWVFKOHUQ+LHUDXVNDQQDOVRJHIROJHUWZHUGHQGDVVGLH
:LUNXQJV]XVDPPHQKlQJH EHL *\PQDVLDVWHQ ]ZLVFKHQ GHU VR]LDOHQ (LQJHEXQGHQ
KHLW ]XKDXVH XQG VFKXOLVFKHU (LQVWHOOXQJ VWlUNHU VLQG DOV EHL +DXSWVFKOHUQ :lK
UHQG QXQ 0HLHU GLH 9DULDQ]DXINOlUXQJHQ GHU .RPSHWHQ]HQ TXHUVFKQLWWOLFK
EHUHFKQHWYRQPD[LPDODOVHKHUXQEHGHXWHQGGHNODULHUW6IRNXVVLHUWGLH
LQGLHVHU$UEHLWYRUOLHJHQGH)UDJHVWHOOXQJDEHUGLHOlQJHUIULVWLJHXQGVRPLWEHGHXW
VDPHUH 3UlJXQJ GHV (OWHUQKDXVHV DXI GLH /HUQPRWLYDWLRQ 6RPLW PXVV YRQ NOHLQHQ
:HUWHQDXVJHJDQJHQZHUGHQZHOFKHLQLKUHU%HGHXWXQJDEHUDOVUHOHYDQWDQJHVHKHQ
ZHUGHQN|QQHQ
=XP=LHONRQIOLNWÄ/HLVWXQJVRGHU3HUV|QOLFKNHLWVHQWZLFNOXQJ³±GHU
=XVDPPHQKDQJ]ZLVFKHQ%H]LHKXQJXQG/HLVWXQJVPRWLYDWLRQ
'LH )UDJH QDFK =LHONRQIOLNWHQ JHKW GHU KlXILJ JHlX‰HUWHQ %HIUFKWXQJ QDFK GDVV
HLQ EHVRQGHUV VWDUN DXI /HLVWXQJVVWHLJHUXQJ DXVJHULFKWHWHV (OWHUQYHUKDOWHQ LP
'XUFKVFKQLWWDXI.RVWHQHLQHUSRVLWLYHQ(QWZLFNOXQJGHU/HUQPRWLYDWLRQRGHUDQGH
UHU OHLVWXQJVEH]RJHQHU 0RWLYH XQG (LQVWHOOXQJHQ JHKW 2SWLPDO ZlUH KLQJHJHQ
ZHQQ VLFK HOWHUOLFKH %H]LHKXQJV .RPPXQLNDWLRQV XQG (U]LHKXQJVVWLOPHUNPDOH
LGHQWLIL]LHUHQ OLHVVHQ EHL GHQHQ GLH NRJQLWLYH (QWZLFNOXQJ QDFKKDOWLJ JHI|UGHUW
ZLUGRKQHGDVVGLHDIIHNWLYHXQG PRWLYDWLRQDOH(QWIDOWXQJGDUXQWHUOHLGHW0LWGHU
WKHRUHWLVFKHQ 5DKPHQNRQ]HSWLRQ GHU 6'7 LVW GLHVHP $VSHNW 5HFKQXQJ JHWUDJHQ
)UDJHVWHOOXQJ5DKPHQPRGHOOXQG%HJUQGXQJ
%HJUQGXQJGHU)UDJHVWHOOXQJHQ
ZHLOH[SOL]LWGLHVR]LDOH(LQJHEXQGHQKHLWE]ZGDV:RKOEHILQGHQDOV%HGLQJXQJIU
/HLVWXQJVXQG/HUQPRWLYDWLRQKHUDXVJHKREHQZLUG
,P =XJH YRQ HUK|KWHQ $QIRUGHUXQJHQ LQ 6FKXOH XQG %HUXIVOHEHQ LVW GLH *HIDKU
JUR‰GDVV(OWHUQXQG/HKUHU]XIHVWQDFK/HLVWXQJHQGHU.LQGHUXQG-XJHQGOLFKHQ
ÄGUlQJHQ³XQGGDEHLHLQHOlQJHUIULVWLJHSRVLWLYH3HUV|QOLFKNHLWVHQWZLFNOXQJYHUKLQ
GHUQ
:LOG XQG 5HP\ D VWHOOHQ EHL .OlVVOHUQ GHUHQ (OWHUQ HLQHQ GLUHNWLY
NRQWUROOLHUHQGHQ8PJDQJPLWVFKXOLVFKHQ%HODQJHQ]HLJHQEHUK|KWH/HLVWXQJVHU
ZDUWXQJHQKHJHQXQGLQKlXVOLFKHQ/HKU/HUQ$UUDQJHPHQWVGDV/HLVWXQJVHUJHEQLV
LQV =HQWUXP VWHOOHQ 3URGXNWRULHQWLHUXQJ HLQH QHJDWLYH :LUNXQJ IHVW $EQHLJXQJ
JHJHQEHUPDWKHPDWLVFKHQ,QKDOWHQ
,QWHUHVVDQWZlUHQXQDEHUGLH)UDJHREHLQHVHKUJXWH(OWHUQ.LQG%H]LHKXQJWURW]
KRKHU.RQWUROOHXQGKRKHU/HLVWXQJVHUZDUWXQJHQLQNOXVLYH3URGXNWRULHQWLHUXQJEHL
GHU+DXVDXIJDEHQEHWUHXXQJYRQ6HLWHQGHU(OWHUQGHQQRFKHLQHKRKHH[WULQVLVFKH
/HUQPRWLYDWLRQ EHLP .LQG HU]HXJHQ N|QQWH $XIJUXQG GHU QLFKW LQ HLQHU 6NDOD HU
IDVVWHQ (OWHUQHUZDUWXQJHQ OlVVW VLFK GLHVH )UDJH DEHU PLW YRUOLHJHQGHP 'DWHQVDW]
QLFKWEHDQWZRUWHQ
:DUXPGLH%HQW]XQJGHU'DWHQYRQ-XJHQGOLFKHQLP/HEHQVMDKU"
'HU.RQVWDQ]HU/lQJVVFKQLWWZLHHULQ.DSDXVIKUOLFKEHVFKULHEHQZLUGZHLVW
'DWHQYRQ-XJHQGOLFKHQLP$OWHUYRQELV-DKUHQDXI=HQWUDOH6NDOHQZLHVLH
LQ GLHVHU $UEHLW YHUZHQGHW ZHUGHQ VLQG HUVW LP -DKU $OWHU EHL -XJHQGOL
FKHQHUKREHQZRUGHQ
:DUXP LVW DEHU GLH 9HUZHQGXQJ GHU 'DWHQ LP $OWHU YRQ -DKUHQ VLQQYROO" )U
8OOULFKLVWHVYRUDOOHPGDVIUKH-XJHQGDOWHUZR=XVDPPHQKlQJH]ZLVFKHQ
HPRWLRQDODQJHQHKPHQXQGNRJQLWLYDQUHJHQGHP.OLPD]XKDXVHXQGSRVLWLYHU3HU
V|QOLFKNHLWVHQWZLFNOXQJ ]XP 7UDJHQ NRPPHQ YJO 6 'D]X NRPPW GDVV GLH
$XVHLQDQGHUVHW]XQJHQ ]ZLVFKHQ (OWHUQ XQG .LQG W\SLVFKHUZHLVH LKUHQ +|KHSXQNW
LP$OWHUYRQHWZD-DKUHQHUUHLFKHQ±HLQH(QWZLFNOXQJVSKDVHGLHVFKRQVHLW%H
JLQQ GHU -XJHQGIRUVFKXQJ DOV HLQ .XOPLQDWLRQVSXQNW GHU $XVHLQDQGHUVHW]XQJ PLW
VLFK VHOEVW DQJHVHKHQ ZLUG 6SUDQJHU ]LWLHUW QDFK DD2 6 =XGHP LVW
ZLHLQ.DSVFKRQHUZlKQWGDV$OWHUYRQ-DKUHQGDUXPJHZlKOWZHLOGDQQ
/HLVWXQJHQULFKWLJGXUFK$QVWUHQJXQJXQG)lKLJNHLWDWWULEXLHUWZHUGHQ
%HGHXWXQJYRQ/lQJVVFKQLWWVWXGLHQ
3HNUXQXQG+HOPNH6lX‰HUQLQLKUHP)D]LW]XGHQ)RUVFKXQJVGHIL]LWHQ
H[SOL]LWGLH1RWZHQGLJNHLWYRQ/lQJVVFKQLWWVWXGLHQ(VVHLVRJXWZLHQLFKWVEHNDQQW
]XGHQ(IIHNWHQYRQ6FKXOHDXIGLHÄQDFKVFKXOLVFKH3HUV|QOLFKNHLWVHQWZLFNOXQJ³6
,Q$QOHKQXQJDQ)HQGGHILQLHUHQ VLHGHQ$XIWUDJGHU6FKXOHVD.DS
IROJHQGHUPD‰HQÄ*HVHOOVFKDIWOLFKHU$XIWUDJYRQ6FKXOHLVWHVGLH(QWZLFNOXQJ
GHU KHUDQZDFKVHQGHQ *HQHUDWLRQ ]XEHHLQIOXVVHQ XPGHQ )RUWEHVWDQG YRQ *HVHOO
)UDJHVWHOOXQJ5DKPHQPRGHOOXQG%HJUQGXQJ
%HJUQGXQJGHU)UDJHVWHOOXQJHQ
VFKDIWXQGNXOWXUHOOHU0HQVFKKHLWVHYROXWLRQ]XVLFKHUQ³6'DPLWLVWDOVRDQ
JHGHXWHW GDVV GLH 6FKXOH QLFKW QXU IU NXU]H VRQGHUQ YRU DOOHP IU ODQJIULVWLJH
:LUNXQJHQ VRUJHQ PXVV GK GDVV LKU .HUQJHVFKlIW DXFK GLH 3HUV|QOLFKNHLWVHQW
ZLFNOXQJGHU.LQGHUXQG-XJHQGOLFKHQLVW
3HNUXQ XQG +HOPNH PHVVHQ YRU DOOHP /lQJVVFKQLWWXQWHUVXFKXQJHQ JUR‰H
%HGHXWXQJ]XGLHEHLGHU$QDO\VHYRQ6FKOHU8PZHOW:HFKVHOZLUNXQJHQXQGGLI
IHUHQWLHOOHQ(LQIOVVHQXQWHUVFKLHGOLFKHU(QWZLFNOXQJVXPZHOWHQ]XU$XINOlUXQJGHU
3HUV|QOLFKNHLWVHQWZLFNOXQJ XQG QDFKVFKXOLVFKHQ /HEHQVEHZlOWLJXQJ EHLWUDJHQ 6LH
EH]HLFKQHQ/lQJVVFKQLWWXQWHUVXFKXQJHQGDUXPDOVÄ.|QLJVZHJ³GHU(QWZLFNOXQJV
IRUVFKXQJYJO6
8OLFK XQG -HUXVDOHP ELODQ]LHUHQ GDVV HV ZHLWHUH SURVSHNWLYH /lQJVVFKQLWW
VWXGLHQLP%HUHLFKNRJQLWLYHPRWLRQDOHUXQGYROLWLRQDOHU3UR]HVVHEUDXFKWXP]X
QHKPHQGHLQGLIIHUHQ]LHUWHUHV%LOGEHUGLHVFKXOLVFKH6R]LDOLVDWLRQ]XHUKDOWHQ
6RPLW LVW GLH YRUOLHJHQGH OlQJVVFKQLWWOLFKH )UDJHVWHOOXQJ DXVJHZLHVHQ XQG EHJUQ
GHW,PQlFKVWHQ.DSLWHOZHUGHQGLH]XU%HDQWZRUWXQJGLHQHQGHQ9DULDEOHQDXILKUH
*OWLJNHLWGHWDLOOLHUWDXVJHZLHVHQ
0HWKRGH
+\SRWKHVHQ
0HWKRGH
+\SRWKHVHQ
$XIJUXQGGHULQ.DSLWHODXIJHIKUWHQ%HIXQGHZHUGHQDXVGHQVLHEHQ)RUVFKXQJV
IUDJHQV.DS+\SRWKHVHQXQG8QWHUK\SRWKHVHQDEJHOHLWHW
+=ZLVFKHQ.RQWUROOYDULDEOHQXQGGHQPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHQ
JLEW HV VLJQLILNDQWH =XVDPPHQKlQJH VRZRKO LP -XJHQGDOWHU DOV DXFK LP (U
ZDFKVHQHQDOWHUXQGHEHQVRLQGLIIHUHQWLHOOHU+LQVLFKWV.DSE]Z
+ LP-XJHQGDOWHU
+ LP(UZDFKVHQHQDOWHU
+ LQGLIIHUHQWLHOOHU+LQVLFKW
+'LHVR]LDOH(LQJHEXQGHQKHLWLQGHU)DPLOLHZLUNWVLFKSRVLWLYDXIGLHPRWLYDWLR
QDOHQ 3HUV|QOLFKNHLWVPHUNPDOH XQG LQVEHVRQGHUH DXI GLH /HLVWXQJVPRWLYDWLRQ
LP-XJHQGDOWHUDXVVRZRKOTXHUVFKQLWWOLFKDOVDXFKOlQJVVFKQLWWOLFK(VLVWGLH
(OWHUQ.LQG%H]LHKXQJ GLH LQQHUKDOE GHU IDPLOLlUHQ 9DULDEOHQ GHU VR]LDOHQ
(LQJHEXQGHQKHLWIUK|FKVWH=XVDPPHQKlQJH]XU/HLVWXQJVPRWLYDWLRQVRUJWV
.DSE]Z
+'LHDX‰HUIDPLOLlUHVR]LDOH(LQJHEXQGHQKHLWZLUNWVLFKSRVLWLYDXIGLHPRWLYDWL
RQDOHQ3HUV|QOLFKNHLWVPHUNPDOHXQGLQVEHVRQGHUHDXIGLH/HLVWXQJVPRWLYDWLRQ
LP-XJHQGDOWHUDXVVRZRKOTXHUVFKQLWWOLFKDOVDXFKOlQJVVFKQLWWOLFK(VLVWGLH
/HKUHU6FKOHU%H]LHKXQJGLHLQQHUKDOEGHUDX‰HUIDPLOLlUHQ9DULDEOHQGHUVR
]LDOHQ (LQJHEXQGHQKHLW IU K|FKVWH =XVDPPHQKlQJH ]XU /HLVWXQJVPRWLYDWLRQ
VRUJWV.DSE]Z
+ (V JLEW GLIIHUHQWLHOOH :LUNXQJV]XVDPPHQKlQJH ]ZLVFKHQ GHU IDPLOLlUHQ XQG
DX‰HUIDPLOLlUHQVR]LDOHQ(LQJHEXQGHQKHLWXQGGHU/HLVWXQJVPRWLYDWLRQLPIU
KHQ -XJHQGDOWHU IHVW]XVWHOOHQ %HL GHQ PlQQOLFKHQ *\PQDVLDVWHQ VLQG GLH (I
IHNWHDPJU|‰WHQV.DSE]Z
+ (V JLEW VRZRKO JHQHUHOOH DOV DXFK GLIIHUHQWLHOOH :LUNXQJV]XVDPPHQKlQJH GHU
IDPLOLlUHQXQGDX‰HUIDPLOLlUHQVR]LDOHQ(LQJHEXQGHQKHLWLPIUKHQ-XJHQGDOWHU
XQG GHU EHUXIOLFKHQ /HLVWXQJV XQG GLH :HLWHUELOGXQJVPRWLYDWLRQ LP IUKHQ
(UZDFKVHQHQDOWHU-DKUHVSlWHUIHVW]XVWHOOHQV.DSE]Z
+=ZLVFKHQ GHU /HLVWXQJVPRWLYDWLRQ LP IUKHQ -XJHQGDOWHU XQG GHU EHUXIOLFKHQ
/HLVWXQJVXQG:HLWHUELOGXQJVPRWLYDWLRQLPIUKHQ(UZDFKVHQHQDOWHU-DK
UH VSlWHU LVW HLQH 6WDELOLWlW IHVW]XVWHOOHQ 'LHVH IlOOW VRZRKO JHVFKOHFKWV DOV
DXFKVFKXOIRUPVSH]LILVFKDXVV.DSE]Z
+=XUDOOJHPHLQHQXQGGLIIHUHQWLHOOHQ6R]LDOLVDWLRQGHU/HLVWXQJVPRWLYDWLRQ'LH
IDPLOLlUH XQG DX‰HUIDPLOLlUH VR]LDOH (LQJHEXQGHQKHLW LP IUKHQ -XJHQGDOWHU
ZLUNWVLFKGLUHNWXQGEHUGLH/HLVWXQJVPRWLYDWLRQLP-XJHQGDOWHULQGLUHNWDXI
GLH EHUXIOLFKH /HLVWXQJVPRWLYDWLRQ XQG GLH :HLWHUELOGXQJVPRWLYDWLRQ LP (U
ZDFKVHQHQDOWHU-DKUHVSlWHUDXV'LH:LUNXQJGHUVR]LDOHQ(LQJHEXQGHQ
KHLW JHPl‰ GHU 6HOEVWEHVWLPPXQJVWKHRULH ]XU )|UGHUXQJ GHU 0RWLYDWLRQ LVW
EHU -DKUH KLQZHJ QDFKZHLVEDU DEHU MH QDFK )RNXV DXFK XQWHUVFKLHGOLFK
ZLUNVDPYJO.DSE]Z
0HWKRGH
6WLFKSUREHXQG)RUVFKXQJVGHVLJQGHU/LI(6WXGLH
6WLFKSUREHXQG)RUVFKXQJVGHVLJQGHU/LI(6WXGLH
'LH/LI(6WXGLH/HEHQVYHUOlXIHLQVIUKH(UZDFKVHQHQDOWHULVWGHU)ROORZ8SGHU
.RQVWDQ]HU -XJHQGOlQJVVFKQLWWVWXGLH ZHOFKH YRQ ELV MlKUOLFK HWZD
.LQGHUXQG-XJHQGOLFKHDXVGHU*UR‰VWDGW)UDQNIXUWXQG]ZHLOlQGOLFKHQ5H
JLRQHQ .UHLV %HUJVWUD‰H XQG 2GHQZDOG LP %XQGHVODQG +HVVHQ WHLOQDKPHQ (V
JLQJ GDEHL XP YHUVFKLHGHQH )RUVFKXQJVVFKZHUSXQNWH HLQHU ZDU GLH 8QWHUVXFKXQJ
GHUSV\FKRVR]LDOHQ(QWZLFNOXQJ
%HLP /LI(6WLFKSUREHQ]XJDQJ KDQGHOW HV VLFK XP NHLQH =XIDOOVWLFKSUREH VRQGHUQ
XPHLQHJH]LHOWH$XVZDKOYRQ/DQGNUHLVHQVRZLHHLQHQJUR‰VWlGLVFKHQ/HEHQVUDXP
,QGHQ/DQGNUHLVHQ%HUJVWUD‰HXQG2GHQZDOGZXUGHQDOOHHUUHLFKEDUHQ6FKXO
NODVVHQLQ)UDQNIXUWHLQH=XIDOOVVWLFKSUREHHUIDVVW0LW(LQVFKUlQNXQJHQVLQGDXFK
5HSUlVHQWDWLYLWlWVNRQWUROOHQ GXUFK GHQ 9HUJOHLFK PLW GHU .RKRUWHQEHVFKUHLEXQJ
$//%86P|JOLFK(V]HLJWVLFKGDVVLQGHU/LI(.RKRUWHQ6WLFKSUREH3HUVR
QHQPLWWLHIHP%LOGXQJVQLYHDXXQGQLFKWGHXWVFKHU6WDDWVDQJHK|ULJNHLWXQWHUYHUWUH
WHQVLQG.HLQH8QWHUVFKLHGH]HLJHQVLFKKLQJHJHQEHLP=LYLOVWDQGXQGGHU.LQGHU
]DKO(EHQIDOOVVLQGLQGHU6WLFKSUREHVLJQLILNDQWZHQLJHU3HUVRQHQ]XILQGHQGLHLP
-XJHQGDOWHULQGHU6WDGWDXIZXFKVHQ'LH-XJHQGOLFKHQGHU.RKRUWHZXUGHQMHZHLOV
LQ LKUHQ .ODVVHQYHUElQGHQ JHWHVWHW ,P .RQVWDQ]HU /lQJVVFKQLWW IDQGHQ DXFK ]ZHL
JUR‰H(OWHUQXQWHUVXFKXQJHQXQGGUHL(UKHEXQJHQEHL/HKUNUlIWHQXQGPHKUHUHTXD
OLWDWLYH6WXGLHQVWDWWYJO)HQGE6II
'HU/LI(6WLFKSUREHJLQJHLQDXIZlQGLJHU6XFKSUR]HVVGHU$GUHVVHQGHU3UREDQGHQ
YRUDQ 0LW +LOIH GHV |IIHQWOLFK ]XJlQJOLFKHQ $GUHVVYHU]HLFKQLVVHV GHU 'HXWVFKHQ
7HOHNRP$*XQGGHU'HXWVFKHQ3RVWOLH‰HQVLFKEHU$GUHVVHQZLHGHUILQGHQ
YRU DOOHP MHQH GHU (OWHUQ 1DFK HLQHU VFKULIWOLFKHQ XQG WHOHIRQLVFKHQ (ULQQHUXQJ
OLH‰HQVLFKJOWLJH$GUHVVHQLGHQWLIL]LHUHQDQZHOFKHHLQ6HLWHQXPIDVVHQ
GHUXQGVHKUSHUV|QOLFKHU)UDJHERJHQYHUVFKLFNWZXUGH/HW]WOLFKNRQQWHHLQ5FN
ODXIYRQHU]LHOWZHUGHQXQGVRPLWVWHKHQLQVJHVDPW'DWHQYRQ-XJHQG
OLFKHQEHUGHQ/lQJVVFKQLWWYRQXQG]XU9HUI
JXQJYJOHEG
Ä(QWZLFNOXQJLP-XJHQGDOWHU³ZHOFKHVLP6RQGHUIRUVFKXQJVEHUHLFKGHU8QLYHUVLWlW.RQVWDQ]XQWHU
/HLWXQJYRQ+)HQGGXUFKJHIKUWZXUGH'DV3URMHNWZXUGHGXUFKGLH'HXWVFKH)RUVFKXQJVJHPHLQVFKDIW
')*ZlKUHQG-DKUHQILQDQ]LHUW
0HWKRGH
6WLFKSUREHXQG)RUVFKXQJVGHVLJQGHU/LI(6WXGLH
/LI(6WXGLH
.RQVWDQ]HU-XJHQGVWXGLH
)ROORZ8S
-DKU
$OWHU +DXSWNRKRUWH
7HVWNRKRUWH
3DUDOOHONRKRUWH
$EELOGXQJ
/HKUHU6WXGLH
(OWHUQVWXGLH
.RKRUWHQGHU.RQVWDQ]HU-XJHQGVWXGLHE]Z'HVJLQGHU/LI(6WXGLH
,P *HJHQVDW] ]X =XVWURPDQDO\VHQ EHL ZHOFKHQ ]% DXI MHQH 3HUVRQHQ IRNXVVLHUW
ZLUGGLHLP(UZDFKVHQHQDOWHUHUIROJUHLFKVLQGZLUGLQGHU$EVWURPDQDO\VHGLHJH
VDPWH 6WLFKSUREH EHUFNVLFKWLJW 0DQ VFKDXW ZDV GXUFKVFKQLWWOLFK DXV DOOHQ 3UR
EDQGHQJHZRUGHQLVWXQGIRNXVVLHUWQLFKWQXUGDUDXIZLHMHQHLP-XJHQGDOWHUZDUHQ
ZHOFKHLP(UZDFKVHQHQDOWHUHUIROJUHLFKVLQG
(V ZXUGH DOVR EHL GHQ %HUHFKQXQJHQ NHLQH 6HOHNWLRQ GHU -XJHQGOLFKHQ YRUJHQRP
PHQ/RJLVFKHUZHLVHHUKlOWPDQGDGXUFKZHVHQWOLFKJHULQJHUH$XINOlUXQJVEHLWUlJH
DOV PLW GHU HLQJHVFKUlQNWHQ 6WLFKSUREH GHV HUVWHQ 9HUIDKUHQV -HGRFK GUIHQ GLH
6FKOXVVIROJHUXQJHQGHV]ZHLWHQ9HUIDKUHQVDOVZHVHQWOLFKHUEHWUDFKWHWZHUGHQ
$XV GLHVHP *UXQGH ZXUGHQ GLH 6WLFKSUREHQ GHU HLQ]HOQHQ JHVFKOHFKWV XQG VFKXO
IRUPVSH]LILVFKHQ8QWHUJUXSSHQQLFKWPLWWHOV.ULWHULXPÄHUIROJUHLFKHU*\PQDVLXPV
DEVFKOXVV³ EHVWLPPW 'LH 8QWHUJUXSSH ÄPlQQOLFKH *\PQDVLDVWHQ³ ZXUGH GDGXUFK
JHELOGHWGDVVGLHPlQQOLFKHQ6FKOHUDXVJHZlKOWZXUGHQZHOFKHLP-DKUHDP
*\PQDVLXPZDUHQ±HJDOREVLHVSlWHUGDV$ELWXUVFKDIIWHQRGHUQLFKW
'DV )RUVFKXQJVGHVLJQ GHU .RQVWDQ]HU /lQJVVFKQLWWVWXGLH LVW LQ GHQ :HUNHQ YRQ
)HQG JHQJHQG GHWDLOOLHUWEHVFKULHEHQ (LQ hEHUEOLFN ]XP 'H
VLJQGHU/LI(6WXGLHOlVVWVLFKDXV*UREXQG(U]LQJHUXQG)HQGEHQW
QHKPHQ 6SH]LILVFK DXI GHQ 5FNODXI JHKHQ %HUJHU *URE )HQG XQG /DXWHUEDFK
HLQ 9LHOPHKU LVW HV DEHU ZLFKWLJ DXV GLHVHP JUR‰HQ XQG NRPSOH[HQ /LI(
'DWHQVDW]MHQH9DULDEOHQXQG.RQVWUXNWH]XGRNXPHQWLHUHQZHOFKHLQGLHVHU6WXGLH
HLQJHVHW]W ZHUGHQ V IROJHQGHV .DSLWHO (LQH hEHUVLFKW ELHWHW 7DEHOOH LQ GHU
GLH6WLFKSUREHQJU|‰HQDOOHUYHUZHQGHWHQ9DULDEOHQIUGLHEHQXW]WHQ*UXSSHQDOOH
-XJHQGOLFKH GLH DQ GHU %HIUDJXQJ WHLOJHQRPPHQ KDEHQ )UDXHQ 0lQQHU H
KHPDOLJH *\PQDVLDVWHQ HKHPDOLJH PlQQOLFKH +DXSWVFKOHU DXIJHOLVWHW VLQG 'LH
0HWKRGH
6WLFKSUREHXQG)RUVFKXQJVGHVLJQGHU/LI(6WXGLH
NXUVLYDXIJHIKUWHQ:HUWHYHUZHLVHQDXIHLQQ,QGHQ%HUHFKQXQJHQLQ.DSLWHO
LVWGLHVH7KHPDWLNEHUFNVLFKWLJWXQGGRNXPHQWLHUW
7DEHOOH
hEHUVLFKWGHUYHUZHQGHWHQ9DULDEOHQGHV/LI('DWHQVDW]HVXQGGHUGD]XJHK|ULJHQ6WLFKSUREHQJU|VVHQSUR*UXSSH
,QGHU6WXGLHYHUZHQGHWH9DULDEOHQGHV/LI(
'DWHQVDW]HVGHU-DKUHXQG
6R]LRORJLVFKH N*HVFKOHFKWZ±P
XQGGHPRJUD N6FKXOIRUP+656*<RUGLQDO
ILVFKH.RQ
NYHUEDOH,QWHOOLJHQ]
WUROO9DULDEOHQ N6FKLFKW
LP-XJHQGDO N5HJLRQ6WDGW/DQG
WHU
N1DWLRQDOLWlWGHXWVFK±QLFKWGHXWVFK
NK|6FKXODEVFKOXVV(OWHUQ+656*<(
N%HUXIVVWDWXV9DWHU,6(,(
N%HUXIVVWDWXV0XWWHU,6(,(
N)DPLOLHQVLWXDWLRQQLFKWWUDGWUDG
N%HUXIVWlWLJNHLW0XWWHUQHLQMD
N*HVFKZLVWHU]DKO
N(LQ]HONLQGVWDWXVQHLQMD
N(OWHUQVWDWXVQHLQMD
/HLVWXQJLP
[UHO/HLVWXQJVSRVLWLRQLQ.ODVVH
-XJHQGDOWHU
[1RWHQVXPPH'HXWVFK(QJOLVFK0DWKH
[UHO/HLVWXQJVSRVLWLRQLQ.ODVVH
[1RWHQVXPPH'HXWVFK(QJOLVFK0DWKH
6FKXODE
[+|FKVWHU6FKXODEVFKOXVVRUGLQDO
VFKOXVV
6WDWXVLP
\+|FKVWHUEHUXIO$XVELOGXQJVDEVFKOXVV
(UZDOWHU
\HLJHQHVPRQDWO1HWWRHLQNRPPHQ
)DPLOLlUH
VI:RKOIKOHQ]X+DXVH
9DULDEOHQGHU VI(.%H]D*UR‰VNDOD
VR]LDOHQ(LQ VI(.%H]E9HUVWlQGQLV9RUELOGZLUNXQJ
JHEXQGHQKHLW VI(.%H]FDNW,QWHUHVVHZHQLJ.RQIOLNWH
VI(.%H]G=XZHQGXQJ9HUVWlQGQLV
VI5HLEHUHLHQ]Z(.
VI*HVSUlFKVLQWHQVLWlW(.
VI(OWHUQ%H]LHKXQJUHWURVSHNWLY
VI6FKHLGXQJV7UHQQXQJVHUI-XJHQGQHLQMD
VILQNRQVLVWHQWHU(U]LHKXQJVVWLO
VIHQWVSDQQWH)UHL]HLWDNWLYLWlWHQPLW(OWHUQ(
VIVR]LDOH)UHL]HLWDNWLYLWlWHQPLW(OWHUQ(
VIDX‰HUIDP93EHLSHUV3UREOQHLQ±MD
VIDX‰HUIDP93EHL3UREOPDQGQHLQ±MD
VIZDKUJHQ%HJDEXQJVHLQVFKlW]XQJ
VIZDKUJHUZ6FKXODEVFKOXVV+656±*<
VI/HLVWXQJVHUZDUWXQJGHU((
VI(IUDJHQKlXILJQDFK6/(
VI(ZLVVHQ%HVFKHLGEHU6/(
VI+DXVDXIJDEHQHQJDJHPHQWGHU((
.DWHJRULHQ
$OOH
+656
*<,*
:HLEO 0lQQO
0lQQO
-XJHQG -XJHQG *\PQDVL
OLFKH
OLFKH
DVWHQ
0lQQO
+DXSW
VFKOHU
0HWKRGH
)RUWVHW]XQJ
$X‰HU
IDPLOLlUH9DUL
DEOHQGHU
VR]LDOHQ(LQ
JHEXQGHQKHLW
0RWLYDWLRQDOH
3HUV|QOLFK
NHLWV
PHUNPDOHLP
-XJHQGDOWHU
0RW3HUV
PHUNPDOHLP
(UZDFKVH
QHQDOWHU
=XIULHGHQKHLW
EHUZHVHQW
OLFKH/HEHQV
EHUHLFKH
(UKHEXQJVLQVWUXPHQWH
,QGHU6WXGLHYHUZHQGHWH9DULDEOHQGHV/LI(
'DWHQVDW]HVGHU-DKUHXQG
VD:RKOIKOHQLQ6FKXOH
VD$QRQ\PLWlWDQGHU6FKXOH
VD6WDWXVUHOHYDQ]6FKXOOHLVWXQJ
VD6WDWXVUHOHYDQ]6ROLGDULWlW
VD.RQNXUUHQ]NDPSILQ.ODVVH
VD.ODVVHQ]XVDPPHQKDOW
VD9HUWUDXHQ]X/3
VD/36%H]LHKXQJ
VD/HLVWXQJVGUXFNYRQ/3
VD$QHUNHQQXQJGXUFK0LWVFKOHU
VD,QWHJUDWLRQ3HHUV
VDNLUFKOLFKH$NWLYLWlW
VD9HUHLQV]XJHK|ULJNHLWQHLQMD
VD7XUQXQG6SRUWYHUHLQQHLQMD
VD0XVLNRGHU6LQJJUXSSHQHLQMD
P/HLVWXQJVPRWLYDWLRQ
PVFKXO/HLVWXQJVDQJVW
P%HJDEXQJV]XVFKUHLEXQJ
P6HOEVWZLUNVDPNHLWVEHU]HXJXQJ
PVFKXOLVFKH1RUPYHUOHW]XQJ
P5DXFKHQ
P(..RQVHQVZDVOHLVWHQQHLQ±MD
P(..RQVHQVZDVJODXEHQQHLQ±MD
P(..RQVHQVZLHEHQHKPHQQHLQ±MD
P=XNXQIWVEHZlOWLJXQJ
P%LOGXQJVRULHQWLHUXQJ
P/HLVWXQJVPRWLYDWLRQ
PDOOJ,QWHUHVVHGHV.LQGHV(
%/0%HUXIO/HLVWXQJVPRWLYDWLRQ
%:0%HUXIO:HLWHUELOGXQJVPRWLYDWLRQ
%6:%HUXIO6HOEVWZLUNVDPNHLWVEHU]HXJXQJ
]IM=XIUPLW-XJHQG]HLWUHWURVSHNWLY
]IEP=XIULPLW%H]]X0XWWHU
]IEY=XIULPLW%H]]X9DWHU
]ID=XIULPLW$UEHLWVVWHOOH
]IE=XIULPLW%HUXI
]IIL=XIUPLW)LQDQ]HQ
]IIU=XIULPLW)UHL]HLW
]IOH=XIULPLW/HEHQLQVJHVDPW
$OOH
+656
*<,*
:HLEO 0lQQO
0lQQO
-XJHQG -XJHQG *\PQDVL
OLFKH
OLFKH
DVWHQ
0lQQO
+DXSW
VFKOHU
'LH9DULDEOHQGHU-DKUHXQGVLQGPLWGHQHQWVSUHFKHQGHQ=LIIHUQDXIJHIKUWDQVRQVWHQKDQGHOWHVVLFKXP9DUL
DEOHQGHV-DKUHVMlKULJH-XJHQGOLFKH'LH%H]HLFKQXQJ(DP(QGHGHU9DULDEOHQQDPHQEHGHXWHWGDVVHVVLFKXPHLQ
(OWHUQLWHPKDQGHOWGDVLP9HUJOHLFK]XGHQ,WHPVGHU-XJHQGOLFKHQEHLPQ:HUWUHGX]LHUWLVW%HLGLFKRWRPHQ9DULDEOHQVLQGGLH$QW
ZRUWNDWHJRULHQLQ.ODPPHUQDQJHJHEHQ
(UKHEXQJVLQVWUXPHQWH
,P )ROJHQGHQ VLQG GLH EHQXW]WHQ 9DULDEOHQ GHU -XJHQGVWXGLH DOV DXFK GHU )ROORZ
8S6WXGLH DXIJHIKUW XQG EHVFKULHEHQ (V KDQGHOW VLFK XP GLH N9DULDEOHQ .DS
XP GLH VI XQG VD9DULDEOHQ .DS E]Z XP GLH P9DULDEOHQ
.DS XQG XP GLH PRWLYDWLRQDOHQ 9DULDEOHQ LP (UZDFKVHQHQDOWHU .DS
,P$QKDQJ.DSVLQGDOOH9DULDEOHQPLWGHQJHVDPWHQGD]XJHK|ULJHQ
.RGLHUXQJHQDXIJHIKUW
.RQWUROOYDULDEOHQN
N *HVFKOHFKWZP
'DV*HVFKOHFKWZXUGHLQDOOHQ3DQHOZHOOHQGHU-XJHQGVWXGLHHUKREHQ
0HWKRGH
(UKHEXQJVLQVWUXPHQWH
N 6FKXOIRUP+656*<RUGLQDO
%HLGHU6FKXOIRUPNDQQ]ZLVFKHQ+DXSWVFKXOH+65HDOVFKXOH56*\PQDVLXP
*< XQG *HVDPWVFKXOH ,* XQWHUVFKLHGHQ ZHUGHQ 'LH LQWHJULHUWH *HVDPWVFKXOH
,*ZLUGQXUGRUWEHUFNVLFKWLJWZR%HUHFKQXQJHQQLFKWVFKXOIRUPVSH]LILVFKVRQ
GHUQEHUDOOH3UREDQGHQE]ZGLHJHVDPWH6WLFKSUREHDQJHVWHOOWZHUGHQ'LHGUHL
WHLOLJH6FKXOIRUPYDULDEOHNDQQPLWLKUHPRUGLQDOHQ0HVVQLYHDXDXIGLHVH:HLVHXQ
WHU%HQW]XQJGHV.RHIIL]LHQWHQ6SHDUPDQ¶V5KRHEHQIDOOVIU.RUUHODWLRQVEHUHFK
QXQJHQEHLJH]RJHQZHUGHQ
N 9HUEDOH,QWHOOLJHQ]
'LH YHUEDOH ,QWHOOLJHQ] ZXUGH PLWWHOV HLQHV :RUWYHUVWlQGQLVWHVWV HUKREHQ GHU LP
5DKPHQ GHU LQWHUQDWLRQDO YHUJOHLFKHQGHQ ,($6WXGLH HQWZLFNHOW ZXUGH )HQG 3UHVWHU 6 (U HUODXEW GDV 9HUVWlQGQLV GHU 0XWWHUVSUDFKH ]X PHVVHQ
ZHOFKHVIUGHQ%LOGXQJVHUIROJJUXQGOHJHQGLVW'D]XPXVVWHQGLH-XJHQGOLFKHQEH
XUWHLOHQRE]ZHL:|UWHUZLH]XP%HLVSLHOÄ'HNRUDWLRQYV2UQDPHQW³RGHUÄDEVROXW
YVUHODWLY³GDVVHOEHPHLQHQ,QVJHVDPWXPIDVVWGDV,QVWUXPHQW,WHPV
N 6FKLFKW
'LH VR]LDOH 6FKLFKW GHV (OWHUQKDXVHV ZXUGH DXIJUXQG GHV YlWHUOLFKHQ %HUXIV QDFK
HLQHP PRGLIL]LHUWHQ 6FKHPD YRQ .OHLQLQJ XQG 0RRUH VLHEHQVWXILJ FRGLHUW
2EHUVFKLFKW REHUH0LWWHOVFKLFKW PLWWOHUH0LWWHOVFKLFKW XQWHUH0LWWHO
VFKLFKW 2EHUH 8QWHUVFKLFKW PLWWOHUH 8QWHUVFKLFKW XQWHUH 8QWHUVFKLFKW
,QGLNDWLYH%HUXIHIUGLH2EHUVFKLFKWVLQGEHLVSLHOVZHLVH8QLYHUVLWlWVSURIHVVRURGHU
&KHIDU]W HLQHV JUR‰HQ .UDQNHQKDXVHV IU GLH PLWWOHUH 0LWWHOVFKLFKW 6WUD‰HQEDXLQ
JHQLHXURGHU=DKQDU]WXQGIUGLHXQWHUH8QWHUVFKLFKW*lUWQHUJHKLOIHRGHU)HQVWHU
SXW]HU.OHLQLQJ0RRUH6*UXQGODJHIUGLH=XRUGQXQJHQELOGHWHQ
]XP HLQHQ GLH $QJDEHQ GHU (OWHUQ ]XP DQGHUHQ GLHMHQLJHQ GHU .LQGHU (UVWHUHQ
ZXUGH 3ULRULWlW JHJHQEHU OHW]WHUHQ HLQJHUlXPW XQGLQQHUKDOE GHU %HIUDJXQJVGDWHQ
GHU .LQGHU ZXUGH GHQ VSlWHUHQ $QJDEHQ 3ULRULWlW JHJHQEHU GHQ IUKHUHQ HLQJH
UlXPW $QJDEHQ ]XU .RGLHUXQJ GHU 9DULDEOH VLQG ]X ILQGHQ LQ %ULHFKOH )HQG
6FKXOWKHL‰XQG/HKOH
'DV 6FKLFKWXQJVPRGHOO YRQ .OHLQLQJ XQG 0RRUH JHK|UW ]X GHQ WKHRUHWLVFK
IXQGLHUWHQ.DWHJRULHQV\VWHPHGHU%HUXIVNODVVLILNDWLRQ,Q'HXWVFKODQGZLUGHVKlX
ILJ LQ GHU %LOGXQJVIRUVFKXQJ HLQJHVHW]W YJO %DXPHUW .OLPH 1HXEUDQG 3UHQ]HO
6FKLHIHOH6FKQHLGHU7LOOPDQQ:HLVV6
N 5HJLRQ6WDGW/DQG
'LH6WLFKSUREHGHV.RQVWDQ]HU-XJHQGOlQJVVFKQLWWVEHUFNVLFKWLJWLQDOOHQIQI(U
KHEXQJVMDKUHQ VRZRKO 6WDGWWHLOH YRQ )UDQNIXUW DOV DXFK OlQGOLFK JHSUlJWH *HELHWH
LQGHQHQHVNHLQH6WlGWHPLWPHKUDOV(LQZRKQHUQJLEW
0HWKRGH
(UKHEXQJVLQVWUXPHQWH
N 1DWLRQDOLWlW
'LH 9DULDEOH Ä6WDDWVDQJHK|ULJNHLW ³ Y LVW GLFKRWRP 'HXWVFKHU $XVOlQGHU6LHZLUGYRUDOOHPDXFKIU.RQWUROOEHUHFKQXQJHQLQQHUKDOEGHU+DXSW
VFKXOHJHEUDXFKW
N +|FKVWHU6FKXODEVFKOXVV(OWHUQ+656*<(
'LHVH9DULDEOHZXUGHDOVGLFKRWRPHQHXJHELOGHWGDVLHVRDXFKLQ5HJUHVVLRQVXQG
LQ6WUXNWXUJOHLFKXQJVPRGHOOHQYHUZHQGHWZHUGHQNDQQ'LH]ZHLWH$QWZRUWNDWHJR
ULHZXUGHGDQQJHZlKOWZHQQPLQGHVWHQVHLQ(OWHUQWHLOGDV*\PQDVLXPDEVROYLHUW
KDW
N %HUXIVVWDWXV9DWHU,6(,(
'LHVH6(69DULDEOHLVWZLHGLH9DULDEOHNHLQH(UJlQ]XQJ]XU9DULDEOHQN'HU
.ODPPHUDXVGUXFN ( ]HLJW DQ GDVV HV HLQH (OWHUQYDULDEOH LVW 6RPLW JLEW HV DXI
JUXQGGHUNOHLQHUHQ6WLFKSUREHQJU|‰HXQGGHUDXIQXUGLH]ZHL=HLWSXQNWHEH]RJH
QHQ'DWHQXQG(LQVFKUlQNXQJHQEH]JOLFK%HQW]XQJLQNRPSOH[HQ%H
UHFKQXQJHQ
'LHXUVSUQJOLFKLQGHQ5RKGDWHQHQWKDOWHQH7H[WDQWZRUWZXUGHQDFK,6(,,QWHUQD
WLRQDO 6RFLR(FRQRPLF ,QGH[ JHPl‰ *DQ]HERRP FRGLHUW ZREHL GHU QLHGULJVWH
:HUWIUODQGZLUWVFKDIWOLFKH+LOIVNUlIWHGHUK|FKVWH:HUWIU5LFKWHUYHU
JHEHQZXUGH
'LH 6WDWXVVNDOD LVW HLQH YRQ *DQ]HERRP 'H*UDDI 7UHLPDQ XQG GH /HHXZ
HQWZLFNHOWH 6NDOD GLH HLQHQ VWDQGDUGLVLHUWHQ LQWHUQDWLRQDOHQ VR]LR
|NRQRPLVFKHQ,QGH[GHVEHUXIOLFKHQ6WDWXVGDUVWHOOW'LHVH6NDOD PLVVWGHP
QDFK QLFKW GDV ]XJHVFKULHEHQH 3UHVWLJH ZLH GLH :HJHQHU 6NDOD VRQGHUQ GHQ
VR]LR|NRQRPLVFKHQ 6WDWXV DXIJUXQG GHU EHUXIOLFKHQ 7lWLJNHLW GHU EHIUDJWHQ
3HUVRQHQ'LH9HUFRGXQJHUIROJWEHUGLHYLHUVWHOOLJH,6&2.ODVVLILNDWLRQYRQ
)HQG3UHVWHU
'HU,6(,LVWDXIGHU%DVLVYRQ%HVFKlIWLJWHQDXV/lQGHUQHU]HXJWZRUGHQ
XQGZXUGHDXFKLQ3,6$YHUZHQGHW%HUXIHVLQGGHPQDFKDOV9HUPLWWOHU]ZLVFKHQ
%LOGXQJVDEVFKOVVHQXQG(LQNRPPHQVODJHQ]XEHWUDFKWHQYJO%DXPHUWHWDO
6
N %HUXIVVWDWXV0XWWHU,6(,(
VLHKHXQWHUNGDJOHLFKYRUJHJDQJHQ
N )DPLOLHQVLWXDWLRQQLFKWWUDGLWLRQHOOWUDGLWLRQHOO
$XFK KLHU ZXUGH HLQH GLFKRWRPH 9DULDEOH HU]HXJW ÄQLFKW WUDGLWLRQHOOH YV WUDGLWLR
QHOOH )DPLOLHQIRUPHQ 9DWHU XQG 0XWWHU NHLQ 6WLHIYDWHU NHLQH 6WLHIPXWWHU³ 'DV
$XIZDFKVHQEHLOHLEOLFKHQ(OWHUQGUIWHEHLGHU%HXUWHLOXQJGHULQWDNWHQ%H]LHKXQJ
RKQH7UHQQXQJE]Z6FKHLGXQJVLHKH9DULDEOHVINHLQH%HGLQJXQJDEHUGRFKDOV
HLQUHOHYDQWHU)DNWRUIUGLHVR]LDOH(LQJHEXQGHQKHLWGHV.LQGHVJHOWHQ
0HWKRGH
(UKHEXQJVLQVWUXPHQWH
N %HUXIVWlWLJNHLW0XWWHU
'LHXUVSUQJOLFKHPLWPHKUHUHQ$QWZRUWHQDXVJHVWDWWHWH)UDJHZXUGHLQHLQH9DUL
DEOH PLW ]ZHLW $QWZRUWNDWHJRULHQ XPFRGLHUW ÄQHLQ³ ÄMD JHOHJHQWOLFK RGHU
VWXQGHQZHLVH ± KDOEWDJV RGHU JDQ]WDJV³ (V VWHKW QLFKW GLH )UDJH LP 9RUGHUJUXQG
REXQGLQZLHIHUQGLH%HUXIVWlWLJNHLWGHU0XWWHUHLQHQ(LQIOXVVDXIGLH(OWHUQ.LQG
%H]LHKXQJRGHUVRJDUDXIGLH/HUQPRWLYDWLRQDXVEWVRQGHUQGDVVEHL%HUHFKQXQ
JHQGLHVH9DULDEOHNRQWUROOLHUWZHUGHQNDQQ
N *HVFKZLVWHU]DKOE]Z.LQGHUDQ]DKOPLW%HIUDJWHP
'LH9DULDEOHÄ*HVFKZLVWHU]DKONRUULJLHUW³PLW%HIUDJWHPKDWPHWULVFKHV1L
YHDXXQGNDQQLQLKUHU)RUPIUGLH%HUHFKQXQJHQEH]JOLFKGHU*HVFKZLVWHUDQ]DKO
EHODVVHQZHUGHQ
N (LQ]HONLQGVWDWXVQHLQMD
$XV GHU RELJHQ 9DULDEOH N ZXUGH HLQH GLFKRWRPH (LQ]HONLQGVWDWXV9DULDEOH N
HUVWHOOW
N (OWHUQVWDWXVQHLQMD
%HL GHU )ROORZ8S(UKHEXQJ VLQG GLH 3UREDQGHQ QDFK HLJHQHQ .LQGHUQ EH
IUDJWZRUGHQ+LHUZLUGGLHGLFKRWRPH(OWHUQVWDWXVYDULDEOHQHLQMDEHQXW]W,QVEH
VRQGHUH EHL GHU 9RUKHUVDJH GHU EHUXIOLFKHQ :HLWHUELOGXQJVPRWLYDWLRQ GHU )UDXHQ
PVVWHGLHVH9DULDEOHNRQWUROOLHUWZHUGHQGDPLWHVNHLQH9HU]HUUXQJHQJLE*HPl‰
6WXKOPDQQKDWGHU%HJLQQHLQHU(OWHUQVFKDIWYRUDOOHPEHLGHU)UDXZHVHQWOL
FKH$XVZLUNXQJHQDXILKUHEHUXIOLFKH:HLWHUELOGXQJVEHUHLWVFKDIW:HUWZLUGWLHIHU
ZlKUHQGGLHVHV(UHLJQLVEHL0lQQHUQNHLQH5ROOHVSLHOWYJO6
[[ 5HODWLYH/HLVWXQJVSRVLWLRQLQ.ODVVH
,P9HUJOHLFK]XUIROJHQGHQ9DULDEOHQHIIHNWLYH6FKXOQRWHLQ+DXSWIlFKHUQLVWKLHU
GLHYRP.LQGZDKUJHQRPPHQHUHODWLYH/HLVWXQJVSRVLWLRQLQGHU.ODVVHYRQ,QWHUHV
VH ,QVEHVRQGHUH EHL GHU )RNXVVLHUXQJ GHU /HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJ LQ MH
YHUVFKLHGHQHQ /HLVWXQJVNRQWH[WHQ +DXSWVFKXOH *\PQDVLXP LVW GLHVH .HQQ]DKO
YRQJUR‰HU%HGHXWXQJE]ZPXVVLKU(LQIOXVVEHLGHU%HXUWHLOXQJGHV(LQIOXVVHVGHU
VR]LDOHQ(LQJHEXQGHQKHLWDXIGLH0RWLYDWLRQNRQWUROOLHUWZHUGHQ
[[ 1RWHQVXPPHLQ'HXWVFK(QJOLVFK0DWKH
'LH 3UREDQGHQ ZXUGHQ JHIUDJW ZHOFKH 1RWHQ VLH LQ GHQ +DXSWIlFKHUQ 'HXWVFK
(QJOLVFK XQG 0DWKHPDWLN KDEHQ )U GLHVH 9DULDEOH LVW GDQQ GLH 1RWHQVXPPH EH
UHFKQHWZRUGHQ'D1RWHQPHLVWHQVDXIGHU%DVLVGHUVR]LDOHQ%H]XJVQRUPÄ.ODVVH³
YHUJHEHQZHUGHQVLQGVLHEHUGLHYHUVFKLHGHQHQ6FKXOVWXIHQKLQZHJQLFKWPLWHLQ
DQGHUYHUJOHLFKEDU'DUXPZLUGEHLGHU.RQWUROOLHUXQJPHKUDXIGLH9DULDEOHÄUHOD
WLYH/HLVWXQJVSRVLWLRQLQ.ODVVH³LQGHQ-DKUHQXQGJHVHW]W
0HWKRGH
(UKHEXQJVLQVWUXPHQWH
\+|FKVWHUEHUXIOLFKHU$XVELOGXQJVDEVFKOXVV
bKQOLFKZLHEHLGHU/HLVWXQJVSRVLWLRQLP-XJHQGDOWHU1RWHE]ZZDKUJHQRPPHQH
/HLVWXQJVSRVLWLRQ LQ GHU .ODVVH VROO GHU K|FKVWH EHUXIOLFKH $XVELOGXQJVDEVFKOXVV
EHLGHU%HUHFKQXQJYRQ=XVDPPHQKlQJHQ]ZLVFKHQGHQVR]LDOHQ.RQWH[WHQLP-X
JHQGDOWHUXQGGHUEHUXIOLFKHQ/HLVWXQJVXQG:HLWHUELOGXQJVPRWLYDWLRQLP(UZDFK
VHQHQDOWHU NRQWUROOLHUW ZHUGHQ VD $EELOGXQJ XQWHU GHP 3IHLOV\PERO Ä3DUWLDO
NRUUHODWLRQ³
\0RQDWOLFKHV1HWWRHLQNRPPHQ
,P=XVDPPHQKDQJPLWGHP6WDWXVLP(UZDFKVHQHQDOWHUPXVVQHEHQGHU9DULDEOHQ
\DXFKGDV PRQDWOLFKH1HWWRHLQNRPPHQLQ(XUREHUFNVLFKWLJWZHUGHQ,QWHUHV
VDQW LVW LQZLHIHUQ GLHVH 9DULDEOH HLQHQ (LQIOXVV DXI GLH PRWLYDWLRQDOH $XVSUlJXQJ
LP(UZDFKVHQHQDOWHUKDWLQVEHVRQGHUHDXIGLHEHUXIOLFKH/HLVWXQJVPRWLYDWLRQ
)DPLOLlUHVR]LDOEH]RJHQH9DULDEOHQVIDXIGHU|NRORJLVFKHQ(EHQH
+LHUZHUGHQGLH9DULDEOHQ6NDOHQXQG(LQ]HOLWHPVEHVFKULHEHQZHOFKH]XUIDPLOL
lUHQVR]LDOHQVI(LQJHEXQGHQKHLWQDFKGHU6'7JH]lKOWZHUGHQN|QQHQ
7DEHOOH
,QIRUPDWLRQEHUGLH9DULDEOHQGHUIDPLOLlUHQVR]LDOHQ(LQJHEXQGHQKHLW6NDODRGHU(LQ]HOLWHP=XJHK|ULJNHLW
/DEHOGHU9DULDEOHQ
VI:RKOIKOHQ]X+DXVH
VI(.%H]D*UR‰VNDOD,WHPV
VI(.%H]E9HUVWlQGQLV9RUELOGZLUNXQJ
VI(.%H]FDNW,QWHUHVVHZHQLJ.RQIOLNWH
VI(.%H]G=XZHQGXQJ9HUVWlQGQLV
VI5HLEHUHLHQ]Z(.
VI*HVSUlFKVLQWHQVLWlW(.
VI(OWHUQ%H]LHKXQJUHWURVSHNWLY
VI6FKHLGXQJVX7UHQQXQJVHUI-XJHQG]HLW
VILQNRQVLVWHQWHU(U]LHKXQJVVWLO
6NDOD
(,WHP
,WHP
6NDOD
6NDOD
6NDOD
6NDOD
,WHP
6NDOD
,WHP
,WHP
6NDOD
/DEHOGHU9DULDEOHQ
VIHQWVSDQQWH)UHL]HLWDNWLYLWlWHQPLW(OWHUQ(
VIVR]LDOH)UHL]HLWDNWLYLWlWHQPLW(OWHUQ(
VIDX‰HUIDP93EHLSHUV3UREO
VIDX‰HUIDP93EHL3UREOPLWDQGHUHQ
VIZDKUJHQ%HJDEXQJVHLQVFKlW]XQJ
VIZDKUJHUZDUWHWHU6FKXODEVFKOXVV
VI/HLVWXQJVHUZDUWXQJGHU((
VI(IUDJHQKlXILJQDFK6/(
VI(ZLVVHQ%HVFKHLGEHU6/(
VI+DXVDXIJDEHQHQJDJHPHQWGHU((
6NDOD
(,WHP
6NDOD
6NDOD
,WHP
,WHP
,WHP
,WHP
,WHP
,WHP
,WHP
6NDOD
'HU .HUQDVSHNW EHL GHQ VR]LDOHQ IDPLOLlUHQ VI 9DULDEOHQ LVW GLH (OWHUQ.LQG
%H]LHKXQJ (.%H]LHKXQJ GLH PLW YLHU XQWHUVFKLHGOLFKHQ .RQVWUXNWHQ JHWHVWHW
ZLUG *UR‰VNDOD ,WHPV Ä7UDQVSDUHQ] XQG ,QWHUHVVH³ QDFK )HQG XQG 3UHVWHU
GLHQHXJHELOGHWHQ6NDOHQÄ9HUVWlQGQLV9RUELOGZLUNXQJ³,WHPVXQGÄDN
WLYHV,QWHUHVVHZHQLJ.RQIOLNWH³,WHPVXQGGLH6NDODÄ=XZHQGXQJ9HUVWlQGQLV³
,WHPV YJO 7DEHOOH 'LH %HVWlWLJXQJ GHU 6LJQLILNDQ]HQ GHU 6NDOHQ LQ GHQ
%HUHFKQXQJHQ 5HJUHVVLRQVDQDO\VHQ XQG 6WUXNWXUJOHLFKXQJVPRGHOOHQ VFKOLH‰W HL
QHUVHLWV]XIlOOLJH(IIHNWHDXVXQGXQWHUVFKLHGOLFKH.RUUHODWLRQVNRHIIL]LHQWHQ]HLJHQ
DQ ZHOFKH .HUQLQGLNDWRUHQ EHL GHU (OWHUQ.LQG%H]LHKXQJ LP 5DKPHQ GHU )UDJH
VWHOOXQJ YRQ EHVRQGHUHU %HGHXWXQJ VLQG (EHQIDOOV ]X GHQ ZLFKWLJHQ 6NDOHQ LP
5DKPHQ GHU VR]LDOHQ (LQJHEXQGHQKHLW XQG GHU %H]LHKXQJVTXDOLWlW JHK|UHQ *H
VSUlFKVLQWHQVLWlWVI(U]LHKXQJVVWLOVIHQWVSDQQWHXQGVR]LDOH)UHL]HLWDNWLYLWl
WHQPLWGHQ(OWHUQVIXQGGDV+DXVDXIJDEHQHQJDJHPHQWGHU(OWHUQVI'LHVH
.RQVWUXNWH ZHUGHQ PLW IROJHQGHQ (LQ]HOLWHPV HUJlQ]W DX‰HUIDPLOLlUH 9HUWUDXHQV
SHUVRQEHL3UREOHPHQGLHZDKUJHQRPPHQH/HLVWXQJVHUZDUWXQJYRQ6HLWHQGHU(O
WHUQ DQ GDV .LQG XQG )UDJHQ ]XP 6FKXOPRQLWRULQJ GHU (OWHUQ ]% (OWHUQ ZLVVHQ
0HWKRGH
(UKHEXQJVLQVWUXPHQWH
%HVFKHLG EHU GLH 6FKXOOHLVWXQJ GHV .LQGHV « IUDJHQ KlXILJ GDQDFK XVZ 'LH
6FKHLGXQJVXQG7UHQQXQJVHUIDKUXQJLQGHU-XJHQG]HLWLVWHEHQIDOOVXQWHUGHP.RQ
VWUXNWÄVR]LDOH(LQJHEXQGHQKHLW³]XVXEVXPLHUHQ
=XU=XRUGQXQJGHUYHUVFKLHGHQHQ,WHPVGLHQWHDXFKGLHGLIIHUHQ]LHUWH$XIOLVWXQJ
GHU0RWLYDWLRQVVWXIHQGHU6'7LP,QVWUXPHQWYRQ*XD\9DOOHUDQGXQG%ODQFKDUG
VI:RKOIKOHQ]X+DXVH
'LHVH9DULDEOHÄ:LHZRKOIKOVWGXGLFK]X+DXVH"³LVWZRKOGLHYHUGLFKWHVWH)RUP
GHVVR]LDOHPRWLRQDOHQ:RKOEHILQGHQV6LHPXVVIROJOLFKEHLP7KHPDÄVR]LDOH(LQ
JHEXQGHQKHLW³EHUFNVLFKWLJWZHUGHQ'LHVHOEH)UDJHNRPPWDXFKEH]RJHQDXIGLH
6FKXOH]XP7UDJHQYJO9DULDEOHVD
VI(OWHUQ.LQG%H]LHKXQJD*UR‰VNDOD
'LH *UR‰NDOD (OWHUQ.LQG%H]LHKXQJ RGHU Ä7UDQVSDUHQ] XQG ,QWHUHVVH³ ZLH HV LQ
GHU ,QVWUXPHQWHQEHVFKUHLEXQJ JHQDQQW ZLUG )HQG 3UHVWHU ZHLVW DXI GLH
%H]LHKXQJVGLPHQVLRQGHUIDPLOLlUHQ8PZHOWKLQ
,Q GHU 6NDOD Ã7UDQVSDUHQ] XQG ,QWHUHVVH¶ ZLUG LQ VR]XVDJHQ NODVVLVFKHU :HLVH
GLH4XDOLWlWGHU(OWHUQ.LQG%H]LHKXQJHQHUIDVVWDOVRGLH%H]LHKXQJVGLPHQVL
RQGHUIDPLOLlUHQ8PZHOW'LH:HUWHGLHVHU6NDODGUIWHQZLHNHLQHDQGHUHLQ
GLNDWLY GDIU VHLQ ZLH WUDJIlKLJ GLH %H]LHKXQJ ]ZLVFKHQ GHQ (OWHUQ XQG GHP
-XJHQGOLFKHQLQGLHVHU3KDVHGHVhEHUJDQJVQRFKLVW6
'LH,WHPVGLHVHUZLFKWLJHQ6NDODVLQGZLHIROJWöVWHKWIU8PNRGLHUXQJ
:HQQLFK3UREOHPHKDEHEHKDOWHLFKVLHOLHEHUIUPLFKDOVPHLQH(OWHUQXP5DW
]XIUDJHQ
,FKKDEHGDV*HIKOGDVVLFKPLWPHLQHQ(OWHUQEHUDOOHVUHGHQNDQQ
=ZLVFKHQPHLQHQ(OWHUQXQGPLUNRPPWHVRIW]X5HLEHUHLHQ
0HLQH(OWHUQKDEHQYLHO9HUVWlQGQLVIUPHLQH3UREOHPH
0HLQH(OWHUQK|UHQPLULPPHUDXIPHUNVDP]XZHQQLFKHWZDVHU]lKOH
0HLQH(OWHUQKDEHQPHLVWHQVHWZDVDQGHUHV]XWXQZHQQLFKPDOPLWLKQHQ]X
VDPPHQVHLQP|FKWH
0HLQH(OWHUQNPPHUQVLFKUHFKWZHQLJXPPLFK
0HLQH(OWHUQLQWHUHVVLHUHQVLFKUHFKWZHQLJGDIUZDVLFKVRGHQNHXQGWXH
'LH 5HOLDELOLWlWVZHUWH &URQEDFK¶V $OSKD ZDUHQ EHU DOOH 0HVV]HLWSXQNWH KLQZHJ
]XIULHGHQVWHOOHQGELVKRFK
'LHYHUNU]WHQ(OWHUQ.LQG%H]LHKXQJVVNDOHQEFXQGGVLQGYRUDOOHPZHJHQGHU
9HUZHQGXQJ LQ 6WUXNWXUJOHLFKXQJVPRGHOOHQ QHX EHUHFKQHW ZRUGHQ XQG KDEHQ GLH
9DULDEOHQDENU]XQJHQVIVIXQGVI'DPLWGLH*HVDPWPRGHOOHQLFKW]XNRPSOH[
ZHUGHQVRZRKOEH]JOLFK%HUHFKQXQJYRQ)LWPD‰HQDOVDXFKEHLGHU,QWHUSUHWDWLRQ
LVW HV LQ 6WUXNWXUJOHLFKXQJVPRGHOOEHUHFKQXQJHQ Q|WLJ GDVV HLQ ODWHQWHV .RQVWUXNW
0HWKRGH
(UKHEXQJVLQVWUXPHQWH
OHGLJOLFK DXV GUHL ELV YLHU PDQLIHVWHQ 9DULDEOHQ EHVWHKW 6RPLW N|QQHQ DOVR GLHVH
GRUW YHUZHQGHWHQ (OWHUQ.LQG%H]LHKXQJVVNDOHQ LQ 5HJUHVVLRQVDQDO\VHQ HEHQIDOOV
YHUZHQGHWZHUGHQZREHLGDQQDEHUQRFK]XVlW]OLFKHLQHJU|‰HUH$Q]DKOYRQGLFKR
WRPHQ XQG LQWHUYDOOVNDOLHUWHQ 9DULDEOHQ YHUZHQGHW ZHUGHQ N|QQHQ ZDV EHL 6WUXN
WXUJOHLFKXQJVPRGHOO%HUHFKQXQJHQ DXIJUXQG GHU ]X NRPSOH[ ZHUGHQGHQ 6WUXNWXU
QLFKWP|JOLFKLVW,P)ROJHQGHQVLQG5HOLDELOLWlWXQG9DOLGLWlWGHU]ZHLYHUNU]WHQ
(OWHUQ.LQG6NDOHQDXIJHOLVWHW(VLVWJXW]XHUNHQQHQGDVVGLHYRQ6HLWHQGHU(OWHUQ
LQWHUSUHWLHUEDUHQ 6NDOHQ Ä9HUVWlQGQLV9RUELOGZLUNXQJ³ XQG ÄDNWLYHV ,QWHUHV
VHZHQLJ.RQIOLNWH³YRQHLQDQGHUJHQJHQGXQDEKlQJLJVLQGYJO7DEHOOH
7DEHOOH
9HUVWlQG
QLV9RUELOG
ZLUNXQJ
Į DNWLYHV
,QWHUHV
VHZHQLJ
.RQIOLNWH
Į 5HOLDELOLWlW&URQEDFK¶V$OSKDXQG9DOLGLWlW)DNWRUODGXQJHQGHUYHUNU]WHQ(OWHUQ.LQG%H]LHKXQJVVNDOHQ9HUVWlQG
QLVXQG9RUELOGZLUNXQJ³XQGÄDNWLYHV,QWHUHVVHPLWZHQLJ.RQIOLNWHQ³
/DGXQJHQ
9U,FKKDEHGDV*HIKOGDVVLFKPLWPHLQHQ(OWHUQEHUDOOHVUHGHQNDQQU
9U0HLQH(OWHUQKDEHQYLHO9HUVWlQGQLVIUPHLQH3UREOHPHU
YU:HQQEHLPLUHWZDVVFKLHIJHODXIHQLVWUHGHQPHLQH(OWHUQLPPHUPLWPLU
EHUGLH6DFKHU
9U0HLQH(OWHUQQHKPHQ5FNVLFKWDXIPLFKXQGHUZDUWHQGDVJOHLFKHYRQPLUU
Y0HLQH(OWHUQKDEHQPHLVWHQVHWZDVDQGHUHV]XWXQZHQQLFKPDOPLWLKQHQ
]XVDPPHQVHLQP|FKWH
Y0HLQH(OWHUQNPPHUQVLFKUHFKWZHQLJXPPLFK
Y0HLQH(OWHUQLQWHUHVVLHUHQVLFKUHFKWZHQLJGDIUZDVLFKVRGHQNHXQGWXH
Y=ZLVFKHQPHLQHQ(OWHUQXQGPLUNRPPWHVRIW]X5HLEHUHLHQ
)DNWRUHQDQDO\VHQDFKGHU([WUDNWLRQVPHWKRGHÄ+DXSWNRPSRQHQWHQDQDO\VH³5RWDWLRQVPHWKRGH9DULPD[PLW.DLVHU1RUPDOLVLHUXQJ
'LH5RWDWLRQLVWLQ,WHUDWLRQHQNRQYHUJLHUW
'LH GULWWH .XU]VNDOD (OWHUQ.LQG%H]LHKXQJ Ä=XZHQGXQJ9HUVWlQGQLV ,WHPV³
LQWHUQH.RQVLVWHQ]&URQEDFK¶V$OSKDĮ LVWLQ%HUJHUXQG)HQG6
YHUZHQGHWZRUGHQ6LHVROOKLHU±ZLHHUZlKQW±HEHQIDOOV]XU$EVLFKHUXQJXQG3U
IXQJ GHU UHOHYDQWHVWHQ )DNWRUHQ GHU (OWHUQ.LQG%H]LHKXQJ LQ YHUVFKLHGHQHQ %H
UHFKQXQJVDUWHQ%HUFNVLFKWLJXQJILQGHQ(VVLQGGLHIROJHQGHQYLHU,WHPV
0HLQH(OWHUQK|UHQLPPHUDXIPHUNVDP]XZHQQLFKHWZDVHU]lKOH
,FKKDEHGDV*HIKOGDVVLFKPLWPHLQHQ(OWHUQEHUDOOHVUHGHQNDQQ
0HLQH(OWHUQKDEHQYLHO9HUVWlQGQLVIUPHLQH3UREOHPH
:HQQEHLPLUHWZDVVFKLHIJHODXIHQLVWUHGHQPHLQH(OWHUQLPPHUPLWPLUEHU
GLH6DFKH
'LH HPSLULVFKH 5HOHYDQ] GHU (OWHUQ.LQG%H]LHKXQJ ZHLVW LQ GLHVHU $UEHLW IRNXV
VLHUW DXI GLH VR]LDOH (LQJHEXQGHQKHLW KLQ 'LH ZHLWHUHQ 9DULDEOHQ KDEHQ HEHQIDOOV
HLQHQVR]LDOHPRWLRQDOHQ%H]XJRGHUVWHKHQPLWGHU6HOEVWEHVWLPPXQJVWKHRULHPHKU
RGHUZHQLJHUHQJLQ9HUELQGXQJ
VI5HLEHUHLHQ]ZLVFKHQ(OWHUQXQG.LQG
'LH(LQ]HODXVVDJHÄ=ZLVFKHQPHLQHQ(OWHUQXQGPLUNRPPWHVRIW]X5HLEHUHLHQ³
ZHOFKH%HVWDQGWHLOGHU*UR‰VNDODÄ(OWHUQ.LQG%H]LHKXQJ³VIXQGGHU.XU]VNDOD
VILVWVROOLQ.RUUHODWLRQVXQG5HJUHVVLRQVEHUHFKQXQJHQ(LQJDQJILQGHQ(LQHJX
WH (OWHUQ.LQG%H]LHKXQJ LP IUKHQ -XJHQGDOWHU VROOWH XQDEKlQJLJ GDYRQ VHLQ RE
NOHLQHUH 5HLEHUHLHQ LP $OOWDJ DXIWUHWHQ *HPl‰ )HQG 6 JLEW HV MHGRFK
0HWKRGH
(UKHEXQJVLQVWUXPHQWH
HLQHQ OLQHDUHQ =XVDPPHQKDQJ ]ZLVFKHQ .RQIOLNWHQ XQG GHU %H]LHKXQJVTXDOLWlW
IHVW]XVWHOOHQMHGRFKKDQGHOWHVVLFKKLHUEHLHKHUXPJU|‰HUHV3UREOHPSRWHQWLDO,P
+LQEOLFNDXIGLH/HUQXQG/HLVWXQJVPRWLYDWLRQN|QQWHHLQK|KHUHV0D‰DQ5HLEH
UHLHQLP6LQQHHLQHUIUKHQ$EZHQGXQJYRQVFKXOLVFKHQ$QIRUGHUXQJHQKLQ]XDX
‰HUVFKXOLVFKHQ SHHUEH]RJHQHQ )UHL]HLW XQG (UZDFKVHQHQZHOW$NWLYLWlWHQ YHUVWDQ
GHQZHUGHQ'LHVH$UJXPHQWDWLRQJLOWDXFKIUGLH9DULDEOHÄ5DXFKHQ³PZHLWHU
XQWHQ
VI*HVSUlFKVLQWHQVLWlW6NDOD
'DV$QUHJXQJVQLYHDXLPIDPLOLlUHQ.RQWH[WKlQJWIHVWGDPLW]XVDPPHQRE.LQGHU
PLWLKUHQ(OWHUQEHUSHUV|QOLFKH'LQJHXQGLKUH(UIDKUXQJHQVSUHFKHQLVW=XPHL
QHQ ZLUG JH]HLJW LQZLHZHLW (OWHUQ EHU LKUH .LQGHU LQIRUPLHUW VLQG DQGHUHUVHLWV
GUFNWVLFKLQGHU0LWWHLOXQJVEHUHLWVFKDIWDXFKGDV9HUWUDXHQDXVGDVGLH.LQGHULK
UHQ(OWHUQHQWJHJHQEULQJHQ'LH6NDODJLEWQLFKWQXU$XVNXQIWGDUEHUREXQGZLH
YLHO LQ GHU )DPLOLH NRPPXQL]LHUW ZLUG VRQGHUQ DXFK ZRUEHU 0LW GHQ 7KHPHQ
)UHL]HLW 6FKXOH =XNXQIW 5HOLJLRQ XQG 3HUV|QOLFKH 3UREOHPH VLQG KLHU JOHLFKVDP
GLHZHVHQWOLFKVWHQ3UREOHPHGLHVHU$OWHUVVWXIHYRUJHJHEHQVRGDVVVRZRKO6FKZHU
SXQNWHDOVDXFK'HIL]LWHGHULQQHUIDPLOLlUHQ.RPPXQLNDWLRQHUPLWWHOWZHUGHQN|Q
QHQ YJO )HQG 3UHVWHU 6 'LH 5HOLDELOLWlWVZHUWH ZDUHQ EHU DOOH
0HVV]HLWSXQNWHKLQZHJ]XIULHGHQVWHOOHQG
VI(OWHUQ%H]LHKXQJUHWURVSHNWLY
Ä:LH ZUGHQ 6LH LP 5FNEOLFN GLH %H]LHKXQJ ]ZLVFKHQ ,KUHQ (OWHUQ EHVFKUHLEHQ
DOV 6LH XQJHIlKU ELV -DKUH DOW ZDUHQ"³ 'LHVH )UDJH ZXUGH GHQ )ROORZ8S
3UREDQGHQJHVWHOOW'LH%H]LHKXQJ]ZLVFKHQ0XWWHUXQG9DWHUNDQQUHWURVSHNWLYJH
VHKHQHEHQIDOOVDOVLQGLUHNWHU)DNWRUGHUVR]LDOHQ(LQJHEXQGHQKHLWYHUVWDQGHQZHU
GHQ YJO %HJUQGXQJ EHL GHU 9DULDEOHQ VI :HLWHUH %HJUQGXQJHQ GLHVHV =X
VDPPHQKDQJV VLQGLPEHUQlFKVWHQ$EVFKQLWW,QNRQVLVWHQWHU(U]LHKXQJVVWLOEHLP
6WLFKZRUW,QVWDELOLWlWDE]XOHLWHQ
'LH9DULDEOH(OWHUQ%H]LHKXQJUHWURVSHNWLYHUKREHQLVWEHLGHQDOOJHPHLQHQhEHU
VLFKWVEHUHFKQXQJHQPLWHLQEH]RJHQZRUGHQ
VI6FKHLGXQJVXQG7UHQQXQJVHUIDKUXQJ-XJHQG]HLW
'LH9DULDEOHÄ6FKHLGXQJVRGHU7UHQQXQJVHUIDKUXQJELV]XP(QGHGHU-XJHQGXQWHU
VXFKXQJ ELV ³ ZHLVW MHQH )lOOH DXV ZR .LQGHU-XJHQGOLFKH PLW HLQHU
6FKHLGXQJVRGHU7UHQQXQJVVLWXDWLRQGHU(OWHUQLQ.RQWDNWJHNRPPHQVLQG6LHLVW
LP1DFKKLQHLQEHUHFKQHWZRUGHQXQGZHLVWQXUGLHDEJHVLFKHUWHQ)lOOHDXV'HVKDOE
HQWKlOW GLHVH 9DULDEOH LQ GHQ 7HLOVWLFKSUREHQ ZHQLJ 3UREDQGHQ 'LH ,QIRUPDWLRQ
Ä6FKHLGXQJVRGHU7UHQQXQJVHUIDKUXQJ³PXVVDEHUEHLGHU%HXUWHLOXQJGHUIDPLOLl
UHQVR]LDOHQ(LQJHEXQGHQKHLWDOVUHOHYDQWJHOWHQ
0HWKRGH
(UKHEXQJVLQVWUXPHQWH
VI,QNRQVLVWHQWHU(U]LHKXQJVVWLO,QNRQVLVWHQ]XQG:LOONU6NDOD
,Q GHU 6NDOHQGRNXPHQWDWLRQ QDFK )HQG XQG 3UHVWHU ZLUG GLH 6NDOD ,QNRQ
VLVWHQ]XQG:LOONUIROJHQGHUPD‰HQEHVFKULHEHQ
0LW GHU 'LPHQVLRQ GHU ,QVWDELOLWlW LVW HLQ $VSHNW ZDKUJHQRPPHQHQ HOWHUOL
FKHQ(U]LHKXQJVYHUKDOWHQVHUIDVVW«,QVWDELOLWlWLVW«LQ]ZHL0DQLIHVWDWLR
QHQ GHQNEDU QlPOLFK ]XP HLQHQ DOV VROFKH ]ZLVFKHQ 3HUVRQHQ HWZD 9DWHU
XQG 0XWWHU ZLH DXFK DOV VROFKH ]ZLVFKHQ 6LWXDWLRQHQ 'DV YRUOLHJHQGH ,Q
VWUXPHQWHUIDVVWH[SOL]LWGHQOHW]WHUHQ$VSHNWLQGHPGLH(OWHUQ«DOV(LQKHLW
WKHPDWLVLHUWZHUGHQ*HPHVVHQZLUGDOVRSULPlUHLQZDKUJHQRPPHQHU0DQ
JHO DQ 9RUKHUVDJEDUNHLW GHV (OWHUQYHUKDOWHQV EHU YHUVFKLHGHQH 6LWXDWLRQHQ
KLQZHJ6
)HQG KDW GLHVH 6NDOD LQ GHU 3XEOLNDWLRQ LQ Ä1RUPHQXQNODUKHLW XQG (UZDU
WXQJVXQVLFKHUKHLW³ XPEHQDQQW 'LH 6NDOD NRPPW GHP YHUQDFKOlVVLJHQGHQ (U]LH
KXQJVVWLOVLHKH.DSDPQlFKVWHQ0LWVHLQHQ]ZHL'LPHQVLRQHQÄVFKZDFKH
/HQNXQJ XQG WLHIH :HUWVFKlW]XQJ³ ZLUG HU DOVEHVRQGHUV QHJDWLY DXI GLH NLQGOLFKH
(QWZLFNOXQJ EH]HLFKQHW ,QVEHVRQGHUH XQWHU GHU %HUFNVLFKWLJXQJ GHV 6R]LDOLVD
WLRQVSUR]HVVHV XQG GHU GLHVEH]JOLFKHQ ,QWHUQDOLVLHUXQJ YRQ :HUWHQ LVW GLH YRUJH
OHEWH(UZDUWXQJVXQVLFKHUKHLWGHU(OWHUQIDWDO
VI(QWVSDQQWH)UHL]HLWDNWLYLWlWHQPLW(OWHUQ(6NDOD
'LH 6NDOD ÄHQWVSDQQWH )UHL]HLWDNWLYLWlWHQ PLW (OWHUQ³ ZLUG LQ GHU 'RNXPHQWDWLRQ
YJO)HQG3UHVWHUPLWÄ(OWHUQ)UHL]HLW(QWVSDQQXQJ³EH]HLFKQHW'LH6NDOD
VWW]WVLFKDXI)UDJHQEHU$XVIOJH:DQGHUXQJHQRGHUEHUGHQ%HVXFKEHL9HU
ZDQGWHQ XQG )UHXQGHQ 'LH (OWHUQ ZXUGHQ LP )UDJHERJHQ GDUDXI DXIPHUNVDP JH
PDFKWGDVVVLHDQGLHOHW]WHQ0RQDWHGHQNHQVROOWHQ
VI6R]LDOH)UHL]HLWDNWLYLWlWHQPLW(OWHUQ(6NDOD
'LHVH6NDODEHVWHKWHEHQIDOOVDXV,WHPVZHOFKHEHL (OWHUQHUIUDJWZXUGHQ(VJHKW
KLHULQVEHVRQGHUHXPGLHVR]LDOHQ$VSHNWHZHOFKHEHLGHUJHPHLQVDPHQ)UHL]HLWDN
WLYLWlWLP=HQWUXPVWDQGHQÄ:LUKDEHQEHUGDVJHUHGHWZDVGDV.LQGEHZHJW]%
GLH6FKXOHVHLQH)UHXQGHVHLQH6RUJHQVHLQH=XNXQIWVSOlQH³RGHUÄ:LUKDEHQXQV
EHUVR]LDOH7KHPHQXQWHUKDOWHQ]%$UEHLWVORVLJNHLW3UREOHPHDOWHURGHUNUDQNHU
0HQVFKHQ'URJHQNRQVXP³ZDUHQ,WHPVZHOFKHGHQ(OWHUQ]XU%HDQWZRUWXQJYRU
JHOHJWZXUGHQ
VI$X‰HUIDPLOLlUH9HUWUDXHQVSHUVRQ93EHLSHUV|QOLFKHQ3UREOHPHQ
$XI GLH )UDJH Ä:HQQ GX 6FKZLHULJNHLWHQ RGHU 3UREOHPH PLW GLU VHOEVW KDVW PLW
ZHPUHGHVWGXGDQQDPHKHVWHQGDUEHU"³NRQQWHQGLH-XJHQGOLFKHQHEHQIDOOVDQW
ZRUWHQ :HQQ VLH QLFKW PLW Ä0XWWHU 9DWHU RGHU *HVFKZLVWHU³ JHDQWZRUWHW KDWWHQ
EHGHXWHWH GLHV GDVV VLH GLH 9HUWUDXHQVSHUVRQ 93 DX‰HUKDOE GHU )DPLOLH ZlKOWHQ
'LHVH 7DWVDFKH PXVV PLW GHU (OWHUQ.LQG%H]LHKXQJ LQ 9HUELQGXQJ JHVHKHQ ZHU
0HWKRGH
(UKHEXQJVLQVWUXPHQWH
GHQ LQVEHVRQGHUH XQWHU %HUFNVLFKWLJXQJ GHU VR]LDOHQ (LQJHEXQGHQKHLW JHPl‰
6'7
VI$X‰HUIDPLOLlUH9HUWUDXHQVSHUVRQ93EHL3UREOHPHQPLWDQGHUHQ
'DVVHOEHJLOWIUGLH$XVVDJHÄ:HQQGX6FKZLHULJNHLWHQRGHU3UREOHPHPLWDQGHUHQ
KDVW PLW ZHP UHGHVW GX GDQQ DP HKHVWHQ GDUEHU"³ ,P +LQWHUJUXQG EHVWHKW GLH
+\SRWKHVHGDVVEHLWLHIHUVR]LDOHU(LQJHEXQGHQKHLWLQGHU)DPLOLHDXFKGLH9HUWUDX
HQVSHUVRQHQDX‰HUKDOEGHU)DPLOLHJHZlKOWZHUGHQ
'LHIROJHQGHQGUHL9DULDEOHQVIVIXQGVIZHLVHQHLQHQ%H]XJ]XU.RPSH
WHQ]HUIDKUXQJDOVZHVHQWOLFKHU7HLOGHU6'7V.DSDXI
VI:DKUJHQRPPHQH%HJDEXQJVHLQVFKlW]XQJ
)UZLHEHJDEW(OWHUQ±LQGHU:DKUQHKPXQJGHU-XJHQGOLFKHQ±LKU.LQGKDOWHQLVW
EHL GHU /HLVWXQJV XQG 0RWLYDWLRQVHQWZLFNOXQJ HLQH EHGHXWHQGH )HVWVWHOOXQJ (U
ZDUWXQJVKDOWXQJ%HJDEXQJVHLQVFKlW]XQJ±RELP6HOEVWRGHU)UHPGELOG±XQGGL
UHNWH /HLVWXQJVHUZDUWXQJHQ VLQG LQVEHVRQGHUH EHL GHU %HXUWHLOXQJ GHV SV\FKRORJL
VFKHQ%HGUIQLVVHVÄ$XWRQRPLH³YJO.DSYRQ5HOHYDQ]ZLH%HUHFKQXQJHQ
QRFK]HLJHQZHUGHQ
VI:DKUJHQRPPHQHUHUZDUWHWHU6FKXODEVFKOXVV+656*<
Ä:HOFKHQ$EVFKOXVVVROOWHVWGXQDFK0HLQXQJGHLQHU(OWHUQHUUHLFKHQ"³'LH&RGLH
UXQJGLHVHU9DULDEOHLVWGLFKRWRP+DXSWVFKXOH5HDOVFKXOH*\PQDVLXPV
VI/HLVWXQJVHUZDUWXQJGHU((
:LHJXWGDV.LQGJHPl‰GHQ9RUVWHOOXQJHQGHU(OWHUQLQGHU6FKXOHVHLQVROOJHK|UW
HEHQIDOOVLQGHQ7KHPHQNUHLV/HLVWXQJVHUZDUWXQJHQ,QVRIHUQPDFKWGHUHQ%HUFN
VLFKWLJXQJEHLGHU%HXUWHLOXQJGHU/HLVWXQJVPRWLYDWLRQ6LQQ
VI(IUDJHQKlXILJQDFK6FKXOOHLVWXQJ(
'LH(OWHUQGHUEHIUDJWHQ-XJHQGOLFKHQEHDQWZRUWHWHQDXFKGDV,WHPÄ:LHKlXILJIUD
JHQ 6LH ,KU .LQGQDFK1RWHQ LQ .ODVVHQDUEHLWHQ RGHU 7HVWV"³ 'LH %HMDKXQJ GLHVHU
)UDJHNDQQIUHLQH5HGX]LHUXQJGHU$XWRQRPLHGHV.LQGHVVSUHFKHQYJO%HJULII
$XWRQRPLHLQGHU6'7RGHU]XP6FKXOPRQLWRULQJJH]lKOWZHUGHQZHOFKHVDOV,Q
GLNDWRU IU GDV ,QWHUHVVH XQG GLH $XIPHUNVDPNHLW GLH (OWHUQ LKUHQ .LQGHUQ HQWJH
JHQEULQJHQJLOW(VN|QQWHKLHUDOVRVRZRKOQHJDWLYHDOVDXFKSRVLWLYH.RUUHODWLRQHQ
PLWGHU/HLVWXQJVPRWLYDWLRQHUZDUWHWZHUGHQ
VI(ZLVVHQ%HVFKHLGEHU6FKXOOHLVWXQJ(
$XFKGLH)UDJHÄ:LVVHQ6LHJHQDXGDUEHU%HVFKHLGZLH,KU.LQGLQGHQ+DXSWIl
FKHUQ VWHKW DOVR ZHOFKH =HXJQLVQRWHQ HV ]X HUZDUWHQ KDW E]Z LQ ZHOFKHQ /HLV
WXQJVNXUVHQHVLVW"³JHK|UW]XP6FKXOPRQLWRULQJ
0HWKRGH
(UKHEXQJVLQVWUXPHQWH
VI+DXVDXIJDEHQHQJDJHPHQWGHU((6NDOD
'DV+DXVDXIJDEHQHQJDJHPHQWGHU(OWHUQNDQQHEHQVR]XP6FKXOPRQLWRULQJJH]lKOW
ZHUGHQ *UXQGVlW]OLFK JHKW PDQ EHL GLHVHU 6NDOD YRQ HLQHU SRVLWLYHQ :LUNXQJ DXI
GLH /HLVWXQJ XQG GLH /HLVWXQJVPRWLYDWLRQ DXV :HQQ GLH $XWRQRPLHXQWHUVWW]XQJ
JHPl‰GHU6'7IRNXVVLHUWZLUGN|QQWHHVDEHUDXFKGXUFKHLQÄ]XYLHOGHV*XWHQ³
QHJDWLY DXI GLH /HLVWXQJVPRWLYDWLRQ DXVVFKODJHQ 'LH %HUHFKQXQJHQ LQVEHVRQGHUH
LP-DKUH/lQJVVFKQLWWVROOHQGDUEHU(UNHQQWQLVVHEULQJHQV.DS
$X‰HUIDPLOLlUHVR]LDOEH]RJHQH9DULDEOHQVDDXIGHU|NRORJLVFKHQ(EH
QH
,P )ROJHQGHQ ZHUGHQ GLH DX‰HUIDPLOLlUHQ 9DULDEOHQ DXI GHU |NRORJLVFKHQ (EHQH
YRUJHVWHOOW 6LH EHLQKDOWHQ VR]LDOHPRWLRQDOH $VSHNWH UXQG XP GLH VR]LDOH (LQELQ
GXQJLQ6FKXOHXQGLQGHU3HHUJURXS
VD:RKOIKOHQLQ6FKXOH(LQ]HOLWHP
'LH)UDJHODXWHWH³:LHZRKOIKOVWGXGLFKLQGHU6FKXOH"³'LHVH9DULDEOHLVWZLH
EHLVIZRKOGLHYHUGLFKWHVWH)RUPGHVVR]LDOHPRWLRQDOHQ:RKOEHILQGHQVLP.RQ
WH[W6FKXOHXQGPXVVGDKHUEHLP YRUOLHJHQGHQ7KHPDGHUÄVR]LDOHQ(LQJHEXQGHQ
KHLW³EHUFNVLFKWLJWZHUGHQ
VD$QRQ\PLWlWDQGHU6FKXOH6NDOD
'LH 6NDOD Ä$QRQ\PLWlW DQ GHU 6FKXOH³ LVW XUVSUQJOLFK IU GLH 3UIXQJ VR]LDOHU
$XVZLUNXQJHQ JUR‰HU 6FKXOHQ DXI GHQ HLQ]HOQHQ -XJHQGOLFKHQ HQWZLFNHOW ZRUGHQ
6LH ZHLVW DXI GLH 4XDOLWlW VR]LDOHU 9HUKlOWQLVVH KLQ XQG WKHPDWLVLHUW GLH ZDKUJH
QRPPHQH $EZHVHQKHLW VR]LDOHU 6WW]V\VWHPH YJO )HQG 3UHVWHU 6 'DV %HLVSLHOLWHP Ä$Q GLHVHU 6FKXOH PXVV VLFKMHGHUDOOHLQ GXUFKNlPSIHQ DXI 8Q
WHUVWW]XQJ NDQQ HU ZHQLJ UHFKQHQ³ YHUZHLVW LQVEHVRQGHUH DXFK DXI GLH HLJHQH
'XUFKVHW]XQJLP5DKPHQGHUNRQNXUUHQ]XQGOHLVWXQJVRULHQWLHUWHQ6FKXOH
VD6WDWXVUHOHYDQ]6FKXOOHLVWXQJ6NDODXQGVD6WDWXVUHOHYDQ]6ROLGDULWlW6NDOD
%HLGLHVHQ]ZHL6NDOHQNDPHQ)UDJHQ]XP(LQVDW]GLHGDUDXIDE]LHOWHQGLH:DKU
QHKPXQJ YRQ 1RUPVWUXNWXUHQ ZLH 6ROLGDULWlW ]ZLVFKHQ .ODVVHQNDPHUDGHQ XQG
6FKXOOHLVWXQJ]XHUKHEHQ'DGLH*OHLFKDOWULJHQJUXSSHHLQHZLFKWLJH6R]LDOLVDWLRQV
LQVWDQ] GDUVWHOOW VLQG VROFKH1RUPHQ GHU 6FKXONODVVH DOV VR]LDOHV 6\VWHP LP .RQ
WH[W GHU /HLVWXQJVPRWLYDWLRQVI|UGHUXQJ HEHQIDOOV ]X EHUFNVLFKWLJHQ .ODVVHQQRU
PHQVWLPPHQHQWZHGHUPLWGHQRIIL]LHOOHQ=LHOHQGHV%LOGXQJVV\VWHPVEHUHLQRGHU
DEHULQ:LGHUVSUXFKYJODD26'LH(LQOHLWXQJODXWHWHWÄ6WHOO
GLUYRUHLQ
QHXHU 0LWVFKOHU NRPPW LQ HXUH .ODVVH XQG P|FKWH KLHU $QVFKOXVV XQG )UHXQGH
ILQGHQ :LH PVVWH HU VHLQ GDPLW LKP GDV VFKQHOO JHOLQJW"³ 'LH -XJHQGOLFKHQ EH
DQWZRUWHWHQYRUJHJHEHQH/|VXQJVYRUVFKOlJHPLWMDRGHUQHLQ
VD.RQNXUUHQ]NDPSILQ.ODVVH6NDOD
,PGLUHNWHQ=XVDPPHQKDQJ]XRELJHQ]ZHL9DULDEOHQVDXQGVDLVWDXFKGLH6NDOD
Ä.RQNXUUHQ]NDPSILQGHU.ODVVH³]XVHKHQ
0HWKRGH
(UKHEXQJVLQVWUXPHQWH
'LH6NDODÃ.RQNXUUHQ]NDPSI¶PLVVWLP*UXQGHZLHVWDUNGLHVR]LDOHQ%H]LH
KXQJHQGHU6FKOHUXQWHUHLQDQGHUYRQGHQ1RUPHQGHU,QVWLWXWLRQEHKHUUVFKW
ZHUGHQ LQ GHU VLH HQWVWDQGHQ VLQG -H K|KHU GLH Ã.RQNXUUHQ]ZHUWH¶ GHVWR
VWlUNHUGRPLQLHUHQ/HLVWXQJVHUZDUWXQJHQEHU6ROLGDULWlWVHUZDUWXQJHQGHVWR
ZHQLJHU ELOGHW GLH .ODVVH HLQ VR]LDOHV 6WW]V\VWHP JHJHQ GLH YLHOIlOWLJHQ
6HOEVWZHUWJHIlKUGXQJHQ GXUFK GDV VFKXOLVFKH /HLVWXQJVV\VWHP VRQGHUQ SR
WHQ]LHUWGLHVHQRFKDD26
VD.ODVVHQ]XVDPPHQKDOW6NDOD
0LWGHU6NDOD.ODVVHQ]XVDPPHQKDOWZHUGHQGLH%H]LHKXQJVGLPHQVLRQHQXQGGLH
6R]LDOYHUKlOWQLVVHLQQHUKDOEGHU.ODVVHWKHPDWLVLHUW
'DEHLVLQGVRZHLWDOVLQGHUJHJHEHQHQ.U]HP|JOLFKYHUVFKLHGHQH$VSHNWH
YRQ%H]LHKXQJVSUREOHPHQLQGHU/HUQJUXSSHDXIJHQRPPHQZRUGHQQlPOLFK
D &OLTXHQELOGXQJ E $X‰HQVHLWHUSUREOHPDWLN XQG F )HKOHQ YRQ *H
PHLQVFKDIWVJHLVWXQG*UXSSHQEHZXVVWVHLQ:HJHQGHU$EGHFNXQJGLHVHUYHU
VFKLHGHQHQ$VSHNWHLVWLQGLHVHP)DOOZLHGHUXPQXUGLH,QWHUSUHWDWLRQGHVSR
VLWLYHQ 3ROV GHU 6NDOD HLQGHXWLJ (LQ .ODVVHQNOLPD GDV JHNHQQ]HLFKQHW LVW
GXUFK +DUPRQLH $EZHVHQKHLW YRQ 3RODULVLHUXQJHQ]ZLVFKHQ HLQ]HOQHQ 7HLO
JUXSSHQ XQG JHULQJH 7HQGHQ] ]XP $XVVFKOX‰ HLQ]HOQHU 0LWJOLHGHU DXV GHU
VR]LDOHQ*HPHLQVFKDIWDD26
VD9HUWUDXHQ]X/36NDOD
,Q GHU 6NDOD Ä9HUWUDXHQ ]X /HKUSHUVRQHQ³ VWHKW GHU %H]LHKXQJVDVSHNW GHU VFKXOL
VFKHQ6R]LDOYHUKlOWQLVVH]ZLVFKHQ/HKUHUQXQG6FKOHUQLP=HQWUXP(VLVW
GLH'LPHQVLRQGLHDPNODUVWHQGLIIHUHQ]LHUW]ZLVFKHQ6FKXOHQLQGHQHQGHU
4XDOLILNDWLRQV XQG 6HOHNWLRQVJHVLFKWVSXQNW GHQ DOOHLQLJHQ 0LWWHOSXQNW GHU
/HKUHU6FKOHU,QWHUDNWLRQ ELOGHW XQG 6FKXOHQ LQ GHQHQ VR]LDOHU]LHKHULVFKH
=LHOVHW]XQJHQ YRQ GHQ /HKUHUQ HUQVW JHQRPPHQ ZHUGHQ 'LH *UXQGYRUDXV
VHW]XQJIUGHUDUWLJH%HPKXQJHQZLUGLQGLHVHU6NDODWKHPDWLVLHUW'DV$N
]HSWLHUHQGHV6FKOHUVDOV3HUVRQGDV(UQVWQHKPHQVHLQHU,QGLYLGXDOLWlWXQG
GLH %HUHLWVFKDIW ]X +LOIH XQG 8QWHUVWW]XQJ DQJHVLFKWV YRQ 6FKZLHULJNHLWHQ
XQG3UREOHPHQGHV-XJHQGOLFKHQ$XI6FKOHUVHLWHGRPLQLHUWEHLKRKHQ:HU
WHQ DXI GLHVHU 6NDOD GDV *HIKO LQ GHU 6FKXOH HLQ 6WFN ZHLW Ã]XKDXVH¶ ]X
VHLQDD26
(LQ%HLVSLHOHLQHV,WHPVODXWHW'LHPHLVWHQ/HKUHUEHPKHQVLFKXQVDXFKSHUV|Q
OLFKNHQQHQ]XOHUQHQ
0HWKRGH
(UKHEXQJVLQVWUXPHQWH
VD/HKUHU6FKOHU%H]LHKXQJ6NDOD
'LHVH /HKUHU6FKOHU%H]LHKXQJVVNDOD ZXUGH DXV HLQHU JU|‰HUHQ 6NDOD KHUDXV JH
WUHQQW 6LH EHLQKDOWHW ÄGDV $XVPD‰ ZDKUJHQRPPHQHU %HOLHEWKHLW XQG $QHUNHQ
QXQJGXUFKGLH/HKUHU³(LQQLHGULJHU:HUWDXIGHU6NDODVSLHJHOWÄGDV*HIKOPDQ
JHOQGHU VR]LDOHPRWLRQDOHU 8QWHUVWW]XQJ GXUFK GLH /HKUHU ZLGHU³ DD2 6 7DEHOOH]HLJWGLH5HOLDELOLWlWXQG9DOLGLWlW
7DEHOOH
5HOLDELOLWlWXQG)DNWRUODGXQJHQ9DOLGLWlWPLW7UHQQVFKlUIH.RUUHODWLRQ,WHP6NDODGHU6NDOD/HKUHU6FKOHU
%H]LHKXQJ
/DG
XQJ
Į YU,FKKDEHGDV*HIKOGDVVGLHPHLVWHQ/HKUHUPLFKJHUQP|JHQ
YU%HLGHQPHLVWHQ/HKUHUQVWHKHLFKJXWGD
Y,FKJODXEHGDVVGLHPHLVWHQ/HKUHUQLFKWYLHOYRQPLUKDOWHQ
Y'HQPHLVWHQ/HKUHUQELQLFK]LHPOLFKJOHLFKJOWLJ
.RUU
PLW
7RWDO
'LH %HUHFKQXQJ GHV 6NDOHQZHUWHV GLHVHU ZDKUJHQRPPHQHQ /HKUHU6FKOHU
%H]LHKXQJEHUFNVLFKWLJWHDXFKIHKOHQGH:HUWH(VZXUGHQQXUGRUW6NDOHQEHUHFK
QHW ZR PLQGHVWHQV GHU ,WHPV EHDQWZRUWHW ZXUGHQ 'HU :HUWHEHUHLFK GLHVHU
6NDODZHOFKHDXVGLFKRWRPHQ$XVVDJHQEHVWHKWLVWIROJHQGHUVFKOHFKWH/HKUHU
6FKOHU%H]LHKXQJELVVHKUJXWH/HKUHU6FKOHU%H]LHKXQJ
VD/HLVWXQJVGUXFNGHU/HKUHU6NDOD
'LH6NDODPLVVWGLHZDKUJHQRPPHQHQ/HLVWXQJVIRUGHUXQJHQLQGHU6FKXOHDXV6LFKW
GHU -XJHQGOLFKHQ =X GHQ ,QGLNDWRUHQ JHK|UHQ +lXILJNHLW XQHUZDUWHWHU 3UIXQJHQ
DOOJHPHLQH /HLVWXQJVVWDQGDUGV RGHU GLH VXEMHNWLY ZDKUJHQRPPHQH $UEHLWVEHODV
WXQJ
8QWHUGHP*HVLFKWVSXQNWGHU&KDUDNWHULVLHUXQJGHU6FKXOHDOVHU]LHKHULVFKHU
8PZHOW LVW GDPLW GLH +XPDQLWlW EHUKUW PLW GHU GLH 6FKXOH LKUH ]HQWUDOHQ
)XQNWLRQHQ±4XDOLILNDWLRQXQG6HOHNWLRQ±ZDKUQLPPW8QWHUGHQ6R]LDOLVD
WLRQVSHUVSHNWLYHQ VLQG KLHU ZLFKWLJH %HGLQJXQJHQ VXEMHNWLYHU SV\FKLVFKHU
8PZHOWEHODVWXQJHUID‰WGLH±EHLKRKHQ6NDOHQZHUWHQ±]XVFKZHUZLHJHQGHQ
%HHLQWUlFKWLJXQJHQ GHU HLJHQHQ %HILQGOLFKNHLW LQ GHU 6FKXOH ZLH DXFK YHU
'LHXUVSUQJOLFKH6NDODZDUÄ.RPSHWHQ]EHZXVVWVHLQ/HKUHUXQG6FKXOHUIROJ³PLWIROJHQGHU%HVFKUHL
EXQJÄ,QGLHVHU6NDODZHUGHQ]ZHL]HQWUDOH,QGLNDWRUHQVFKXOEH]RJHQHU.RQWUROOEHU]HXJXQJHQ]XVDP
PHQJHIDVVW'HUHUVWH$VSHNWEHLQKDOWHW9RUVWHOOXQJHQYRQ2KQPDFKWGLHDOV(UJHEQLVHLQHU/HUQJHVFKLFK
WHLQGHUNHLQH.RQWLQJHQ]]ZLVFKHQ$QVWUHQJXQJXQG(UIROJEHVWDQGLQWHUSUHWLHUWZHUGHQN|QQHQ&KUR
QLVFKH0LVVHUIROJVELRJUDSKLHQILQGHQLKUHQ1LHGHUVFKODJLQJHQHUDOLVLHUWHQ(LQVFKlW]XQJHQGHU9HUJHE
OLFKNHLWHLJHQHU%HPKXQJHQXPVFKXOLVFKHQ(UIROJXQGXP$QHUNHQQXQJGXUFKGLH/HKUHU(VKDQGHOW
VLFKDOVRXPHLQHGLUHNWH(UIDVVXQJGHV.RQVWUXNWHVGHU*HOHUQWHQ+LOIORVLJNHLW6HOLJPDQ'HU
]ZHLWH$VSHNWEHWULIIWGDV$XVPD‰ZDKUJHQRPPHQHU%HOLHEWKHLWXQG$QHUNHQQXQJGXUFKGLH/HKUHU(LQ
QLHGULJHU:HUWDXIGHU6NDODVSLHJHOWGDV*HIKOGHU$XVVLFKWVORVLJNHLWHLJHQHU%HPKXQJHQXP6FKXOHU
IROJXQGGDV*HIKOPDQJHOQGHUVR]LDOHPRWLRQDOHU8QWHUVWW]XQJGXUFKGLH/HKUHUZLGHU³)HQG
3UHVWHU6+HUYRUKHEXQJGXUFK'/
'HU6\QWD[EHIHKOODXWHWHVD 0HDQYUYUYY
0HWKRGH
(UKHEXQJVLQVWUXPHQWH
VFKLHGHQHU $VSHNWH GHU DOOJHPHLQHQ 6HOEVWVLFKHUKHLW IKUHQ N|QQHQ )HQG HW
DO)HQG3UHVWHU6
VD$QHUNHQQXQJGXUFK0LWVFKOHU6NDOD
,Q GLHVHU .XU]VNDOD ZLUG GDV 6HOEVWNRQ]HSW GHU ZDKUJHQRPPHQHQ VR]LDOHQ $QHU
NHQQXQJ GXUFK *OHLFKDOWULJH HUIDVVW (V KDQGHOW VLFK XP GLH 6WLFKZRUWH $QVHKHQ
%HOLHEWKHLWXQGXPJHNHKUW,VRODWLRQVSUREOHPDWLNLQQHUKDOEGHU6FKXONODVVHZHOFKH
LQ GHQ 9DULDEOHQ YHUZHQGHW ZXUGHQ 'LH 6NDOD HQWVSULFKW QLFKW HLQHU REMHNWLYHQ
VRQGHUQHLQHUVXEMHNWLYHQSHU]LSLHUWHQ(LQVFKlW]XQJGHU0LWVFKOHU,P.RQVWDQ]HU
/lQJVVFKQLWW VLQG DEHU ]XVlW]OLFK VR]LRPHWULVFKH 9HUIDKUHQ DQJHZHQGHW ZRUGHQ
YJODD26
VD,QWHJUDWLRQ3HHUV6NDOD
'LHVH 6NDOD ]LHOW DXI GDV 6ROLGDULVLHUXQJVSRWHQWLDO YRQ -XJHQGOLFKHQ DE (V JHKW
GDUXP LQZLHZHLW VLFK GLH EHIUDJWH 3HUVRQ LQ GDV 1HW] GHU VR]LDOHQ %H]LHKXQJHQ
*OHLFKDOWULJHU HLQJHEXQGHQ IKOW =HQWUDOH ,WHPV VLQG Ä+DVW GX HLQHQ ZLUNOLFKHQ
)UHXQG"³Ä:LH KlXILJ WULIIVW GX GLFK PLW GHLQHQ )UHXQGHQ DX‰HUKDOE GHU 6FKXOH"³
RGHUÄ)KOVWGXGLFKPDQFKPDORGHUKlXILJHLQVDP"³YJODD26
VD.LUFKOLFKH$NWLYLWlW6NDOD
'LHÄNLUFKOLFKH$NWLYLWlWZHOFKHDOV9DULDEOHQXUDEGHP(UKHEXQJV]HLWSXQNW
]XU9HUIJXQJVWHKWNHQQ]HLFKQHWGDV(LQJHEXQGHQVHLQLQNLUFKOLFKH*UXSSHQXQG
GLH GDPLW ]XVDPPHQKlQJHQGHQ $NWLYLWlWHQ %H]RJHQ DXI GLH 6'7 LVW GLHVH DX‰HU
IDPLOLlUH (LQJHEXQGHQKHLW IU GLH YRUOLHJHQGH )UDJHVWHOOXQJ DOVR HEHQIDOOV ]X EH
UFNVLFKWLJHQ
VD9HUHLQV]XJHK|ULJNHLW±VD7XUQXQG6SRUWYHUHLQ±VD0XVLNRGHU6LQJ
JUXSSH
Ä,QZHOFKHUGHUIROJHQGHQ*UXSSHQDX‰HUKDOEGHU6FKXOHELVWGX0LWJOLHG"³'LH(U
KHEXQJGLHVHU9HUHLQV]XJHK|ULJNHLWEH]LHKWVLFKDXIGLH0LWJOLHGVFKDIWXQG$NWL
YLWlWHQLQ9HUHLQHQ,QGHU5HJHOLVWHVGLH0LWJOLHGVFKDIWLQ6SRUWRGHU0XVLNYHU
HLQHQ ZHOFKH VSH]LILVFK PLW GHQ 9DULDEOHQ VD E]Z VD QRFK GHWDLOOLHUW HUIUDJW
ZXUGHQ
,QVWUXPHQWHGHUPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHPLP-X
JHQGDOWHUDXIGHUSV\FKRORJLVFKHQ(EHQH
P/HLVWXQJVPRWLYDWLRQ6NDOD
'LH 6NDOD Ä/HLVWXQJVPRWLYDWLRQ³ HUODXEW GLH 0HVVXQJ KDELWXDOLVLHUWHU )RUPHQ GHU
%HZlOWLJXQJVFKXOLVFKHU$QIRUGHUXQJHQ
(V LVW DQ]XQHKPHQ GDVV VLFK 2ULHQWLHUXQJHQ XQG KDELWXDOLVLHUWH 9HUKDOWHQV
ZHLVHQJHJHQEHUVFKXOLVFKHQ/HUQXQG/HLVWXQJVDQIRUGHUXQJHQHQWZLFNHOQ
GLHLKUHUVHLWV5FNZLUNXQJHQDXIGDV/HUQHQVHOEVWKDEHQ/DQJIULVWLJHVXQG
UHJHOPl‰LJHV /HUQHQ EHGDUI
GHU 6WW]XQJ GXUFK $UEHLWVWXJHQGHQ $XIJUXQG
0HWKRGH
(UKHEXQJVLQVWUXPHQWH
GHU %DVLV IUKHUHU 8QWHUVXFKXQJHQ GHU )HQG*UXSSH YJO )HQG HW DO ZXUGH DXV HLQHP XPIDVVHQGHUHQ ,QVWUXPHQWDULXP HLQH .XU]IRUP ]XU (UIDV
VXQJGHU%HUHLWVFKDIWVFKXOLVFKH/HUQXQG/HLVWXQJVDQIRUGHUXQJHQ]XHUIO
OHQ]XVDPPHQJHVWHOOWGLHEHVRQGHUVDXIGLH$VSHNWH$QVWUHQJXQJ$XVGDXHU
XQG(KUJHL]DEKHEW)HQG3UHVWHU6
'LH6FKOHUZXUGHQDXIJHIRUGHUWVLFKLQGHQ%HUHLFKHQ$QVWUHQJXQJ$XVGDXHUXQG
(KUJHL]VHOEVWHLQ]XVFKlW]HQXQGVLFKGDEHLPLWGHQ.ODVVHQPLWJOLHGHUQ]XYHUJOHL
FKHQÄ:LHVHKUVWUHQJVW'X'LFKIUGLH6FKXOHDQ"³Ä:HOFKH$XVGDXHUKDVW'X
ZHQQ 'X VFKXOLVFKH $XIJDEHQ HUOHGLJHQ VROOVW"³ RGHU Ä:LH HKUJHL]LJ ELVW 'X EHL
GHPZDVLQGHU6FKXOHJHPDFKWZHUGHQVROO"³)ROJHQGH$QWZRUWHQZDUHQEHLGLH
VHP=HQWUDONRQVWUXNWGHUYRUOLHJHQGHQ$UEHLWP|JOLFK JDUQLFKW ZHQLJ PLWWHOPl‰LJ ]LHPOLFKRGHU VHKU)UGLH=DKOHQZHUWHZXUGHHLQ0LWWHOZHUW
VFRUH HUUHFKQHW XQG PLW PXOWLSOL]LHUW :HUWEHUHLFK -H K|KHU GLH :HUWH
XPVR JU|‰HU GLH /HLVWXQJVEHUHLWVFKDIW 'LHVH /HLVWXQJVPRWLYDWLRQV6XPPHQZHUWH
ZXUGHQXQYHUlQGHUWDXVGHP'DWHQVDW]GHU.RQVWDQ]HU-XJHQGVWXGLHEHUQRPPHQ
'LH5HOLDELOLWlWVZHUWHVLQGIUDOOH:HOOHQ±±DXV
UHLFKHQGE]Z]XIULHGHQVWHOOHQG
P6FKXOLVFKH/HLVWXQJVDQJVW6NDOD
)HQGXQG3UHVWHUXQWHUPDXHUQGLH6NDODWKHRUHWLVFKZLHIROJW
(QWVFKHLGHQG IU GLH $QJVWHQWVWHKXQJ VRZLH IU GLH $QJVWDEZHKU VLQG «
NRJQLWLYH %HZHUWXQJVSUR]HVVH SULPDU\ DSSUDLVDOVR]XVDJHQ VXEMHNWLYH %H
GURKOLFKNHLWVEHZHUWXQJHQ ZREHL GDV ZDKUJHQRPPHQH 9HUKlOWQLV ]ZLVFKHQ
GHU6WLPXOXVJHIlKUOLFKNHLWXQGGHU*HJHQNUDIWGHV,QGLYLGXXPV]%ZDKUJH
QRPPHQH.RPSHWHQ]EHUGHQ$XVJDQJGHV%HZHUWXQJVSUR]HVVHVHQWVFKHL
GHW>«@$XIGHU6LWXDWLRQVVHLWHKDQGHOWHVVLFKXPGLHNRQNUHWH6FKXOVLWXD
WLRQ YRU E]Z ZlKUHQG HLQHU .ODVVHQDUEHLW $XI GHU 5HDNWLRQVVHLWH ZXUGHQ
.RJQLWLRQHQ GHU $XIJHUHJWKHLW HPRWLRQDOLW\ LQ HUVWHU /LQLH DEHU .RJQLWLR
QHQGHU%HVRUJQLVZRUU\DXIJHQRPPHQ6
'LH/HLVWXQJVDQJVWPXVVGDKHUEHLGHU)RNXVVLHUXQJGHU/HLVWXQJVPRWLYDWLRQLQGHQ
QDFKIROJHQGHQ %HUHFKQXQJHQ PLWEHUFNVLFKWLJW ZHUGHQ 'LH 5HOLDELOLWlWVZHUWH OLH
JHQ]ZLVFKHQXQG
P%HJDEXQJV]XVFKUHLEXQJ6NDOD
'LH6NDOD%HJDEXQJV]XVFKUHLEXQJZLUGLQGHU'RNXPHQWDWLRQYJODD2IROJHQ
GHUPD‰HQXPVFKULHEHQ
,P 5DKPHQ GLHVHU 'LPHQVLRQ ZHUGHQ .RJQLWLRQHQ EH]JOLFK GHU HLJHQHQ
/HLVWXQJVIlKLJNHLW±ZLHVLHLP.RQWH[WGHU9HUJOHLFKHPLWDQGHUHQHUVFKHLQW
±HUID‰W'LH9RUVWHOOXQJHQZHQLJHU]XN|QQHQDOVDQGHUHODQJVDPHU]XVHLQ
'LQJHQLFKWVRVFKQHOO]XYHUVWHKHQWURW]$QVWUHQJXQJGDV1LYHDXGHUDQGH
0HWKRGH
(UKHEXQJVLQVWUXPHQWH
UHQQLFKWKDOWHQ]XN|QQHQVWHKHQLP0LWWHOSXQNW(LQH[SOL]LWHU0D‰VWDEGHU
6HOEVWEHZHUWXQJ ZLH HWZD GHU $OWHUVGXUFKVFKQLWW RGHU GHU .ODVVHQGXUFK
VFKQLWW ZLUG DEHU QLFKW YRUJHJHEHQ 'LH LP 5DKPHQ GLHVHU 6NDOD HUID‰WHQ
VXEMHNWLYHQ .RPSHWHQ]ZDKUQHKPXQJHQ VLQG IU GDV JHVDPWH /HLVWXQJVYHU
KDOWHQ YRQ JUR‰HU 5HOHYDQ] GD VLH KDQGOXQJVZLUNVDPH .RQVHTXHQ]HQ QDFK
VLFK]LHKHQ
6LQGVLHSRVLWLYJHSUlJWHUVFKHLQHQQHXH/HLVWXQJVVLWXDWLRQHQLP/LFKWHHLQHU
+HUDXVIRUGHUXQJ GHU HLJHQHQ )lKLJNHLWHQ XQG ZHUGHQ PLW SURGXNWLYHU 1HX
JLHU XQG (UIROJV]XYHUVLFKW DXIJHQRPPHQ 6LQG VLH QHJDWLY JHSUlJW ZLUG LQ
$QIRUGHUXQJVVLWXDWLRQHQHKHUGHUHQ%HGURKOLFKNHLWVFKDUDNWHUDN]HQWXLHUW6
P6HOEVWZLUNVDPNHLWVEHU]HXJXQJ6NDOD
'LHVH6NDODZXUGHDXVHLQHUDQGHUHQJU|‰HUHQKHUDXVJHWUHQQW6LHEHLQKDOWHWÄ9RU
VWHOOXQJHQYRQ2KQPDFKWGLHDOV(UJHEQLVHLQHU/HUQJHVFKLFKWHLQGHUNHLQH.RQ
WLQJHQ] ]ZLVFKHQ $QVWUHQJXQJ XQG (UIROJ EHVWDQG LQWHUSUHWLHUW ZHUGHQ N|QQHQ
&KURQLVFKH 0LVVHUIROJVELRJUDSKLHQ ILQGHQ LKUHQ 1LHGHUVFKODJ LQ JHQHUDOLVLHUWHQ
(LQVFKlW]XQJHQGHU9HUJHEOLFKNHLWHLJHQHU%HPKXQJHQXPVFKXOLVFKHQ(UIROJXQG
XP$QHUNHQQXQJGXUFKGLH/HKUHU(VKDQGHOWVLFKDOVRXPHLQHGLUHNWH(UIDVVXQJ
GHV .RQVWUXNWHV GHU *HOHUQWHQ +LOIORVLJNHLW 6HOLJPDQ ³ )HQG 3UHVWHU
6
'LH IROJHQGHQ ,WHPV VLQG HQWKDOWHQ ZREHL GDV PLW HLQHP PDUNLHUWHQ ,WHP DXI
JUXQG GHU 7DWVDFKH GDVV HV HEHQIDOOV LQ GHU 6NDOD %HJDEXQJV]XVFKUHLEXQJ P
YRUNRPPWHOLPLQLHUWZXUGHYJO7DEHOOH
7DEHOOH
5HOLDELOLWlWXQG)DNWRUODGXQJHQ9DOLGLWlWPLW7UHQQVFKlUIH.RUU,WHP6NDODGHU6NDODÄ6HOEVWZLUN
VDPNHLW³
)DNW
/GJ
Y(VKDWIUPLFKZHQLJ6LQQGDVVLFKPLFKLQGHU6FKXOHDQVWUHQJHGDLFKGRFKQLFKWYLHOHU
UHLFKHQNDQQ
Y,PPHUZHQQLFKYHUVXFKHLQGHU6FKXOHYRUDQ]XNRPPHQNRPPWPLUHWZDVGD]ZLVFKHQZDV
PLFKKLQGHUW
Y$XFKZHQQLFKPLFKQRFKVRDQVWUHQJH5LFKWLJ]XIULHGHQVLQGGLH/HKUHUPLWPLUQLH
Y(VORKQWVLFKHLJHQWOLFKNDXPGDVVLFKLQGHU6FKXOHHWZDVVDJHGLH/HKUHUKDOWHQGRFKQLFKW
YLHOGDYRQ
Y2IWNDQQLFKPLFKQRFKVRDQVWUHQJHQWURW]GHPVFKDIIHLFKQLFKWZDVDQGHUHRKQH0KH
N|QQHQ
.RUU
PLW
7RWDO
'LH5HOLDELOLWlWGHUYHUEOHLEHQGHQYLHU,WHPVLVWPLWĮ NQDSSDXVUHLFKHQGYJO
:LWWHQEHUJ 6 'HU :HUWHEHUHLFK GLHVHU6NDOD ZHOFKH DXV GLFKRWRPHQ
$XVVDJHQEHVWHKWLVW]ZLVFKHQYLHUVFKOHFKWH6HOEVWZLUNVDPNHLWVEHU]HXJXQJXQG
DFKWVHKUJXWH6HOEVWZLUNVDPNHLWVEHU]HXJXQJ
6LHKHYRUOHW]WH)X‰QRWH
0HWKRGH
(UKHEXQJVLQVWUXPHQWH
P6FKXOLVFKH1RUPYHUOHW]XQJ,WHPV6NDOD
'LH VFKXOLVFKH1RUPYHUOHW]XQJ ZXUGH HEHQIDOOV QHXEHUHFKQHW $XV GHU *UR‰VNDOD
Ä'LV]LSOLQDULVFKHV9HUKDOWHQ³YJO)HQG6ZXUGHQQXUQRFKGUHL,WHPV
]XHLQHU.XU]VNDODYHUUHFKQHW'HU*UXQGOLHJWGDULQGDVVGDPLW$JJUHVVLRQHQJH
JHQEHU 0LWVFKOHUQ YJO NXUVLY GDUJHVWHOOWH ,WHPV DXVJHVFKORVVHQ VLQG XQG QXU
GDVQRUPDEZHLFKHQGH9HUKDOWHQJHJHQEHU/HKUHUQXQGGHU6FKXOHJHPHVVHQZLUG
'LH5HOLDELOLWlWGHUYHUEOHLEHQGHQGUHL,WHPVLVWPLWĮ LPPHUQRFKVHKUKRFK
/HKUHUDEVLFKWOLFKlUJHUQ
6DFKHQNDSXWWPDFKHQGLHGHU6FKXOHJHK|UHQ
/HKUHUQIUHFKH$QWZRUWHQJHEHQ
MHPDQGYHUKDXHQGHUVFKZlFKHULVW
DQGHUHLQGHU.ODVVHKLQWHULKUHP5FNHQVFKOHFKWPDFKHQ
PLFKPLWDQGHUHQSUJHOQ
DQGHUHODXWYHUVSRWWHQ
P5DXFKHQE]Z1LNRWLQNRQVXP
'LH)UDJHÄ:LHRIWUDXFKVWGX"³JLEW$XVNXQIWGDUEHUREHLQ-XJHQGOLFKHUVFKRQ
UHJHOPl‰LJUDXFKW:LHLQ.DSLWHODXVJHIKUWNDQQYRQHLQHP0HUNPDOJH
VSURFKHQ ZHUGHQ GDV EH]JOLFK OlQJHUIULVWLJHU 3HUV|QOLFKNHLWVHQWZLFNOXQJ EHGHXW
VDPLVW
PPP(..RQVHQV]XÄZDVOHLVWHQ³ZDVJODXEHQ³XQGÄZLHEHQHKPHQ³
'LH -XJHQGOLFKHQ ZXUGHQ LP )UDJHERJHQ DXFK ]XU hEHUHLQVWLPPXQJ LKUHU(LQVWHO
OXQJHQ XQG +DOWXQJHQ PLW GHQHQ LKUHU (OWHUQ EHIUDJW Ä%HL ZHOFKHQ 7KHPHQ XQG
3UREOHPHQVWLPPVWGXPLWGHLQHQ(OWHUQEHUHLQXQGEHLZHOFKHQHKHUQLFKW"³'LH
GUHL ,WHPV ZHOFKH GLFKRWRP JHVWHOOW ZDUHQ VLQG Ä:DV LFK LQ GHU 6FKXOH OHLVWHQ
VROO³Ä:RUDQGHU0HQVFKJODXEHQVROO³XQGÄ:LHPDQVLFKEHQHKPHQVROO³:LHLQ
.DS DXVJHIKUW NDQQ GLH hEHUHLQVWLPPXQJ GHU LQQHUHQ 6LFKW GHV -XJHQGOL
FKHQPLWGHQ(OWHUQJHPl‰GHU6'7DOVHLQ0D‰GHU$XWRQRPLHYHUVWDQGHQZHUGHQ
$XFK GLH (OWHUQ.LQG%H]LHKXQJVGHILQLWLRQ LP .DSLWHO EHLQKDOWHW VROFKH hEHU
HLQVWLPPXQJHQ]ZLVFKHQ(OWHUQXQG.LQG
P=XNXQIWVEHZlOWLJXQJ6NDOD
'LH (LQVFKlW]XQJ GHU =XNXQIWVEHZlOWLJXQJ JHK|UW HEHQIDOOV ]X GHQ PRWLYDWLRQDOHQ
3HUV|QOLFKNHLWVYDULDEOHQ Ä(V JHKW XP GLH JHQHUHOOH 6LFKW GHU HLJHQHQ =XNXQIW
1LHGULJH :HUWH N|QQHQ DOV $XVGUXFN HLQHU SHVVLPLVWLVFKUHVLJQDWLYHQ +DOWXQJ GHU
=XNXQIW XQG GHQ YRQ 3HUVRQ ]X 3HUVRQ XQWHUVFKLHGOLFKHQ EHGHXWVDPHQ $XIJDEHQ
JHJHQEHUEHWUDFKWHWZHUGHQ³)HQG3UHVWHU6(VKDQGHOWVLFKEHLWLH
IHQ:HUWHQDOVRXPHLQHQ.RQWUROOYHUOXVW
P%LOGXQJVRULHQWLHUXQJ6NDOD
'LH)UDJHQ]XU%LOGXQJVRULHQWLHUXQJZXUGHQGHQ-XJHQGOLFKHQPLWIROJHQGHU(LQOHL
WXQJJHVWHOOWÄ$XIGHUUHFKWHQ6HLWHLVWHLQH5HLKHYRQ7KHPHQDQJHJHEHQXQGGX
VROOVW MHZHLOV DQNUHX]HQ ZLH RIW HV YRUNRPPW GDVV GX XQG GHLQH )UHXQGH )UHXQ
0HWKRGH
(UKHEXQJVLQVWUXPHQWH
GLQQHQEHUGLHVHV7KHPDUHGHQ³'LHVJLOWIUGLHHUVWHQGUHL)UDJHQ'LH)UDJHQ
ELVKDWWHQGLH(LQOHLWXQJÄ:DVWXVWGXZHQQGXDOOHLQHELVW"'LHUHVWOLFKHQ,WHPV
0DOHQ7DJHEXFKVFKUHLEHQXQGEDVWHOQZHOFKHLQHLQHUIUKHUHQ9HUVLRQHQWKDO
WHQZDUHQVLQGQXQQLFKW PHKULQ GLHVHU%LOGXQJVRULHQWLHUXQJVVNDODEHUFNVLFKWLJW
ZRUGHQ'LH6NDODLVWZLHGHUXPVREHUHFKQHWZRUGHQGDVVLQPLQGHVWHQVGUHL,WHPV
:HUWHHQWKDOWHQVHLQPXVVWHQXPHLQHQ6XPPHQVFRUH]XHUKDOWHQ
SROLWLVFKHXQGJHVHOOVFKDIWOLFKH3UREOHPH
)UDJHQGHV*ODXEHQVGHU:HOWDQVFKDXXQJXQGGHU5HOLJLRQ
%FKHU7KHDWHU)LOPH.XQVW
%FKHUOHVHQ
NODVVLVFKH0XVLNK|UHQ
$XIHLQHP0XVLNLQVWUXPHQWEHQ
P/HLVWXQJVPRWLYDWLRQ6NDOD
'LH 6NDOD Ä/HLVWXQJVPRWLYDWLRQ³ GHV -DKUHV ZXUGH DOV SV\FKRORJLVFKHV .RQ
VWUXNWVRZRKOLP$OWHUYRQXQGYRQ-DKUHQHUKREHQ:HLWHUH(UNOlUXQJHQHU
EULJHQVLFKGDGDV.RQVWUXNWLQ.DSLWHOJHQJHQGWKHPDWLVLHUWZXUGH
P$OOJHPHLQHV,QWHUHVVHGHV.LQGHV(
'DV ,QWHUHVVH NDQQ DOV DNWXHOOH %H]LHKXQJ ]ZLVFKHQ 3HUVRQ XQG *HJHQVWDQG YHU
VWDQGHQ ZHUGHQ 'LH GDUDXI EHUXKHQGH ,QWHUHVVHQV.RQ]HSWLRQ VWHKW JHPl‰ .UDSS
6LQ9HUELQGXQJPLWGHQGUHLDQJHERUHQHQSV\FKRORJLVFKHQ*UXQGEH
GUIQLVVHQ%DVLF1HHGVGHU6'7'LH(OWHUQZXUGHQPLWIROJHQGHU,QIRUPDWLRQDXI
GLHVH)UDJHYRUEHUHLWHWÄ:LHVHKHQ6LH,KU.LQG".HLQ.LQGJOHLFKWGHPDQGHUHQ
ZHGHUlX‰HUOLFKQRFKLP+LQEOLFNDXIVHLQHW\SLVFKHQ(LJHQKHLWHQXQG)lKLJNHLWHQ
0DQNDQQVDJHQMHGHV.LQGEHVLW]WHLQHHLQ]LJDUWLJH.RPELQDWLRQYRQ(LJHQVFKDI
WHQ:LHVHKHQ6LH,KU.LQG"³'LHNRQNUHWH$QWZRUWNRQQWHEH]JOLFKÄLQWHUHVVLHUW
VHLQYLHOH)UDJHQVWHOOHQZLVVEHJLHULJVHLQ6DFKHQJHUQDXIGHQ*UXQGJHKHQ³JH
JHEHQZHUGHQ
,QVWUXPHQWHGHUPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOH%/0%:0
%6:LP(UZDFKVHQHQDOWHUDXIGHUSV\FKRORJLVFKHQ(EHQH
'LH LQ YRUOLHJHQGHU 8QWHUVXFKXQJ DEKlQJLJHQ 9DULDEOHQ GHV (UZDFKVHQHQDOWHUV
6NDOHQ%/0%:0XQG%6:VLQGDXVIROJHQGHQ,WHPVJHELOGHWZRUGHQ
%HUXIOLFKH/HLVWXQJVPRWLYDWLRQ%/0
,FKVHW]HPLFKLQPHLQHP%HUXILPPHUVWDUNHLQ
:HQQLFKHLQHEHUXIOLFKH$XIJDEHHUOHGLJHQPXVVWXHLFKGDVLPPHUPLWJUR‰HU
$XVGDXHU
(VLVWPLUVHKUZLFKWLJLP%HUXIHUIROJUHLFK]XVHLQ
%HUXIOLFKH:HLWHUELOGXQJVPRWLYDWLRQ%:0
FRPSXWH%LOG
5QG0HDQ999999
0HWKRGH
=XGHQVWDWLVWLVFKHQ$QDO\VHYHUIDKUHQ
,FKELOGHPLFKDXFKGDQQEHUXIOLFKZHLWHUZHQQLFKGDIUDXI)UHL]HLWYHU]LFKWHQ
PXVV
,FKVFKDIIHHVHLQIDFKQLFKWDP:RFKHQHQGHRGHUDP$EHQGQRFK]XVlW]OLFKIU
GHQ%HUXI]XOHUQHQ
:HQQLFKPLFKEHUXIOLFKZHLWHUELOGHQVROOVWUlXEWVLFKLQPLUHWZDV
%HUXIOLFKH6HOEVWZLUNVDPNHLWVEHU]HXJXQJ%6:
%HUXIOLFKHQ 6FKZLHULJNHLWHQ VHKH LFK JHODVVHQ HQWJHJHQ ZHLO LFK PLFK LPPHU
DXIPHLQH)lKLJNHLWHQYHUODVVHQNDQQ
,FKIKOHPLFKGHQPHLVWHQEHUXIOLFKHQ$QIRUGHUXQJHQJHZDFKVHQ
%HLPHLQHU$UEHLWJHOLQJWPLUDXFKGLH/|VXQJVHKUVFKZLHULJHU$XIJDEHQ
'LH 5HOLDELOLWlWHQ GLHVHU 6NDOHQ VLQG Į %/0 Į %:0 XQG Į %6:
'LH9DULDEOHQ]XUDOOJHPHLQHQ=XIULHGHQKHLWEHUEHGHXWVDPH/HEHQVEHUHLFKHZHU
GHQ IU Ä$EUXQGXQJVEHUHFKQXQJHQ³ YJO .DS HEHQIDOOV YHUZHQGHW 7DEHOOH
JLEWHLQHQhEHUEOLFN
7DEHOOH
9DULDEOHQGHUDOOJHPHLQHQ=XIULHGHQKHLWEHUZHVHQWOLFKH/HEHQVEHUHLFKH
$ENU]XQJ 9DULDEOHQ
]IM
]ID
]IE
]IIU
]IOH
=XIUPLW-XJHQG]HLWUHWUR
VSHNWLY
=XIULPLW$UEHLWVVWHOOH
=XIULPLW%HUXI
=XIULPLW)UHL]HLW
=XIULPLW/HEHQLQVJHVDPW
:RUWODXW
:HQQ6LHDQ,KUH-XJHQG]HLW]ZLVFKHQXQG-DKUHQ]X
UFNGHQNHQ:LHKDEHQ6LHGLHVH=HLWHUOHEW"
:LH]XIULHGHQVLQG6LHLQVJHVDPWPLW,KUHU$UEHLWVVWHOOH"
:LH]XIULHGHQVLQG6LHLQVJHVDPWPLW,KUHP%HUXI"
:LH]XIULHGHQVLQG6LHLQVJHVDPWPLW,KUHU)UHL]HLWJHVWDOWXQJ"
:LH]XIULHGHQVLQG6LHLQVJHVDPWPLW,KUHP/HEHQLQVJHVDPW"
=XGHQVWDWLVWLVFKHQ$QDO\VHYHUIDKUHQ
6WDWLVWLVFKH.HQQZHUWH
.RUUHODWLRQVNRHIIL]LHQWU
'DV(IIHNWVWlUNHPD‰UZLUGDEDOVNOHLQHU(IIHNWDEDOVPLWWOHUHU(IIHNWXQG
DEDOVJUR‰HU(IIHNWGHILQLHUWYJO5RVW6
(IIHNWVWlUNHG
%HLP0LWWHOZHUWVYHUJOHLFK]ZHLHU*UXSSHQZlKOWPDQJHUQGDV(IIHNWVWlUNHPD‰G
'HQQ HV JLEW ]XVlW]OLFK ]XP HUKDOWHQHQ 6LJQLILNDQ].HQQZHUW DXV ZLH EHGHXWVDP
E]ZZLHVWDUNGHU8QWHUVFKLHGLVWGLVWGHILQLHUWGXUFKGLH'LIIHUHQ]GHU0LWWHOZHUWH
EHLGHU *UXSSHQ 00 JHWHLOW GXUFK GLH 6WDQGDUGDEZHLFKXQJ V GHU 3RSXODWLRQ
RGHUEHLGHU*UXSSHQDOVJHPLWWHOWH6WDQGDUGDEZHLFKXQJ
%HLG VSULFKWPDQYRQHLQHPNOHLQHQ(IIHNWDEG YRQHLQHPPLWWOHUHQXQG
DEG YRQHLQHPJUR‰HQ(IIHNWYJOHEG
0HWKRGH
=XGHQVWDWLVWLVFKHQ$QDO\VHYHUIDKUHQ
&URQEDFK¶V$OSKD
&URQEDFK¶V$OSKDLVW$XVGUXFNIUGLHLQWHUQH.RQVLVWHQ]HLQHUGHILQLHUWHQ6NDOD-H
K|KHUGDV0D‰PLWZHOFKHPGLHHLQ]HOQHQ,WHPVGDVJOHLFKHPHVVHQGHVWRJU|VVHU
GLHJHVDPWKDIWH0HVVJHQDXLJNHLWGHU6NDOD3HU.RQYHQWLRQZLUG&URQEDFK¶V$OSKD
IROJHQGHUPD‰HQLQWHUSUHWLHUWYJO:LWWHQEHUJ6
$OSKDNHLQHDXVUHLFKHQGH5HOLDELOLWlW
$OSKD•DXVUHLFKHQGH5HOLDELOLWlW
$OSKD•]XIULHGHQVWHOOHQGH5HOLDELOLWlW
$OSKD•KRKH5HOLDELOLWlW
7UHQQVFKlUIHNRHIIL]LHQWULW
'HU7UHQQVFKlUIHNRHIIL]LHQWJLOWÄDOVZRKOZLFKWLJVWHV.ULWHULXP]XU%HXUWHLOXQJGHU
%UDXFKEDUNHLWHLQHV,WHPV³%KO =|IHO6(UPLVVWGLH.RUUHODWLRQ
]ZLVFKHQ GHP :HUW HLQHV HLQ]HOQHQ ,WHPV XQG GHU 6XPPH GHU $QWZRUWHQ DXI GLH
EULJHQ,WHPV$OV*WHVWDQGDUGVIUULWKDEHQVLFKIROJHQGH:HUWHEHZlKUW
ULW•
JXWHVELVVHKUJXWHV,WHP
”ULW” EUDXFKEDUHV,WHP
”ULW” UHYLVLRQVEHGUIWLJHV,WHP
XQEUDXFKEDUHV,WHP
ULW”
9DOLGLWlWE]Z+RPRJHQLWlW
'LH3UIXQJDXI+RPRJHQLWlWHUIROJWPLWWHOVH[SORUDWLYHU)DNWRUHQDQDO\VHXQGZLUG
QXU EHL QHX JHELOGHWHQ 6NDOHQ GXUFKJHIKUW 9HUELUJW VLFK KLQWHU HLQHP 9DULDEOHQ
EQGHOQXUHLQHLQ]LJHU)DNWRUVRLVWGLH(LQGLPHQVLRQDOLWlWGHU6NDODXQGGDPLWLK
UH+RPRJHQLWlWEHVWlWLJW:HUGHQKLQJHJHQPHKUHUH)DNWRUHQH[WUDKLHUW.ULWHULXP
(LJHQZHUW!VRVLQGGLHVH9DULDEOHQQLFKWPHKUDOVKRPRJHQ]XEHWUDFKWHQYJO
:LWWHQEHUJ6
=XU3UREOHPDWLNGHU9HUlQGHUXQJVPHVVXQJXQG]XU6WUXNWXUJOHL
FKXQJVPRGHOOEHUHFKQXQJ
6FKQHLGHU VFKUHLEW VFKRQ YRU -DKUHQ EHU GLH 6FKZLHULJNHLW EHL GHU
OlQJVVFKQLWWOLFKHQ(UIDVVXQJSV\FKRORJLVFKHU0HUNPDOHÄ'HEDWWHQEHU6FKZLHULJ
NHLWHQGHU(UIDVVXQJHQYRQ9HUlQGHUXQJHQLQSV\FKRORJLVFKHQ0HUNPDOHQVLQGQXQ
VFKRQVHLWPHKUHUHQ-DKU]HKQWHQJHIKUWZRUGHQ³6,P)ROJHQGHQZHUGHQGLH
LQ GLHVHU 6WXGLH HLQJHVHW]WHQ VWDWLVWLVFKHQ 9HUIDKUHQ XPULVVHQ XQG DXI GHUHQ
6FKZDFKVWHOOHQKLQJHZLHVHQ
0XOWLSOH5HJUHVVLRQVDQDO\VHQ
'LH5HJUHVVLRQVDQDO\VHLVWSULQ]LSLHOOIUVFKXOEH]RJHQH/lQJVVFKQLWWVWXGLHQJHHLJ
QHWÄ,PNODVVLVFKHQ0RGHOOGHU5HJUHVVLRQVDQDO\VHZLUGGHU:HUWHLQHUDEKlQJLJHQ
9DULDEOHQGHP.ULWHULXPGXUFKGLHJHZLFKWHWH6XPPHYRQ1XQDEKlQJLJHQ9DUL
DEOHQ GHQ 3UlGLNWRUHQ VR ]X VFKlW]HQ YHUVXFKW GDVV GLH 6XPPH GHU TXDGULHUWHQ
5HVLGXHQ'LIIHUHQ]HQ]ZLVFKHQGHPDNWXHOOHQ.ULWHULXPVZHUWXQGVHLQHP6FKlW]
ZHUWHLQ0LQLPXPHUJLEW³DD26
0HWKRGH
=XGHQVWDWLVWLVFKHQ$QDO\VHYHUIDKUHQ
(LQ HUVWHV 3UREOHP VR 6FKQHLGHU ZHLWHU LVW GDVV IU GLH 3UlGLNWRUHQ IHKOHUIUHLH
0HVVXQJHQXQWHUVWHOOWZHUGHQ(LQ]ZHLWHVLVWGDVVSULQ]LSLHOO8QDEKlQJLJNHLW]ZL
VFKHQGHQ3UlGLNWRUHQDQJHQRPPHQZLUG(VJLOWHLJHQWOLFKGLH9RUDXVVHW]XQJGDVV
HV NHLQH VLJQLILNDQWHQ =XVDPPHQKlQJH ]ZLVFKHQ GHQ 3UlGLNWRUHQ JHEHQ GDUI 2IW
PDOV WULIIW PDQ DEHU DXI 0XOWLNROOLQHDULWlW ZDV VLFK QHJDWLY DXI GLH6FKlW]XQJ GHV
6WDQGDUGIHKOHUVGHU5HJUHVVLRQVNRHIIL]LHQWHQDXVZLUNW
'LHVH]ZHL0HVVIHKOHUSUREOHPHJHOWHQDXFKIUGLHKLHUDUFKLVFKH5HJUHVVLRQVDQDO\
VHZHOFKHLQVFKXOEH]RJHQHQ/lQJVVFKQLWWVWXGLHQJUR‰H%HDFKWXQJHUIDKUHQKDW
3IDGDQDO\VHQ
3IDGDQDO\VHQ PLW PDQLIHVWHQ 9DULDEOHQ EHU GLH VLFK $EKlQJLJNHLWVEH]LHKXQJHQ
]ZLVFKHQ3UlGLNWRUYDULDEOHQPRGHOOLHUHQODVVHQVWHOOHQNRQVHTXHQWH:HLWHUHQWZLFN
OXQJHQGHV5HJUHVVLRQVDQVDW]HVGDU
'LH3IDGDQDO\VHELHWHWGLH0|JOLFKNHLWSRVWXOLHUWH=XVDPPHQKlQJH ]ZLVFKHQ3Ul
GLNWRUYDULDEOHQ LQ LKUHU (LQZLUNXQJ DXI HLQ JHJHEHQHV .ULWHULXP JHQDXHU GK PLW
GLUHNWHQ XQG LQGLUHNWHQ (LQIOVVHQ ]X EHUSUIHQ -HGRFK JLEW HV DXFK KLHU ]ZHL
JUR‰H1DFKWHLOHLQ)RUPYRQ9RUDQQDKPHQ'LH9DULDEOHQZlUHQPHVVIHKOHUEHUHL
QLJWXQGGLH5HVLGXHQGHUXQWHUVFKLHGOLFKHQ*OHLFKXQJHQYRQHLQDQGHUXQDEKlQJLJ
)U YLHOH JUR‰DQJHOHJWH 3URMHNWH PLW YLHOHQ 9DULDEOHQ ]X XQWHUVFKLHGOLFKHQ 0HVV
]HLWSXQNWHQODVVHQVLFKDEHUUHJUHVVLRQVXQGSIDGDQDO\WLVFKH9HUIDKUHQDXIGHU%D
VLVPDQLIHVWHU9DULDEOHQQLFKWPHKUVLQQYROOYHUZHQGHQYJODD26I
6WUXNWXUJOHLFKXQJVPRGHOOH
.DXVDOPRGHOOH PLWODWHQWHQ9DULDEOHQELHWHQGHQ3IDGDQDO\VHQJHJHQEHUGHQJUR
‰HQ9RUWHLOGDVVVLHPHVVIHKOHUEHUHLQLJWDUEHLWHQ
(LQIDFKH NRUUHODWLYH =XVDPPHQKlQJH ]ZLVFKHQ GHQ ZLFKWLJVWHQ PRWLYDWLRQDOHQ
VFKXOLVFKHQIDPLOLlUHQXQGVR]LDOHQ%HGLQJXQJVPHUNPDOHQXQGGHQ.ULWHULHQÄPR
WLYDWLRQDOH 9DULDEOHQ LP (UZDFKVHQHQDOWHU³ VLQG IU HLQH YHUOlVVOLFKHU 9RUKHUVDJH
QLFKWDXVUHLFKHQG1XUGXUFKGLHJOHLFK]HLWLJH%HUFNVLFKWLJXQJGHU,QWHUGHSHQGHQ
]HQ]ZLVFKHQYHUVFKLHGHQHQ'HWHUPLQDQWHQGHU/HLVWXQJVPRWLYDWLRQLQKLHUDUFKLVFK
JHJOLHGHUWHQ6WUXNWXUPRGHOOHQLVWGHUSUlGLNWLYH:HUWIUGLH%HVWLPPXQJGHU.ULWH
ULXPVYDULDEOHQDEVFKlW]EDU
6WUXNWXUDQDO\WLVFKH$QVlW]H«EHGLHQHQVLFKGHV0HKUHEHQHQDQVDW]HVXQG]LH
OHQ GDUDXI DE GHQ UHODWLYHQ (LQIOXVV EHZlKUWHU 0HUNPDOH GHU 6FKOHUSHUV|Q
OLFKNHLW GHV IDPLOLlUHQ XQG VR]LDOHQ +LQWHUJUXQGV LQ LKUHU JHJHQVHLWLJHQ 9HU
QHW]XQJ«]XDQDO\VLHUHQ'LHVJHVFKLHKWYRUZLHJHQGPLW+LOIHYRQ3IDGDQDO\
VHQRGHU6WUXNWXUJOHLFKXQJVPRGHOOHQGHUHQEHVRQGHUHU9RUWHLOHEHQGDULQOLHJW
GLH UHODWLYHQ GLUHNWHQ ZLH LQGLUHNWHQ 9RUKHUVDJHJHZLFKWH GHU HLQ]HOQHQ 0HUN
PDOH«]XEHVWLPPHQ6DXHU6II+HUYRUKHEXQJGXUFK'/
6WUXNWXUJOHLFKXQJVPRGHOOH ELOGHQ NDXVDOH $EKlQJLJNHLWHQ ]ZLVFKHQ EHVWLPPWHQ
0HUNPDOHQDEZREHLHLQWKHRUHWLVFKIXQGLHUWHV+\SRWKHVHQV\VWHPYRUOLHJHQPXVV
0HWKRGH
=XGHQVWDWLVWLVFKHQ$QDO\VHYHUIDKUHQ
'DV%HVRQGHUHLVWGDVVVLFK%H]LHKXQJHQ]ZLVFKHQODWHQWHQGKQLFKWGLUHNW
EHREDFKWEDUHQ9DULDEOHQ]HLJHQODVVHQ(VVLQGK\SRWKHWLVFKH.RQVWUXNWHZLH
]% 6R]LDOLVDWLRQ (LQVWHOOXQJ 9HUKDOWHQVLQWHQWLRQ 6R]LDOVWDWXV 0RWLYDWLRQ
RGHU$JJUHVVLRQ'LHVHZHUGHQGXUFKHLQHQRGHUPHKUHUH,QGLNDWRUHQRSHUD
WLRQDOLVLHUWXQGVRPLWGHILQLHUW,QHLQHPVRJ6WUXNWXUPRGHOOZHUGHQGLHDXI
JUXQG WKHRUHWLVFKHU E]Z VDFKORJLVFKHU hEHUOHJXQJHQ DXIJHVWHOOWHQ %H]LH
KXQJHQ ]ZLVFKHQ GLHVHQ K\SRWKHWLVFKHQ .RQVWUXNWHQ HUVLFKWOLFK JHPDFKW
6RPLW JLEW HV DOVR PHKUHUH XQDEKlQJLJH DOV DXFK PHKUHUH DEKlQJLJH ODWHQWH
9DULDEOHQ6WUXNWXUJOHLFKXQJVPRGHOOHVWHOOHQHLQH$QDO\VHDXIGHU(EHQHYRQ
DJJUHJLHUWHQ 'DWHQ GDU XQG EHUSUIHQ HLQ JHJHEHQHV +\SRWKHVHQV\VWHP LQ
VHLQHU *HVDPWKHLW %DFNKDXV (ULFKVRQ 3OLQNH :HLEHU +HUYRUKH
EXQJGXUFK'/
:lKUHQGEHUHLQ0HVVPRGHOOGLH%H]LHKXQJ]ZLVFKHQGHQJHPHVVHQHQ,QGLNDWRUHQ
XQGGHQODWHQWHQ.RQVWUXNWHQGHILQLHUWZLUGGLHQWGDV6WUXNWXUJOHLFKXQJVPRGHOOGD
]X GLH $EKlQJLJNHLWHQ ]ZLVFKHQ GHQ ODWHQWHQ 9DULDEOHQ IHVW]XOHJHQ 'DV HLJHQWOL
FKH.DXVDOPRGHOOLVWDOVRDXIGHU(EHQHGHUODWHQWHQ.RQVWUXNWHVSH]LIL]LHUWXQGLQ
GHU 5HJHO LQWHUHVVLHUW GLHVH (EHQH 'DEHL VLQG H[RJHQH 9DULDEOHQ VROFKH GLH QLFKW
GXUFK YRUKHUJHKHQGH 0HUNPDOH HUNOlUW ZHUGHQ ZlKUHQG HQGRJHQH GXUFK GLUHNWH
RGHU LQGLUHNWH (IIHNWH GHU YRUJHRUGQHWHQ 9DULDEOHQ PLWEHVWLPPW XQG HUNOlUW VLQG
'RSSHOSIHLOH]HLJHQ.RUUHODWLRQHQHLQIDFKH3IHLOHVWHKHQIUNDXVDOH6WUXNWXUNRHI
IL]LHQWHQYJO6FKQHLGHU6
3UREOHPH EHL GHU 0RGHOOEHZHUWXQJ YRQ 6WUXNWXUJOHLFKXQJVPRGHOOHQ HQWVWHKHQ GD
GXUFKGDVVIDVWDOOHYHUIJEDUHQ0RGHOODQSDVVXQJVNHQQZHUWHYRQGHU6WLFKSUREHQ
JU|‰HDEKlQJLJVLQG-HJU|‰HUGLH6WLFKSUREHGHVWRJU|‰HULVWGLH:DKUVFKHLQOLFK
NHLWGDVVGLH%HZHUWXQJGHV0RGHOOVQHJDWLYDXVIlOOWYJO0DUVK%DOOD0F'R
QDOG ]LWLHUW QDFK 6FKQHLGHU 6 'LH GXELRVH /RJLN GHU 0RGHOOEH
ZHUWXQJHLQWKHRUHWLVFKHV0RGHOOZLUGGXUFKHLQHQQLFKWVLJQLILNDQWHQ&KL4XDGUDW
:HUWJHVWW]WNDQQGD]XYHUOHLWHQHLQH%HVWlWLJXQJGHU1XOOK\SRWKHVH]XHUVWUHEHQ
ZDV VLFK GXUFK GLH :DKO HLQHU NOHLQHQ 6WLFKSUREH 1 YHUKlOWQLVPl‰LJ OHLFKW
UHDOLVLHUHQOlVVW%HLGHU0RGHOOEHZHUWXQJVROOWHPDQVLFKLPPHULP.ODUHQGDUEHU
VHLQGDVV'DWHQHLQ0RGHOOQLHPDOVHLQGHXWLJEHVWlWLJHQN|QQHQYJODD26
5RVWHPSILHKOWLPPHUPHKUHUH)LW,QGL]HVDQ]XJHEHQZHLOVLHMHZHLOVXQWHU
VFKLHGOLFKH hEHUHLQVWLPPXQJVDVSHNWH TXDQWLIL]LHUHQ YJO 6 'LHV VLQG &KL
4XDGUDW GI XQG S:HUW WHVW RI SHUIHFW ILW *RRGQHVVRI)LW,QGH[ *), $G
MXVWHG*RRGQHVVRI)LW,QGH[ $*), $NDLNH ,QIRUPDWLRQ &ULWHULRQ $,& 5RRW
0HDQ 6TXDUH (UURU RI $SSUR[LPDWLRQ 506($ XQG 3FORVH:HUW XP GLH1XOOK\
SRWKHVH]XSUIHQ%HLJURVVHQ6WLFKSUREHQLVWGHU&KL4XDGUDW7HVWQLFKWDXVVDJH
NUlIWLJYJO5XGROI0OOHU6I
,Q 7DEHOOH VLQG GLH HPSIRKOHQHQ .HQQZHUWH IU HLQHQ JXWHQ 0RGHOOILW DXIJH
IKUW,QGHQHLQ]HOQHQ6WUXNWXUJOHLFKXQJVPRGHOOHQLQ.DSVLQGGLHVH.HQQZHUWH
DXVJHZLHVHQ
0HWKRGH
7DEHOOH
=XGHQVWDWLVWLVFKHQ$QDO\VHYHUIDKUHQ
)LW,QGL]HVYRQ6WUXNWXUJOHLFKXQJVPRGHOOHQ
4XHOOHQ
6FKPLGW XQG 'DYL
GRY %KQHU
6
&KLGI
3/HYHO
*),
$*),
$,&
506($
•&KLGI•
•
•
•
MHWLHIHUGHVWR
EHVVHU
3&ORVH
•
•
4XHOOH
%HUJHUXQWHU
%H]XJQDKPHDXI+X
XQG%HQWOHU
XQG)DQ7KRPS
VRQXQG:DQJ
4XHOOH
%DFNKDXV(ULFKVRQ3OLQNHXQG
:HLEHU
%HPHUNXQJHQQDFK%HUJHU
•&KLGI•
&KLGIP|JOLFK •
•
•
•
VHKUVHQVLWLYJHJHQEHU
6WLFKSUREHQJU|VVH
506($JXW
506($DN]HSWDEHO
506($LQDN]HSWDEHO
•
6HKUVHQVLWLYJHJHQEHU
NRPSOH[HQ0RGHOOVSH]LILND
WLRQHQ
9HUZLUIWEHLNOHLQHQ6WLFKSUR
EHQ]XRIWULFKWLJH0RGHOOH
,QVJHVDPW NDQQ JHVDJW ZHUGHQ GDVV ]ZDU 6WUXNWXUJOHLFKXQJVPRGHOOH DP HKHVWHQ
GD]XJHHLJQHW VLQGÄHUK|KWHQ$QVSUFKHQDQGLH$XVZHUWXQJYRQVFKXOEH]RJHQHQ
/lQJVVFKQLWWGDWHQ ]X JHQJHQ «MHGRFK VROOWH QLFKW EHUVHKHQ ZHUGHQ GDVV DXFK
GLHVH3UR]HGXUHQQDFKZLHYRU6FKZDFKVWHOOHQDXIZHLVHQ«³6FKQHLGHU6
'DV IROJHQGH =LWDW YRQ 6DXHU ZHLVW DXI GLH 3UlGLNWLRQ YRQ 6FKXOHUIROJ KLQ
XQGEHVFKUHLEWGLH%HGHXWXQJYRQ0RGHUDWRUYDULDEOHQLQGLIIHUHQWLHOOHU+LQVLFKW
1HEHQ GHU JUXQGOHJHQGHQ )HVWOHJXQJ GHU 3UlGLNWRUHQ XQG .ULWHULHQ NDQQ PDQ
DXI XQWHUVFKLHGOLFKH :HLVH ]XU (UVWHOOXQJ HLQHU 3URJQRVH JHODQJHQ ZREHL LP
=XVDPPHQKDQJPLW6FKXOHUIROJHUQVW]XQHKPHQGH9RUKHUVDJHQQXUDXIGHU%D
VLV PXOWLSOHU E]Z PXOWLSOHU GLIIHUHQWLHOOHU 3URJQRVHPRGHOOH JHPDFKW ZHUGHQ
N|QQHQ ,Q GHU /LWHUDWXU KLQOlQJOLFKGLVNXWLHUW LVW GHU (LQIOXVV YRQ Ã0RGHUDWRU
9DULDEOHQ¶GHUHQ%HUFNVLFKWLJXQJGLH%H]LHKXQJHQ]ZLVFKHQ3UlGLNWRUHQXQG
.ULWHULHQGLIIHUHQ]LHUHQPHLVWDOVÃGLIIHUHQWLHOOHU9RUKHUVDJEDUNHLW¶EH]HLFKQHW
6HLW ODQJHP EHNDQQW LVW GLH PRGHULHUHQGH :LUNXQJ YRQ bQJVWOLFKNHLW DXI GLH
%H]LHKXQJ ]ZLVFKHQ ,QWHOOLJHQ] XQG 6FKXOQRWHQ ZLH DXFK GLH GHV *HVFKOHFKWV
GHU6FKOHUDXIGHQJHQDQQWHQ=XVDPPHQKDQJ6DXHU6II+HUYRU
KHEXQJGXUFK'/
+LHUDXV NDQQ DEJHOHLWHW ZHUGHQ GDVV GLH 9DULDEOHQ GHU VR]LDOHQ (LQJHEXQGHQKHLW
EHUGLH/HLVWXQJVPRWLYDWLRQLP-XJHQGDOWHUDOV0RGHUDWRUDXIGLHEHUXIOLFKH:HL
WHUELOGXQJVXQG/HLVWXQJVPRWLYDWLRQZLUNHQ
6LHKHKLHU]XDXFK0RGHOOSUlVHQWDWLRQHQLQ6WHFKHU6II
(UJHEQLVVH
/HLVWXQJVPRWLYDWLRQXQG.RQWUROOYDULDEOHQ
(UJHEQLVVH
/HLVWXQJVPRWLYDWLRQXQG.RQWUROOYDULDEOHQ
0RWLYDWLRQDOH3HUV|QOLFKNHLWVPHUNPDOHXQG.RQWUROOYDULDEOHQLP-X
JHQGDOWHU
'LH/HUQXQG/HLVWXQJVPRWLYDWLRQYHUOlXIWDXVHQWZLFNOXQJVSV\FKRORJLVFKHU6LFKW
XQGDXFKJHPl‰HPSLULVFKHU%HIXQGODJHGHUDUWGDVVVLHVLFKLQGHU$GROHV]HQ]WHQ
GHQ]LHOO HKHU YHUVFKOHFKWHUW )HQG IDQG EHL GLHVHP (QWZLFNOXQJVSKlQRPHQ
DEHUNRQWH[WXHOOH8QWHUVFKLHGH]%'HXWVFKODQG±6FKZHL]XQGZHLVWDXFKDXIGLH
5ROOH GHV *HVFKOHFKWV KLQ 6HLQHU 0HLQXQJ QDFK VSLHOHQ HQWZLFNOXQJVSV\FKRORJL
VFKHDOVDXFKNRQWH[WXHOOH(LQIOVVHHLQH5ROOHYJO6'LH$EQDKPHGHU/HLV
WXQJVPRWLYDWLRQ OlVVW VLFK QDFK (FFOHV XQG 0LGJOH\ P|JOLFKHUZHLVH DXFK
GXUFK GLH IHKOHQGH hEHUHLQVWLPPXQJ ]ZLVFKHQ VWHLJHQGHP $XWRQRPLHEHVWUHEHQ
XQGNRQWUROOLHUHQGHP/HUQVHWWLQJLQGHU6FKXOHHUNOlUHQÄ6WDJH(QYLURQPHQW)LW³
'LH/HLVWXQJVPRWLYDWLRQVWHKWLP =HQWUXPGLHVHU$UEHLW'DUXPZLUGVLHLP)RO
JHQGHQEH]JOLFK$OWHU6FKXOW\SXQG*HVFKOHFKWGDUJHVWHOOWXQGJHSUIW:LHEH
UHLWVHUZlKQWYJO.DSZLUGGLH6R]LDOLVDWLRQYRQPlQQOLFKHQ-XJHQGOLFKHQ
DQ +DXSWVFKXOHQ XQG *\PQDVLHQ IRNXVVLHUW VFKXOIRUPVSH]LILVFKH W7HVWV QXU IU
PlQQOLFKH6FKOHULQ7DEHOOH
7DEHOOH
W7HVWVEHU/HLVWXQJVPRWLYDWLRQLQ$EKlQJLJNHLWGHV*HVFKOHFKWVDXQGGHU*UXSSHEGLIIHUHQ]LHUWQDFK$OWHU
/HLVWXQJVPRWLYDWLRQPLW-
/HLVWXQJVPRWLYDWLRQPLW-
/HLVWXQJVPRWLYDWLRQPLW-
/HLVWXQJVPRWLYDWLRQPLW-
PlQQOLFK
+656*<
Q
0
ZHLEOLFK
+656*<
6'
6(
Q
PlQQOLFK+6
Q
0
6'
/HLVWXQJVPRWLYDWLRQPLW- /HLVWXQJVPRWLYDWLRQPLW- /HLVWXQJVPRWLYDWLRQPLW- /HLVWXQJVPRWLYDWLRQPLW-
0
6'
6( PlQQOLFK*<
6(
Q
0
6'
W7HVW:HUWH
/HYHQH
7HVW
GI
6( 7
VLJQ
S
QV
QV
QV
W7HVW:HUWH
/HYHQH
7HVW
7
GI
VLJQ
S
QV
QV
QV
Q *U|VVHGHU7HLOVWLFKSUREH0 0LWWHOZHUW6' 6WDQGDUGDEZHLFKXQJVWDQGDUGGHYLDWLRQ6( 6WDQGDUGIHKOHUVWDQGDUGHUURU
SSSQVQLFKWVLJQLILNDQWGLH6WLFKSUREHGHUPlQQOLFKHQ+DXSWVFKOHULP$OWHUYRQ-DKUHQLVWPLWQ ]X
NOHLQGHVKDOEZXUGHGRUWNHLQW7HVWGXUFKJHIKUWijVWHKWIUXQJOHLFKH9DULDQ]HQ/HYHQH7HVWXQWHU
'DV.RQVWUXNWLVWHUVWLP-DKUMlKULJH-XJHQGOLFKHHUKREHQZRUGHQ'HU6XPPHQZHUWGHUGUHL
,WHPVZXUGHXQYHUlQGHUWDXVGHU.RQVWDQ]HU-XJHQGVWXGLHEHUQRPPHQVD)HQG6
:LHLQ.DSLWHODXIJHIKUWZLUG]ZLVFKHQGHQ6FKXOIRUPHQ+6 +DXSWVFKXOH56 5HDOVFKXOHXQG
*< *\PQDVLXPXQWHUVFKLHGHQ'LHLQWHJULHUWH*HVDPWVFKXOH,*ZLUGQXUGDQQPLWHLQEHUHFKQHWZHQQ
GLHJHVDPWH6WLFKSUREHYHUZHQGHWZLUG'LH)DOO]DKOHQGHUYHUZHQGHWHQ9DULDEOHQVRZRKOLP-XJHQGDOWHU
DOVDXFKLP(UZDFKVHQHQDOWHUVLQGHEHQIDOOVLQ.DSLWHOSUR*UXSSHJHVDPWH6WLFKSUREHZHLEOLFKH-X
JHQGOLFKHPlQQOLFKH-XJHQGOLFKHPlQQOLFKH*\PQDVLDVWHQXQGPlQQOLFKH+DXSWVFKOHULQ7DEHOOH
DXIJHOLVWHW
(UJHEQLVVH
/HLVWXQJVPRWLYDWLRQXQG.RQWUROOYDULDEOHQ
*HPl‰ VFKOLH‰HQGHU 6WDWLVWLN YJO W7HVW LQ 7DEHOOH XQG GHVNULSWLYHU 'DUVWHO
OXQJ YJO $EELOGXQJ ODVVHQ VLFK NHLQH JHQHUHOOHQ JHVFKOHFKWV XQG VFKXOW\
SHQVSH]LILVFKHQ 8QWHUVFKLHGH DXVPDFKHQ PLW HLQHU JHVFKOHFKWVSH]LILVFKHQ $XV
QDKPHVLHKHVFKDWWLHUWHV)HOGLQ7DEHOOH-HGRFK]HLJHQVLFKGLH.XUYHQYHUOlX
IHLQGHU/HLVWXQJVPRWLYDWLRQLQ IDVWOLQHDUHU$EKlQJLJNHLWGHV$OWHUVXQGGDVEHL
DOOHQ*UXSSHQZLH$EELOGXQJ]HLJW
6FKXOIRUP
+6
56
*<
6FKXOIRUP
+6
56
$OWHU
.QDEHQ
$EELOGXQJ
,QGH[ZHUWH
/HLVWXQJV
PRWLYDWLRQ
$OWHU
,QGH[ZHUWH
/HLVWXQJV
PRWLYDWLRQ
*<
0lGFKHQ
9HUODXIGHU/HLVWXQJVPRWLYDWLRQLP$OWHUYRQELV-DKUHQGLIIHUHQ]LHUWQDFK*HVFKOHFKWPZXQG6FKXOW\S
+656*<IHKOHQGHU:HUWEHL+6PlQQOLFKLP-DKUDXIJUXQGQ =XGHQPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHQN|QQHQQHEHQGHU/HLVWXQJVPRWL
YDWLRQZHLWHUH,WHPVXQG.RQVWUXNWHPPJH]lKOWZHUGHQYJO7DEHOOHVD
.DS
7DEHOOH
0RWLYDWLRQDOH3HUV|QOLFKNHLWVPHUNPDOHLP-XJHQGDOWHU
P/HLVWXQJVPRWLYDWLRQ6NDOD
PVFKXO/HLVWXQJVDQJVW6NDOD
P%HJDEXQJV]XVFKUHLEXQJ6NDOD
P6HOEVWZLUNVDPNHLWVEHU]HXJXQJ6NDOD
PVFKXOLVFKH1RUPYHUOHW]XQJ6NDOD
P5DXFKHQ(LQ]HOLWHP
P(..RQVHQVZDVOHLVWHQ(LQ]HOLWHPGLFKRWRP
P(..RQVHQVZDVJODXEHQ(LQ]HOLWHPGLFKRWRP
P(..RQVHQVZLHEHQHKPHQ(LQ]HOLWHPGLFKRWRP
P=XNXQIWVEHZlOWLJXQJ6NDOD
P%LOGXQJVRULHQWLHUXQJ6NDOD
P/HLVWXQJVPRWLYDWLRQ6NDOD
PDOOJ,QWHUHVVHGHV.LQGHV(LQ]HOLWHPDXV(OWHUQVLFKW
'LHHUVWHQYLHU$VSHNWH/HLVWXQJVPRWLYDWLRQVFKXO/HLVWXQJVDQJVW%HJDEXQJV]X
VFKUHLEXQJ XQG 6HOEVWZLUNVDPNHLWVEHU]HXJXQJ VWHOOHQ ZHVHQWOLFKH $VSHNWH GHV
SV\FKRORJLVFKHQ%HJULIIVGHUÄ/HUQXQG/HLVWXQJVPRWLYDWLRQ³GDU'LHEHLGHQ9D
ULDEOHQVFKXOLVFKH1RUPYHUOHW]XQJXQG5DXFKHQJUQGHQDXIGHUKDQGOXQJVWKHRUHWL
VFKHQE]ZLQWHUDNWLRQLVWLVFKHQ7KHRULHXQGZHLVHQDXIGLHDNWLYH5ROOHGHV-XJHQG
OLFKHQ LQ VHLQHU 6R]LDOLVDWLRQ KLQ 'LHVH N|QQHQ ]X GHQ GHPRWLYDWLRQVUHOHYDQWHQ
$VSHNWHQ UXQG XP GLH 6FKXOH JH]lKOW ZHUGHQ 'HU .RQVHQV ]ZLVFKHQ (OWHUQ XQG
.LQG (..RQVHQV EH]JOLFK /HLVWXQJVHUEULQJXQJ LQ GHU 6FKXOH *ODXEHQ XQG
%HQHKPHQZHLVWDXIGLHLQQHUH+DOWXQJGHU-XJHQGOLFKHQKLQLQZLHIHUQVLHVLFKGHP
(OWHUQKDXV JHJHQEHU HKHU DEJUHQ]HQ RGHU YHUEXQGHQ EOHLEHQ :lKUHQG GLH %LO
GXQJVRULHQWLHUXQJ YRU DOOHP GLH NRQNUHWHQ XQG ELOGXQJVYHUEXQGHQGHQ 7lWLJNHLWHQ
HUIDVVW ZHLVW GLH 6NDOD =XNXQIWVEHZlOWLJXQJ GLH =XYHUVLFKW GHU -XJHQGOLFKHQ LP
+LQEOLFN DXI GLH ]XNQIWLJH $XIJDEHQEHZlOWLJXQJ DXV 'LH Ä/HLVWXQJVPRWLYDWLRQ
³PYHUZHLVWDXIGDVVHOEHSV\FKRORJLVFKH.RQVWUXNWZLHHVLP-DKUHHU
8PGLH/HVEDUNHLWGHU.XUYHQYHUOlXIH]XYHUEHVVHUQVLQGGLH2UGLQDWHQLP)ROJHQGHQDXVVFKQLWWZHLVH
RKQH1XOOSXQNWGDUJHVWHOOW
(UJHEQLVVH
/HLVWXQJVPRWLYDWLRQXQG.RQWUROOYDULDEOHQ
KREHQZXUGHP6FKOLH‰OLFKLVWPLWHLQHPHLQ]HOQHQ,WHPGDVDOOJHPHLQH,QWHUHV
VHGHV.LQGHVDXV(OWHUQVLFKWHUKREHQZRUGHQ'LHVHVVWHOOWYRUDOOHPGLHGLVSRVLWLR
QDOH LQWULQVLVFKH 0RWLYDWLRQ GHV .LQGHV GDU /HLGHU NDQQ HV QLFKW LQ 6WUXNWXUJOHL
FKXQJHQEHQW]WZHUGHQGDGLHVEH]JOLFKHLQH]XNOHLQH6WLFKSUREHEHLGHQPlQQOL
FKHQ +DXSWVFKOHUQ YRUOLHJW Q VD .DS ,P 5DKPHQ YRQ .RUUHODWLRQHQ
XQG5HJUHVVLRQHQVROOHVDEHULQGLH%HUHFKQXQJHQHLQIOLH‰HQ
=ZHL9DULDEOHQGHU PRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHZHUGHQLP)ROJHQGHQ
LQGHVNULSWLYHU+LQVLFKWLP$OWHUYRQELV-DKUHQVFKXOIRUPXQGJHVFKOHFKWV
VSH]LILVFK H[HPSODULVFK EHWUDFKWHW $EELOGXQJ (EHQIDOOV ZHUGHQ DOOH YHUZHQ
GHWHQPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVHLJHQVFKDIWHQLP-XJHQGDOWHUPLWHLQDQGHUNRU
UHOLHUW7DEHOOH,Q7DEHOOHZHUGHQGDQQGLHGUHLPRWLYDWLRQDOHQ6FKOVVHO
YDULDEOHQLP-XJHQGDOWHU]XVlW]OLFKPLWGHQVR]LRGHPRJUDILVFKHQ.RQWUROOYDULDEOHQ
LQ%H]LHKXQJJHVHW]WXPMHQH]XLGHQWLIL]LHUHQZHOFKHLQZHLWHUHQ%HUHFKQXQJHQLQ
NRQWUROOLHUWHU)RUPEHUFNVLFKWLJWZHUGHQ
,Q$EELOGXQJIDOOHQYRUDOOHPGLHPlQQOLFKHQ+DXSWVFKOHUDXI6LHZHLVHQJH
JHQEHU PlQQOLFKHQ 5HDOVFKOHUQ XQG *\PQDVLDVWHQ XQWHUVFKLHGOLFKH .XUYHQYHU
OlXIHDXI,QVEHVRQGHUHGHU:HUWPLW-DKUHQ-DKUEHLÄVFKXOLVFKHU1RUPYHU
OHW]XQJ³ GUIWH ZRKO ]LHPOLFK KHUYRUVWHFKHQ ZUGH HU VLFK HUZDUWXQJVJHPl‰ IRUW
VHW]HQYJO8PNUHLVXQJLQ$EELOGXQJ)DOO]DKO]XWLHIQ XPHLQHQ0LWWHO
ZHUW]XELOGHQ
%HJDEXQJV
]XVFKUHLEXQJ
6FKXOIRUP
*<
+6
56
,QGH[ZHUWH
$OWHU
*<
56
56
0lGFKHQ
,QGH[ZHUWH
+6
+6
6FKXOIRUP
*<
VFKXOLVFKH
1RUPYHUOHW]XQJ
.QDEHQ
$EELOGXQJ
$OWHU
$OWHU
6FKXOIRUP
56
.QDEHQ
VFKXOLVFKH
1RUPYHUOHW]XQJ
+6
6FKXOIRUP
$OWHU
,QGH[ZHUWH
,QGH[ZHUWH
%HJDEXQJV
]XVFKUHLEXQJ
*<
0lGFKHQ
9HUODXIGHU%HJDEXQJV]XVFKUHLEXQJPXQGGHUVFKXOLVFKHQ1RUPYHUOHW]XQJP*UR‰VNDODYJO.DS
GLIIHUHQ]LHUWQDFK*HVFKOHFKWXQG6FKXOW\SIHKOHQGH:HUWHEHL+6-XJHQGOLFKHQLP-DKUDXIJUXQGWLHIHPQ
'LH IROJHQGH ,QWHUNRUUHODWLRQVPDWUL[ EHZHLVW GDVV GLH PRWLYDWLRQVUHOHYDQWHQ 3HU
V|QOLFKNHLWVPHUNPDOH DOV *UXSSH ]XVDPPHQ JHK|UHQ ZLH LQ .DSLWHO & EHUHLWV
(UJHEQLVVH
/HLVWXQJVPRWLYDWLRQXQG.RQWUROOYDULDEOHQ
EHOHJW ZRUGHQ LVW %HWUDFKWHW PDQ GLH .HUQYDULDEOH ÄP /HLVWXQJVPRWLYDWLRQ³ VR
ZHLVWVLH]XDOOHQDQGHUHQ,WHPVVLJQLILNDQWH=XVDPPHQKlQJHDXIYJO7DEHOOH
7DEHOOH
,QWHUNRUUHODWLRQHQ]ZLVFKHQ9DULDEOHQGHU0RWLYDWLRQLP-XJHQGDOWHU
P
P
P
P
P
P
P
P
P
P P P
P/HLVWXQJVPRWLYDWLRQ
PVFKXO/HLVWXQJVDQJVW
P%HJDEXQJV]XVFKUHLEXQJ
P6HOEVWZLUNVDPNHLW
PVFKXOLVFKH1RUPYHUOHW]XQJ
P5DXFKHQ
P(..RQVHQVZDVOHLVWHQ
P(..RQVHQVZDVJODXEHQ
P(..RQVHQVZLHEHQHKPHQ
P=XNXQIWVEHZlOWLJXQJ
P%LOGXQJVRULHQWLHUXQJ
P/HLVWXQJVPRWLYDWLRQ
PDOOJ,QWHUHVVHGHV.LQGHV
*HVDPWH6WLFKSUREHSSS]ZHLVHLWLJJHWHVWHWGLFNHLQJHUDKPWU!VFKDWWLHUWU!QXUVLJQLILNDQWH:HUWH
SDXIJHIKUWSXQNWELVHULDOH.RUUHODWLRQHQEHLPPXQGP
:LH JH]HLJW ZXUGH YJO 7DEHOOH $EELOGXQJ VLQG EHLP .RQVWUXNW Ä/HLV
WXQJVPRWLYDWLRQ³ ±HUVWDXQOLFKHUZHLVH±NHLQHVFKXOW\SHQRGHUJHVFKOHFKWVVSH]LIL
VFKHQ (LQIOVVH IHVW]XVWHOOHQ (V ZUGH GHU1XOO+\SRWKHVH HQWVSUHFKHQ GLH ODX
WHW 6FKOHU YHUVFKLHGHQHU 6FKXOW\SHQ ]HLJHQ LP -XJHQGDOWHU GXUFKVFKQLWWOLFKNHLQH
XQWHUVFKLHGOLFKHQ /HLVWXQJVPRWLYDWLRQVZHUWH ,Q $QOHKQXQJ DQ GLH 6HOEVWEHVWLP
PXQJVWKHRULH6'7ZHOFKHQLFKWQXUGLH$XVSUlJXQJVRQGHUQDXFKGLH4XDOLWlW
GHU0RWLYDWLRQWKHPDWLVLHUWZLUGGLHVHU+\SRWKHVHLP)ROJHQGHQDEHUQRFKZHLWHU
QDFKJHJDQJHQ =XHUVW ZHUGHQ =XVDPPHQKlQJH ]ZLVFKHQ GHPRJUDILVFKHQ XQG VR
]LRORJLVFKHQ .RQWUROOYDULDEOHQ XQG DXVJHZlKOWHQ PRWLYDWLRQDOHQ 3HUV|QOLFKNHLWV
PHUNPDOHQ DQJHVFKDXW D XQG GDQQ VROO XQWHUVXFKW ZHUGHQ ZHOFKH 9DULDEOHQ GHU
0RWLYDWLRQPLWHLQDQGHUNRUUHOLHUHQZHQQEHGHXWVDPH.RQWUROOYDULDEOHQDXVSDUWLDOL
VLHUWZHUGHQE
D0RWLYDWLRQDOH3HUV|QOLFKNHLWVPHUNPDOHXQGLKU=XVDPPHQKDQJPLWGHQ.RQ
WUROOYDULDEOHQ
:HQQ QXQ GLH =XVDPPHQKlQJH ]ZLVFKHQ .RQWUROOYDULDEOHQ YJO .DS XQG
GHU/HLVWXQJVPRWLYDWLRQVRZLHGHP,QWHUHVVHDQJHVFKDXWZHUGHQVRODVVHQVLFKDOO
JHPHLQH GHPRJUDILVFKH 9DULDEOHQ ZLH GLH 5HJLRQV]XJHK|ULJNHLW 6WDGW/DQG RGHU
GHU K|FKVWH 6FKXODEVFKOXVV GHU (OWHUQ PLW VLJQLILNDQWHP (IIHNW ]XU /HLVWXQJVPRWL
YDWLRQ ILQGHQ YJO 7DEHOOH ,QWHUHVVDQW LVW DEHU GDVV GLH /HLVWXQJVPRWLYDWLRQ
XQGGDV,QWHUHVVHMHQDFK$OWHUXQDEKlQJLJRGHUDEKlQJLJVLQGYRP*HVFKOHFKWRGHU
YRP 6FKXOW\S 'LH 9DULDEOH ÄUHODWLYH /HLVWXQJVSRVLWLRQ LQ GHU .ODVVH³ ]HLJW GHQ
K|FKVWHQ=XVDPPHQKDQJPLWGHU/HLVWXQJVPRWLYDWLRQU S'DUXPZLUG
GLHVH 9DULDEOH EHL VSlWHUHQ .RUUHODWLRQVEHUHFKQXQJHQ DOV NRQWUROOLHUHQGH 9DULDEOH
EHQXW]W
0LWHLQHU$XVQDKPHVLHKH7DEHOOH
%HLGHUHUVWHQ1HQQXQJLQGLHVHP.DSLWHODXFKLQDXVJHVFKULHEHQHU)RUPDXIJHIKUW
(UJHEQLVVH
/HLVWXQJVPRWLYDWLRQXQG.RQWUROOYDULDEOHQ
7DEHOOH
.RUUHODWLRQHQ]ZLVFKHQ.RQWUROOYDULDEOHQXQGDXVJHZlKOWHQPRWLYDWLRQDOHQ9DULDEOHQLP-XJHQGDOWHU
N*HVFKOHFKW
N6FKXOIRUP
NYHUEDOH,QWHOOLJHQ]
N6FKLFKW
N5HJLRQ
N1DWLRQDOLWlW
NK|FKVWHU6FKXODEVFKOXVV(OWHUQ(
N%HUXIVVWDWXV9DWHU(
N%HUXIVVWDWXV0XWWHU(
N)DPLOLHQVLWXDWLRQ
N%HUXIVWlWLJNHLW0XWWHU
N*HVFKZLVWHU]DKO
N(LQ]HONLQGVWDWXV
N(OWHUQVWDWXV
[UHO/HLVWXQJVSRVLWLRQLQ.ODVVH
[1RWHQVXPPH'HXWVFK(QJOLVFK0DWKH
\+|FKVWHUEHUXIOLFKHU$XVEDEVFKOXVV
P/HLVWXQJV
PRWLYDWLRQ
Q Q P/HLVWXQJV
PRWLYDWLRQ
Q PDOOJ,QWHUHVVH
GHV.LQGHV(
Q Q Q Q Q SSS]ZHLVHLWLJJHWHVWHWVFKDWWLHUWDEU QXUVLJQLILNDQWH:HUWHSDXIJHIKUWJHVDPWH6WLFKSUREH
ELVHULDOH.RUUHODWLRQEHLNNNNNNNN6SHDUPDQ¶V5KREHLNQEHL.RUUHODWLRQVZHUWHQDEDXIJHIKUW(
VWHKWIU(OWHUQLWHPXQGZHLVWDXINOHLQHUH7HLOVWLFKSUREHKLQYJO7DEHOOH
'LH/HLVWXQJVPRWLYDWLRQPLW-DKUHQLVWDOVRQLFKWYRP*HVFKOHFKWSXQNWELVHULDOH
.RUUHODWLRQ GHU 6FKXOIRUP .RUUHODWLRQ QDFK 6SHDUPDQ XQG GHU YHUEDOHQ ,QWHOOL
JHQ]RGHUYRQGHUVR]LDOHQ6FKLFKWDEKlQJLJVLHKH6SDOWHLQ$EELOGXQJ-H
GRFKNRUUHOLHUWGLH/HLVWXQJVPRWLYDWLRQPLWU VLJQLILNDQWPLWGHU(LQVFKlW]XQJ
GHU -XJHQGOLFKHQ ZLH JXW VLH VLFK VFKXOLVFK JHVHKHQ LP .ODVVHQYHUEDQG LP 9HU
JOHLFK]XGHQDQGHUHQHLQVWXIHQ(VNDQQIHVWJHKDOWHQZHUGHQ-HOHLVWXQJVPRWLYLHU
WHU-XJHQGOLFKHVLQGGHVWRK|KHUVWXIHQVLHVLFKOHLVWXQJVPl‰LJLP9HUJOHLFK]XGHQ
DQGHUHQ6FKOHUQGHU.ODVVHHLQXQGXPJHNHKUW'LHVHU%HIXQGZHLVWHLQPDOPHKU
DXI GLH %HGHXWXQJ GHV .ODVVHQNRQWH[WHV LP 5DKPHQ GHU /HLVWXQJVPRWLYD
WLRQVIRUVFKXQJKLQYRUDOOHPEH]JOLFKVR]LDOHUYVLQGLYLGXHOOHU%H]XJVQRUPYJO
.DS 'LHVHSHU]LSLHUWH UHODWLYH /HLVWXQJVSRVLWLRQ LQQHUKDOE GHU .ODVVH VRUJW
JHPl‰7DEHOOHEHLDOOHQPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHQIUVLJQL
ILNDQWH .RUUHODWLRQHQ GLH 6FKXOIRUP PDFKW GLHV EHL QHXQ VROFKHU 9DULDEOHQ 'LH
0HKU]DKOGHUYHUZHQGHWHQPRWLYDWLRQDOHQ9DULDEOHQKlQJHQDOVRVLJQLILNDQWPLWGHU
6FKXOIRUP ]XVDPPHQ 'LH GLVSRVLWLRQDOH 9DULDEOH ÄDOOJHPHLQHV ,QWHUHVVH GHV .LQ
GHV³ZHOFKHDOVLQWULQVLVFKH0RWLYDWLRQJLOWZHLVWHLQHKRFKVLJQLILNDQWH.RUUHODWL
RQQDFK6SHDUPDQYRQPLWGHU6FKXOIRUPDXI'DUDXVZLUGHUVLFKWOLFKGDVVGLH
NRQWH[WXHOOH %HUFNVLFKWLJXQJ GXUFK VFKXOW\SHQVSH]LILVFKH %HUHFKQXQJHQ EHL GHU
8QWHUVXFKXQJGHU/HLVWXQJVPRWLYDWLRQLPZHLWHUHQ9HUODXI6LQQPDFKW
(UJHEQLVVH
N6FKXOIRUP
[UHO/HLV
WXQJVSRVLWLRQ
PDOOJ,QWHUHVVH
GHV.LQGHV(
P/HLVWXQJVPRWLYD
WLRQ
P%LOGXQJVRULHQWLH
UXQJ
P=XNXQIWVEHZlOWL
JXQJ
P5DXFKHQ
PVFKXOLVFKH1RUP
YHUOHW]XQJ
P6HOEVWZLUNVDP
NHLWVEHU]HXJXQJ
P%HJDEXQJV
]XVFKUHLEXQJ
PVFKXO/HLVWXQJV
DQJVW
P/HLVWXQJV
PRWLYDWLRQ
P(..RQVHQVZLH
EHQHKPHQ
.RUUHODWLRQHQQDFK6SHDUPDQIU6FKXOIRUP+656*<XQGQDFK3HDUVRQIUUHO/HLVWXQJVSRVLWLRQPLWDOOHQ
PRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHQ
P(..RQVHQVZDV
JODXEHQ
7DEHOOH
P(..RQVHQVZDV
OHLVWHQ
/HLVWXQJVPRWLYDWLRQXQG.RQWUROOYDULDEOHQ
VFKDWWLHUWU!SSS]ZHLVHLWLJJHWHVWHWQXUVLJQLILNDQWH:HUWHSDXIJHIKUWJHVDPWH6WLFKSUREH
E'LH,QWHUGHSHQGHQ]PRWLYDWLRQDOHU3HUV|QOLFKNHLWVPHUNPDOHXQWHU.RQWUROOHUH
OHYDQWHUGHPRJUDILVFKHU9DULDEOHQ
:HLOGLH.RQWUROOYDULDEOHQDXIGLHDOOHUPHLVWHQPRWLYDWLRQVUHOHYDQWHQ9DULDEOHQHL
QHQ (LQIOXVV KDEHQ VROOHQ LP )ROJHQGHQ GLH LQWHUGHSHQGHQWHQ =XVDPPHQKlQJH
]ZLVFKHQ GHQ PRWLYDWLRQDOHQ 9DULDEOHQ GHV -XJHQGDOWHUV EHUHLQJW DXIJH]HLJW ZHU
GHQ 'LH PRWLYDWLRQDOHQ 3HUV|QOLFKNHLWVPHUNPDOH ZHUGHQ PLWWHOV 3DUWLDONRUUHODWLR
QHQPLWHLQDQGHUNRUUHOLHUWLQZHOFKHQGDV*HVFKOHFKWGHU6FKXOW\SXQGGLHUHODWLYH
/HLVWXQJVSRVLWLRQLQGHU.ODVVHNRQWUROOLHUWZHUGHQ:LH7DEHOOH]HLJWZHLVWGLH
/HLVWXQJVPRWLYDWLRQ P QXU QRFK VLJQLILNDQWH =XVDPPHQKlQJH ]XU VFKXOLVFKHQ
1RUPYHUOHW]XQJ XQG ]XU 5DXFKJHZRKQKHLW DXI ± GLHV LP *HJHQVDW] ]XU .RUUHOD
WLRQVWDEHOOHRKQH$XVSDUWLDOLVLHUXQJGHU.RQWUROOYDULDEOHQYJO7DEHOOHZRGLH
/HLVWXQJVPRWLYDWLRQ]XDOOHQDQGHUHQPRWLYDWLRQDOHQ9DULDEOHQVLJQLILNDQWHXQGK|
KHUH:HUWHDXIZHLVW
7DEHOOH
3DUWLDO,QWHUNRUUHODWLRQHQ]ZLVFKHQGHQPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVYDULDEOHQLP-XJHQGDOWHU.RQWUROOYDULDEOHQ
*HVFKOHFKW6FKXOW\SXQGUHO/HLVWXQJVSRVLWLRQVLQGDXVSDUWLDOLVLHUW
P
P/HLVWXQJVPRWLYDWLRQ
PVFKXO/HLVWXQJVDQJVW
P%HJDEXQJV]XVFKUHLEXQJ
P6HOEVWZLUNVDPNHLWVEHU]
PVFKXOLVFKH1RUPYHUOHW]XQJ
P5DXFKHQ
P(..RQVHQVZDVOHLVWHQ
P(..RQVHQVZDVJODXEHQ
P(..RQVHQVZLHEHQHKPHQ P=XNXQIWVEHZlOWLJXQJ
P%LOGXQJVRULHQWLHUXQJ
P/HLVWXQJVPRWLYDWLRQ
PDOOJ,QWHUHVVHGHV.(
P
P
P
P
P P P P P P P P
VFKDWWLHUWU!QXUVLJQLILNDQWH:HUWHSDXIJHIKUW]ZHLVHLWLJJHWHVWHWJHVDPWH6WLFKSUREHSDLUZLVHEHUHFKQHW
'LH/HLVWXQJVPRWLYDWLRQLP$OWHUYRQ-DKUHQZHLVWJHPl‰7DEHOOHQXUQRFK
PLW]ZHLDQGHUHQPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVYDULDEOHQHLQHVLJQLILNDQWH.RUUHOD
WLRQEHUDXI'DUDXVZLUGGHXWOLFKGDVV-XJHQGOLFKHHLQHQDNWLYHQ%HLWUDJEHL
GHU %HHLQIOXVVXQJ LKUHU /HLVWXQJVPRWLYDWLRQ LP 6LQQH GHU LQWHUDNWLRQLVWLVFKHQ
+DQGOXQJVWKHRULHV.DSOHLVWHQ8QDEKlQJLJYRP*HVFKOHFKWYRQGHU6FKXO
IRUPVRZLHXQDEKlQJLJGDYRQZHOFKHUHODWLYH/HLVWXQJVSRVLWLRQ-XJHQGOLFKHLQGHU
(UJHEQLVVH
/HLVWXQJVPRWLYDWLRQXQG.RQWUROOYDULDEOHQ
.ODVVH HLQQHKPHQ 2E VLH OHLVWXQJVPRWLYLHUW ]XU 6FKXOH JHKHQ LVW LQ HQJHP 9HU
KlOWQLV ]X LKUHP 9HUKDOWHQ EH]JOLFK VFKXOLVFKHU 1RUPYHUOHW]XQJ XQG 5DXFKJH
ZRKQKHLW]XVHKHQ-HPHKUVLHJHJHQVFKXOLVFKH1RUPHQYHUVWR‰HQXQGMHPHKUVLH
UDXFKHQGHVWRZHQLJHUKRFKIlOOWLKUH/HLVWXQJVPRWLYDWLRQDXV'LHK|FKVWH.RUUH
ODWLRQYRQLVWEHLPNXU]HQ/lQJVVFKQLWWP]XP]X]XHUNHQ
QHQDXIGLHVH6WDELOLWlWGHU/HLVWXQJVPRWLYDWLRQJHKWGDV.DSLWHOHLQ
,QWHUHVVDQWLVWDEHUDXFKGDVVGLHEHLGHQ9DULDEOHQP(OWHUQ.LQG.RQVHQVÄZDV
OHLVWHQ³ XQG P (OWHUQ.LQG.RQVHQV ÄZLH EHQHKPHQ³ HEHQIDOOV PLW GHU /HLV
WXQJVPRWLYDWLRQVLJQLILNDQW]XVDPPHQKlQJHQ$XVVR]LDOLVDWLRQVWKHRUHWLVFKHU6LFKW
VLQG GLHVH .RUUHODWLRQHQ ORJLVFK YHULQQHUOLFKWH XQG VHOEVWEHVWLPPWH hEHU]HXJXQ
JHQ LP 6LQQH GHV $XWRQRPLHEHJULIIV YJO .DS (OWHUQ.LQG.RQVHQV
$EELOGXQJ
,P*UXQGVDW]VLQNWGLH/HLVWXQJVPRWLYDWLRQLP-XJHQGDOWHUEHUDOOH6FKXOW\SHQXQG
EHU EHLGH *HVFKOHFKWHU KLQZHJ 'LH /HLVWXQJVPRWLYDWLRQ LVW GLH 9DULDEOH GLH PLW
DOOHQ DXIJHIKUWHQ PRWLYDWLRQDOHQ 3HUV|QOLFKNHLWVPHUNPDOHQ VLJQLILNDQW NRUUHOLHUW
DPPHLVWHQPLWVFKXOLVFKHU1RUPYHUOHW]XQJXQGGHP5DXFKYHUKDOWHQ
'LH K|FKVWH .RUUHODWLRQ XQWHU GHQ PRWLYDWLRQDOHQ 3HUV|QOLFKNHLWVPHUNPDOHQ HUJLEW
VLFK DOV 6WDELOLWlW ]ZLVFKHQ GHU /HLVWXQJVPRWLYDWLRQ LP $OWHU YRQ XQG YRQ -DKUHQ PLW U ZREHL *HVFKOHFKW 6FKXOW\S XQG UHODWLYH /HLVWXQJVSRVLWLRQ NRQ
WUROOLHUWZXUGHQ2EZRKOGDV*HVFKOHFKWVRZLHGHU6FKXONRQWH[WGLHPHLVWHQPRWL
YDWLRQVUHOHYDQWHQ 3HUV|QOLFKNHLWVPHUNPDOH LP -XJHQGDOWHU LP 4XHUVFKQLWW DOVDXFKLPNXU]HQ/lQJVVFKQLWWEHHLQIOXVVHQEOHLEWGLH/HLVWXQJVPR
WLYDWLRQ PLW -DKUHQ YRQ GLHVHQ VWUXNWXUHOOHQ 9DULDEOHQ XQEHHLQIOXVVW %HL GHU
/HLVWXQJVPRWLYDWLRQ PLW -DKUHQ JLEW HV HLQHQ JHVFKOHFKWVVSH]LILVFKHQ 8QWHU
VFKLHGXQGEHLP,QWHUHVVHLVWVRZRKOHLQJHVFKOHFKWVDOVDXFKVFKXOIRUPVSH]LILVFKHU
=XVDPPHQKDQJ ]X YHU]HLFKQHQ (V LVW GDKHU DQJH]HLJW LQ QDFKIROJHQGHQ %HUHFK
QXQJHQ GLH 9DULDEOHQ *HVFKOHFKW 6FKXOW\S XQG UHODWLYH /HLVWXQJVSRVLWLRQ NRQWURO
OLHUHQG]XEHQXW]HQ
'LH VLJQLILNDQWHQ QHJDWLYHQ =XVDPPHQKlQJH ]ZLVFKHQ /HLVWXQJVPRWLYDWLRQ XQG
VFKXOLVFKHU1RUPYHUOHW]XQJE]Z5DXFKHQZHLVHQGDUDXIKLQ±XQG]ZDUXQDEKlQ
JLJGDYRQZLHJXWMHPDQGLQQHUKDOEGHU.ODVVHLVW±GDVVGDVKDQGOXQJVWKHRUHWLVFKH
3DUDGLJPD YJO .DS LQ GHUNXU]HQ OlQJVVFKQLWWOLFKHQ $QDO\VH VHLQH :LUNXQJ
]HLJW -XQJHQ XQG 0lGFKHQ OHLVWHQ HLQHQ HLJHQHQ DNWLYHQ %HLWUDJ ]X LKUHU /HLV
WXQJVPRWLYDWLRQ
0RWLYDWLRQDOH3HUV|QOLFKNHLWVPHUNPDOHXQG.RQWUROOYDULDEOHQLP(U
ZDFKVHQHQDOWHU
'HU 6FKXONRQWH[W XQG GDV *HVFKOHFKW EHHLQIOXVVHQ DOVR WHQGHQ]LHOO PRWLYDWLRQDOH
3HUV|QOLFKNHLWVPHUNPDOHLP-XJHQGDOWHU:LHVLHKWHVEH]JOLFKPRWLYDWLRQDOHU3HU
V|QOLFKNHLWVPHUNPDOH LP (UZDFKVHQHQDOWHU DXV *LEW HV HEHQIDOOV 8QWHUVFKLHGH ]X
YHU]HLFKQHQMHQDFK*HVFKOHFKWXQG6FKXOW\S"
(UJHEQLVVH
/HLVWXQJVPRWLYDWLRQXQG.RQWUROOYDULDEOHQ
%/0%HUXIO
/HLVWXQJVPRWLYDWLRQ
%/0%HUXIO
/HLVWXQJVPRWLYDWLRQ
%:0%HUXIO
:HLWHUELOGXQJV
PRWLYDWLRQ
+6
$EELOGXQJ
*<
PlQQOLFK
$OOH
%:0%HUXIO
:HLWHUELOGXQJV
PRWLYDWLRQ
%6:%HUXIO
6HOEVWZLUNVDP
NHLWVEHU]HXJXQJ
+6
*<
ZHLEOLFK
$OOH
%6:%HUXIO
6HOEVWZLUNVDP
NHLWVEHU]HXJXQJ
0RWLYDWLRQDOH3HUV|QOLFKNHLWVPHUNPDOHLP(UZDFKVHQHQDOWHU%/0%:0%6:±GLIIHUHQ]LHUWQDFK*HVFKOHFKW
XQG6FKXOW\S+DXSWVFKXOH+6XQG*\PQDVLXP*<
'DV5HVXOWDW]HLJWVLFKLQ$EELOGXQJUHFKWRIIHQVLFKWOLFK0lQQHUZHLVHQK|KHUH
EHUXIOLFKH0RWLYDWLRQVZHUWHDXIDOV)UDXHQ'LH.XUYHQYHUOlXIHVLQGDXIGHUOLQNHQ
6HLWH ZHVHQWOLFK K|KHU YJO $EELOGXQJ 'LH GUHL PRWLYDWLRQDOHQ .RQVWUXNWH
VLQG JHVFKOHFKWVDEKlQJLJ %/0 W S %:0 W S
%6:W S(LQH$XVQDKPHEHVWHKW:HLEOLFKH-XJHQGOLFKH
GHU+DXSWVFKXOHXQWHUVFKHLGHQVLFKQLFKWYRQ PlQQOLFKHQ-XJHQGOLFKHQGHU+DXSW
VFKXOHZHQQHVXPLKUHEHUXIOLFKH:HLWHUELOGXQJVPRWLYDWLRQLP(UZDFKVHQHQDOWHU
JHKW ,P 9HUJOHLFK ]XU JHVDPWHQ 6WLFKSUREH VLQG -XJHQGOLFKH ZHOFKH IUKHU HLQH
+DXSWVFKXOH EHVXFKWHQ LP (UZDFKVHQHQDOWHU XQWHUGXUFKVFKQLWWOLFK PRWLYLHUW :HL
WHUELOGXQJ]XEHWUHLEHQ'LHVH(UNHQQWQLVOlVVWVLFKDXFKGHU7DEHOOHHQWQHKPHQ
,QQHUKDOE GHU *UXSSH GHU )UDXHQ ODVVHQ VLFK DXIJUXQG GHU 6FKXOIRUP]XJHK|ULJNHLW
LP$OWHUYRQ-DKUHQNHLQHVLJQLILNDQWHQ8QWHUVFKLHGHILQGHQ%:0W QV %HL GHQ 0lQQHUQ ]HLJW VLFK HLQ %LOG GDV EHLP 7KHPD EHUXIOLFKH :HLWHUELO
GXQJVPRWLYDWLRQHLQHVHKUJUR‰H6FKXOIRUPDEKlQJLJNHLWDXIZHLVW(KHPDOLJHPlQQ
OLFKH+DXSWVFKOHU]HLJHQLP$OWHUYRQ-DKUHQHLQHVLJQLILNDQWWLHIHUH:HLWHUELO
GXQJVPRWLYDWLRQ0 DOVPlQQOLFKH*\PQDVLDVWHQ0 %:0W S'LH(IIHNWVWlUNHLVWPLWG NOHLQELVPLWWHO
'LH)UDJHREQHEHQ*HVFKOHFKWXQG6FKXONRQWH[WDQGHUH.RQWUROOYDULDEOHQEHU
-DKUH KLQZHJ HLQHQ (LQIOXVV DXI PRWLYDWLRQDOH 3HUV|QOLFKNHLWVPHUNPDOH LP $OWHU
YRQ-DKUHQKDEHQNDQQDQKDQGGHU7DEHOOHEHDQWZRUWHWZHUGHQ
(UJHEQLVVH
/HLVWXQJVPRWLYDWLRQXQG.RQWUROOYDULDEOHQ
7DEHOOH
.RUUHODWLRQHQ]ZLVFKHQ.RQWUROOYDULDEOHQXQGPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHQLP(UZDFKVHQHQDOWHU
6R]LRORJLVFKH
XQGGHPRJUDIL
VFKH.RQWUROO
YDULDEOHQLP
-XJHQGDOWHU
/HLVWXQJLP
-XJHQGDOWHU
6FKXODEVFKOXVV
6WDWXVLP(U
ZDFKVHQHQ
DOWHU
N*HVFKOHFKW
N6FKXOIRUP
NYHUEDOH,QWHOOLJHQ]
N6FKLFKW
N5HJLRQ
N1DWLRQDOLWlW
NK|6FKXODEVFKOXVV(OWHUQ(
N%HUXIVVWDWXV9DWHU,6(,(
N%HUXIVVWDWXV0XWWHU,6(,(
N)DPLOLHQVLWXDWLRQ
N%HUXIVWlWLJNHLW0XWWHU
N*HVFKZLVWHU]DKO
N(LQ]HONLQGVWDWXV
N(OWHUQVWDWXV
[UHO/HLVWXQJVSRVLWLRQLQ.ODVVH
[1RWHQVXPPH'HXWVFK(QJOLVFK0DWKH
[UHO/HLVWXQJVSRVLWLRQLQ.ODVVH
[1RWHQVXPPH'(0WK
[+|FKVWHU6FKXODEVFKOXVV
\+|FKVWHUEHUXIO$XVEDEVFKOXVV
\HLJHQHVPRQDWO1HWWRHLQNRPPHQ
%/0%HUXIO %:0%HUXIO
/HLVWXQJV
:HLWHUELOGXQJV
PRWLYDWLRQ
PRWLYDWLRQ
%6:%HUXIO
6HOEVWZLUNVDP
NHLWVEHU]HXJXQJ
*HVDPWH6WLFKSUREHVFKDWWLHUWU!SSS]ZHLVHLWLJJHWHVWHWQXUVLJQLILNDQWH:HUWHSDXIJHIKUW
SXQNWELVHULDOH.RUUHODWLRQHQEHLNNNNNNNN.RUUHODWLRQQDFK3HDUVRQEHLN
'LHEHUXIOLFKH:HLWHUELOGXQJVPRWLYDWLRQLP$OWHUYRQ-DKUHQLVWRIIHQVLFKWOLFK±
DQKDQG GHU ]DKOUHLFKHQ VLJQLILNDQWHQ :HUWH LQ 7DEHOOH ± DP PHLVWHQ DEKlQJLJ
YRQ GHQ .RQWUROOYDULDEOHQ ,P *HJHQVDW] ]XP QLFKW VLJQLILNDQWHQ =XVDPPHQKDQJ
]ZLVFKHQ 6FKXOIRUP XQG /HLVWXQJVPRWLYDWLRQLP-XJHQGDOWHU VD .DS ]HL
JHQGLH'DWHQ]XUEHUXIOLFKHQ0RWLYDWLRQGDVVPLWVWHLJHQGHP6FKXOXQG%HUXIV
DEVFKOXVVDXFKGLH:HLWHUELOGXQJVPRWLYDWLRQ-DKUHVSlWHUVLJQLILNDQWK|KHUDXV
IlOOW%HLZHLWHUHQ%HUHFKQXQJHQPVVHQDOVRVROFKH6WDWXVYDULDEOHQZLH%HUXIVDE
VFKOXVVHEHQIDOOVNRQWUROOLHUWZHUGHQ
$XFKGHU*HVFKOHFKWVHIIHNWNRPPWKLHUNODU]XP9RUVFKHLQ0lQQHU]HLJHQK|KH
UHEHUXIOLFKH/HLVWXQJVXQG:HLWHUELOGXQJVPRWLYDWLRQVZHUWHDOV)UDXHQGHUK|FKV
WH :HUW ]HLJW VLFK EHL GHU EHUXIOLFKHQ 6HOEVWZLUNVDPNHLW 0lQQHU IKOHQ VLFK
VHOEVWZLUNVDPHULP%HUXIDOV)UDXHQYJO7DEHOOH
:HLOGLHHKHPDOLJH6FKXOIRUP]XJHK|ULJNHLWVLJQLILNDQWPLWGHQPRWLYDWLRQDOHQ3HU
V|QOLFKNHLWVPHUNPDOHQLP(UZDFKVHQHQDOWHU]XVDPPHQKlQJWYJO7DEHOOHXQG
GLHYRUOLHJHQGH$UEHLWGLHNRQWH[WVSH]LILVFKH/HLVWXQJVVR]LDOLVDWLRQXQWHUVXFKW]HLJW
7DEHOOH GLH =XVDPPHQKlQJH ]ZLVFKHQ GHQ PRWLYDWLRQDOHQ 3HUV|QOLFKNHLWV
PHUNPDOHQLP(UZDFKVHQHQDOWHUXQGGHQ.RQWUROOYDULDEOHQEHL0lQQHUQVFKXOIRUP
VSH]LILVFK*\PQDVLXPXQG+DXSWVFKXOH
0LWW7HVWVHEHQIDOOVEHVWlWLJW%/0W S%:0W S%6:W S
'LH)RNXVVLHUXQJDXIHKHPDOLJHPlQQOLFKH+DXSWVFKOHUXQG*\PQDVLDVWHQLVWLQ.DSXQGDP(QGH
YRQ.DSEHJUQGHW
(UJHEQLVVH
7DEHOOH
/HLVWXQJVPRWLYDWLRQXQG.RQWUROOYDULDEOHQ
.RUUHODWLRQHQ]ZLVFKHQ.RQWUROOYDULDEOHQXQGPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHQLP(UZDFKVHQHQDOWHUEHL
HKHPDOLJHQPlQQOLFKHQ+DXSWVFKOHUQXQG*\PQDVLDVWHQ
NYHUEDOH,QWHOOLJHQ]
N6FKLFKW
N5HJLRQ
N1DWLRQDOLWlW
NK|6FKXODEVFKOXVV(OWHUQ(
N%HUXIVVWDWXV9DWHU(
N%HUXIVVWDWXV0XWWHU(
N)DPLOLHQVLWXDWLRQ
N%HUXIVWlWLJNHLW0XWWHU
N*HVFKZLVWHU]DKO
N(LQ]HONLQGVWDWXV
N(OWHUQVWDWXV
[UHO/HLVWXQJVSRVLWLRQLQ.O
[1RWHQVXPPH'HXWVFK(QJOLVFK0DWKH
[UHO/HLVWXQJVSRVLWLRQLQ.O
[1RWHQVXPPH'HXWVFK(QJOLVFK0DWKH
[+|FKVWHU6FKXODEVFKOXVV
\+|FKVWHUEHUXIO$XVEDEVFKOXVV
\HLJHQHVPRQDWO1HWWRHLQNRPPHQ
0lQQOLFKH
0lQQOLFKH
*\PQDVLDVWHQ
+DXSWVFKOHU
%/0 %:0 %6: %/0
%:0
%6:
Q Q Q Q Q Q Q VFKDWWLHUWU!IDOOVQ!SSS]ZHLVHLWLJJHWHVWHWQXUVLJQLILNDQWH:HUWHSDXIJHIKUW7HLOVWLFKSUR
EHQJU|‰HQXQWHUQ VLQG]XVlW]OLFKDXIJHIKUWSXQNWELVHULDOH.RUUHODWLRQHQEHLNNNNNNN
:LH]XHUNHQQHQLVWVLQGHVQXUQRFKHLQ]HOQH:HUWHGLHVLJQLILNDQWDXVIDOOHQ%HL
GHQ PlQQOLFKHQ *\PQDVLDVWHQ ZHLVHQ NHLQH .RQWUROOYDULDEOHQ HLQHQ =XVDPPHQ
KDQJYRQEHUPLWGHQGUHLEHUXIOLFKHQ0RWLYDWLRQVYDULDEOHQLP(UZDFKVHQHQDO
WHU DXI .RUUHODWLRQHQ Q QLFKW EHUFNVLFKWLJW %HL GHQ PlQQOLFKHQ +DXSWVFK
OHUQ KLQJHJHQ JLEW HV DXIIDOOHQGH VLJQLILNDQWH (IIHNWH EHU DXI GLH PRWLYD
WLRQDOHQ 3HUV|QOLFKNHLWVPHUNPDOH LP (UZDFKVHQHQDOWHU ]X YHU]HLFKQHQ 5HOHYDQW
]HLJHQVLFKGLHVR]LDOH6FKLFKWGHUMHW]LJH(OWHUQVWDWXVDEHUYRUDOOHPGLHUHODWLYH
/HLVWXQJVSRVLWLRQ LQQHUKDOE GHU .ODVVH LP $OWHU YRQ -DKUHQ XQG QLFKW MHQH LP
$OWHUYRQ-DKUHQ'LH/HLVWXQJVHUIDKUXQJEHLPlQQOLFKHQ+DXSWVFKOHUQLQLKUHU
.ODVVHVFKHLQWHLQHZLFKWLJH'HWHUPLQDQWHIUGLH%HVWLPPXQJGHU6HOEVWZLUNVDP
NHLWXQG:HLWHUELOGXQJVPRWLYDWLRQLP(UZDFKVHQHQDOWHU]XVHLQYJO7DEHOOH
$OOH GUHL EHUXIVEH]RJHQHQ PRWLYDWLRQDOHQ 3HUV|QOLFKNHLWVPHUNPDOH LP (UZDFKVH
QHQDOWHU %/0 %:0 %6: VLQG DEKlQJLJ YRP *HVFKOHFKW GLH /HLVWXQJV XQG
:HLWHUELOGXQJVPRWLYDWLRQ]XVlW]OLFKDXFKYRPIUKHUHQEHVXFKWHQ6FKXOW\S,QQHU
KDOEGHU*UXSSHGHU0lQQHUJLEWHV]ZLVFKHQ+DXSWVFKOHUQXQG*\PQDVLDVWHQHU
KHEOLFKH 8QWHUVFKLHGH LQ GHU EHUXIOLFKHQ :HLWHUELOGXQJVPRWLYDWLRQ IHVW]XVWHOOHQ
'LHVH9DULDEOH%:0LVWHVDXFKGLHEH]JOLFK.RQWUROOYDULDEOHQDPPHLVWHQVLJ
QLILNDQWH =XVDPPHQKlQJH EHL GHQ PlQQOLFKHQ +DXSWVFKOHUQ DXIZHLVW 6FKLFKW
XQG OHLVWXQJVEH]RJHQH 9DULDEOHQ LP -XJHQGDOWHU KDEHQ RIIHQEDU HLQH OlQJHUIULVWLJH
$XVZLUNXQJ ZDV PLWWHOV 5HJUHVVLRQV XQG 6WUXNWXUJOHLFKXQJVPRGHOOEHUHFKQXQJHQ
LQGHQIROJHQGHQ.DSLWHOQQRFKEHUSUIWZLUG
$XIJUXQGGHURELJHQ(UJHEQLVVHZLUGEHLGHU8QWHUVXFKXQJGHV(LQIOXVVHVYRQVR
]LDOEH]RJHQHQ9DULDEOHQLQ)DPLOLHXQG6FKXOHVIVDDXIPRWLYDWLRQVEH]RJHQH9D
ULDEOHQ P MHZHLOV GLH UHODWLYH /HLVWXQJVSRVLWLRQ LQ GHU .ODVVH DOV NRQWUROOLHUHQGH
(UJHEQLVVH
)DPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
9DULDEOH EHUFNVLFKWLJW %HL 9RUKHUVDJHQ GHU EHUXIOLFKHQ =LHOYDULDEOHQ %/0
%:0%6:ZLUGGHUK|FKVWHEHUXIOLFKH$XVELOGXQJVDEVFKOXVV]XVlW]OLFKNRQWURO
OLHUW
'LHH[SORUDWLYHQXQGWHLOZHLVHNRQILUPDWLYHQ$QDO\VHQPLWGHQ.RQWUROOYDULDEOHQ
XQGGHQPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHQGHV-XJHQGXQG(UZDFKVHQHQDO
WHUV VRZLH GLH EHUHLQLJWHQ ,QWHUGHSHQGHQ]HQ GHU 9DULDEOHQ ]XU 0RWLYDWLRQ LP -X
JHQGDOWHUZDUHQGLH9RUDXVVHW]XQJHQXP]XUHLJHQWOLFKHQ$XIJDEHYRU]XVWR‰HQ(V
VROOJH]HLJWZHUGHQLQZLHIHUQGLH/HLVWXQJVPRWLYDWLRQLQGHQYHUVFKLHGHQHQ6R]LD
OLVDWLRQVNRQWH[WHQ GXUFK GLH VR]LDOH (LQJHEXQGHQKHLW HUNOlUW ZHUGHQ NDQQ 'DV
QlFKVWH.DSLWHO]HLJWGHQGLHVEH]JOLFKHQIDPLOLlUHQGDV.DSLWHOGHQGLHV
EH]JOLFKHQDX‰HUIDPLOLlUHQ(LQIOXVVDXI
)DPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
=XUIDPLOLlUHQVR]LDOHQ(LQJHEXQGHQKHLWLP-XJHQGDOWHU
'LHVR]LDOH(LQJHEXQGHQKHLWDOVJUXQGOHJHQGHV%HGUIQLVGHV0HQVFKHQVRUJWJH
Pl‰ GHU 6'7 GDIU GDVV GLH /HLVWXQJVPRWLYDWLRQ SRVLWLY EHHLQIOXVVW ZLUG %HYRU
GLHVHU=XVDPPHQKDQJQlKHUEHWUDFKWHWZLUGVROOVSH]LHOODXIGHQ%H]LHKXQJVYHUODXI
]ZLVFKHQ(OWHUQXQG-XJHQGOLFKHQLQGHU$GROHV]HQ]HLQJHJDQJHQZHUGHQ
'LH/HUQXQG/HLVWXQJVPRWLYDWLRQQLPPWZlKUHQGGHU-XJHQG]HLWEHLQDKHOLQHDUDE
YJO$EELOGXQJVD'HVWDELOLVLHUXQJLP-XJHQGDOWHULQ.DS*HPl‰7KHR
ULHLVWEHNDQQWGDVVDXFKGLH(OWHUQ.LQG%H]LHKXQJZlKUHQGGHU$GROHV]HQ]QLFKW
DXI GHP JOHLFKHQ 1LYHDX EOHLEW :LH IROJHQGH $EELOGXQJ EHU DOOH 3UREDQGHQ
]HLJWJLEWHVHLQHWHQGHQ]LHOOH9HUVFKOHFKWHUXQJGHU(OWHUQ.LQG%H]LHKXQJ]XYHU
]HLFKQHQ'HU7LHIVWSXQNWLVWEHL-XJHQGOLFKHQLP$OWHUYRQ-DKUHQIHVW]XVWHOOHQ
'DQDFK YHUEHVVHUW VLFK GLH (OWHUQ.LQG%H]LHKXQJ ZLHGHU -HGRFK LVW JHPl‰ GHP
,QGLYLXXPVDQVDW]YRQ<RXQLVVXQG6PROODU]XEHWRQHQGDVV-XJHQGOLFKHLK
UH JHIKOVPl‰LJH %LQGXQJ ]X GHQ (OWHUQ LP *UXQGVDW] EHLEHKDOWHQ *HPl‰ )HQG
LVWLQGHU-XJHQG]HLWYRQHLQHUGHVWDELOLVLHUHQGHQ3KDVHDXV]XJHKHQZHOFKH
VLFKLQGHU9HUVFKOHFKWHUXQJGHU9HUKlOWQLVVH]XP(OWHUQKDXVXQG]XU6FKXOH]HLJW
YJO6
PLW%H]XJDXI.DS
(UJHEQLVVH
)DPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
0lGFKHQ
.QDEHQ
-DKUH
$EELOGXQJ
-DKUH
-DKUH
-DKUH
-DKUH
%H]LHKXQJVYHUODXI(OWHUQ.LQGLP$OWHUYRQELV-DKUHQ-DKUELV*UR‰VNDODVIQDFK3UHVWHUXQG
)HQG6Ä7UDQVSDUHQ]XQG,QWHUHVVH³
:LHIHVWJHVWHOOWZXUGHKlQJWGLH/HLVWXQJVPRWLYDWLRQHUVWDXQOLFKHUZHLVHZHGHUJH
QHUHOOYRP*HVFKOHFKWQRFKYRP6FKXOW\SDE*HPl‰GHU6'7ZLUGGLH/HLVWXQJV
PRWLYDWLRQNDXVDOGXUFKGDV%HGUIQLVQDFKVR]LDOHQ%H]LHKXQJHQXQGVR]LDOHU(LQ
JHEXQGHQKHLW EHHLQIOXVVW 'LH PRWLYDWLRQDOH +DQGOXQJVHQHUJLH ZLUG GXUFK SV\FKR
VR]LDOH*UQGHDXVJHO|VWXQGLVWVRPLWYRQH[WULQVLVFKHUDEHUVHOEVWEHVWLPPWHU1D
WXU'LHVHV3ULQ]LSNDQQDXFKLQGHQGHVNULSWLYHQ'DUVWHOOXQJHQDXIJUXQGGHVlKQOL
FKHQ9HUODXIVGHU(OWHUQ.LQG%H]LHKXQJXQGGHU/HLVWXQJVPRWLYDWLRQZlKUHQGGHU
$GROHV]HQ] JHVWW]W ZHUGHQ ZLH RELJH $EELOGXQJHQ JH]HLJW KDEHQ %HYRU GLHVH
:LUNXQJV]XVDPPHQKlQJHDQDO\VLHUWZHUGHQYJO.DSLWHOZHUGHQHLQLJH9DUL
DEOHQ]XUIDPLOLlUHQVR]LDOHQ(LQJHEXQGHQKHLWEH]RJHQDXIGDV-XJHQGDOWHULP.XU
YHQYHUODXIYHUDQVFKDXOLFKW
,P)ROJHQGHQVLQG±QDFK6FKXOW\SXQG*HVFKOHFKWDXIJHJOLHGHUW±]ZHLGHU9DULDE
OHQ GHU IDPLOLlUHQ VR]LDOHQ (LQJHEXQGHQKHLW Ä(OWHUQ.LQG%H]LHKXQJ³ XQG ÄLQNRQ
VLVWHQWHU(U]LHKXQJVVWLO³PLWHLQDQGHUDXIJHIKUW
(.%H]LHKXQJ
LQNRQVLVWHQWHU
(U]LHKXQJVVWLO
+6
56
.QDEHQ
$EELOGXQJ
*<
6FKXOIRUP
+6
56
$OWHU
6FKXOIRUP
$OWHU
,QGH[ZHUWH
LQNRQVLVWHQWHU
(U]LHKXQJVVWLO
,QGH[ZHUWH
(.%H]LHKXQJ
*<
0lGFKHQ
9HUODXIÄ(.%H]LHKXQJ³VIXQGÄLQNRQVLVWHQWHU(U]LHKXQJVVWLO³VILP.LQGHVDOWHUYRQELV-DKUHQ(U
KHEXQJVMDKUHELV±GLIIHUHQ]LHUWQDFK6FKXOW\S+656*<XQG*HVFKOHFKW
:LHLQ$EELOGXQJ]XVHKHQLVWNDQQVRZRKOEHLGHQ0lGFKHQDOVDXFKEHLGHQ
.QDEHQ PLW ]XQHKPHQG K|KHUHU 6FKXOIRUP HLQH EHVVHUH (OWHUQ.LQG%H]LHKXQJ
IHVWJHVWHOOWZHUGHQ'UHLHFN6\PEROHJHQDXHLQXPJHNHKUWHV0XVWHU]HLJWGHULQ
NRQVLVWHQWH(U]LHKXQJVVWLO2IIHQEDUZHQGHQ(OWHUQMHQDFK6FKXONRQWH[WLKUHU.LQ
(UJHEQLVVH
)DPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
GHUHLQHXQWHUVFKLHGOLFKH(U]LHKXQJVSUD[LVDQ+LHUHLQIDFKHLQ8UVDFKH:LUNXQJV
3ULQ]LS ]X YHUPXWHQ ZUGH ]X NXU] JUHLIHQ 'LH (U]LHKXQJVSUD[LV GHU (OWHUQ LVW
PHLVWHQVPHGLLHUWGXUFKGLH=XJHK|ULJNHLWGHUVR]LDOHQ6FKLFKWZLHEHUHLWVHUZlKQW
ZXUGH 'RFK LQWHUHVVDQW LVW GDVV GLHVHU 6FKXOW\SHQ(IIHNW PLW GUHL 6WXIHQ +DXSW
VFKXOH 5HDOVFKXOH *\PQDVLXP IDVW OLQHDU HUVLFKWOLFK ZLUG VRZRKO EHL GHQ 0lG
FKHQDOVDXFKEHLGHQ.QDEHQ'LH.RUUHODWLRQ]ZLVFKHQ(U]LHKXQJVVWLOXQGGHU(O
WHUQ.LQG%H]LHKXQJEHUDOOH3UREDQGHQKLQZHJEHWUlJWU S$XIIlOOLJ
VLQG DXFK GLH JHULQJHQ $EVWlQGH ]ZLVFKHQ GHQ 6NDOHQZHUWHQ Ä(OWHUQ.LQG
%H]LHKXQJ³ XQG ÄLQNRQVLVWHQWHP (U]LHKXQJVVWLO³ EHL PlQQOLFKHQ -XJHQGOLFKHQ GHU
+DXSWVFKXOHYJO.UHLVLQ$EELOGXQJ2IIHQEDUZHUGHQGLHVHGXUFKLKUH(OWHUQ
EHVRQGHUVKlXILJLQNRQVLVWHQWHU]RJHQZDVDXFKPLWGHUDPWLHIVWHQHLQJHVWXIWHQ(O
WHUQ.LQG%H]LHKXQJLP9HUJOHLFK]XGHQDQGHUHQ*UXSSHQLP=XVDPPHQKDQJJH
VHKHQZHUGHQPXVV
'DV.DSLWHOZLUG]HLJHQZHOFKH%HGHXWXQJVROFKHYHUPHLQWOLFKHQ8QWHUVFKLHGH
IUGLH/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJKDEHQ
6R]LDOH%H]LHKXQJHQXQGPRWLYDWLRQDOH3HUV|QOLFKNHLWVPHUNPDOHLP-X
JHQGDOWHU
+lQJHQPRWLYDWLRQDOH3HUV|QOLFKNHLWVPHUNPDOHYRPIDPLOLlUHQ.RQWH[WLP-XJHQG
DOWHUDE"2GHUQDFKGHU6'7:LUNHQVLFKGLH9DULDEOHQGHUVR]LDOHQ(LQJHEXQGHQ
KHLWLQGHU)DPLOLHSRVLWLYDXIGLHPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHDXV"
'LHVR]LDOH(LQJHEXQGHQKHLWLQGHU)DPLOLHZLUGLQGLHVHU6WXGLHGXUFKGLHVR]LDOHQ
IDPLOLlUHQ$VSHNWHVIELVVIUHSUlVHQWLHUWYJO7DEHOOH'LH$VSHNWHVI
ELVVIJHK|UHQGDEHL]XPÄOHLVWXQJVXQGVFKXOEH]RJHQHQ0RQLWRULQJ³GHU(OWHUQ
JHJHQEHU LKUHQ .LQGHUQ *HPl‰ .DSLWHO N|QQHQ 6LH DEHU LQVEHVRQGHUH DXI
GHP+LQWHUJUXQGHLQHUEHZXVVWI|UGHUOLFKHQXQGIRUGHUQGHQ(U]LHKXQJVSUD[LVGHP
VR]LDOHQ .DSLWDO XQG GHP VR]LDOHQ 8PJDQJ LQQHUKDOEGHU )DPLOLH ]XJHRUGQHW ZHU
GHQ 6LH ZHLVHQ DEHU DXFK ]X GHQ EHLGHQ .HUQEHJULIIHQ GHU 6'7 .RPSHWHQ] XQG
$XWRQRPLHHLQHQ%H]XJDXI
6NDODVIÄDNWLYHV,QWHUHVVHXQGZHQLJ.RQIOLNWH³
(UJHEQLVVH
7DEHOOH
)DPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
9DULDEOHQGHUVR]LDOHQXQGIDPLOLlUHQVI(LQJHEXQGHQKHLW
VI:RKOIKOHQ]X+DXVH
VI(.%H]D*UR‰VNDOD
VI(.%H]E9HUVWlQGQLV9RUELOGZLUNXQJ
VI(.%H]FDNW,QWHUHVVHZHQLJ.RQIOLNWH
VI(.%H]G=XZHQGXQJ9HUVWlQGQLV
VI5HLEHUHLHQ]Z(.
VI*HVSUlFKVLQWHQVLWlW(.
VI(OWHUQ%H]LHKXQJUHWURVSHNWLY
VI6FKHLGXQJVX7UHQQXQJVHUI-XJHQG]HLW
VILQNRQVLVWHQWHU(U]LHKXQJVVWLO
VIHQWVSDQQWH)UHL]HLWDNWLYLWlWHQPLW(OWHUQ(
VIVR]LDOH)UHL]HLWDNWLYLWlWHQPLW(OWHUQ(
VIDX‰HUIDP93EHLSHUV3UREO
VIDX‰HUIDP93EHL3UREOPLWDQGHUHQ
VIZDKUJHQ%HJDEXQJVHLQVFKlW]XQJ
VIZDKUJHUZDUWHWHU6FKXODEVFKOXVV
VI/HLVWXQJVHUZDUWXQJGHU((
VI(IUDJHQKlXILJQDFK6/(
VI(ZLVVHQ%HVFKHLGEHU6/(
VI+DXVDXIJDEHQHQJDJHPHQWGHU((
(LQ]HOLWHP
9LHUXQWHUVFKLHGOLFKH(OWHUQ.LQG%H]LHKXQJVNDOHQ
GDPLWNHLQHGDWHQDQJHSDVVWH%HUHFKQXQJHQDXIJUXQGHL
QHVHLQ]LJHQ.RQVWUXNWVYHUZHQGHWZHUGHQZHUGHQDOOHYLHU
6NDOHQLQGHQ.RUUHODWLRQVEHUVLFKWHQGDUJHVWHOOW
(LQ]HOLWHP
6NDOD
(LQ]HOLWHPGDVLP-DKUHUHWURVSHNWLYHUKREHQZXUGH
(LQ]HOLWHP
6NDOD
6NDOD
6NDOD
(LQ]HOLWHP
(LQ]HOLWHP
(LQ]HOLWHP
(LQ]HOLWHP
(LQ]HOLWHP
(LQ]HOLWHP
(LQ]HOLWHP
6NDOD
'LH)UDJHQDFKGHP=XVDPPHQKDQJ]ZLVFKHQVR]LDOHU(LQJHEXQGHQKHLWXQGPRWL
YDWLRQDOHQ 3HUV|QOLFKNHLWVPHUNPDOHQ LP -XJHQGDOWHU LVW PLWWHOV GHU VLJQLILNDQWHQ
.RUUHODWLRQVNRHIIL]LHQWHQLQ7DEHOOH]XEHDQWZRUWHQQXUVLJQLILNDQWH.RUUHOD
WLRQVNRHIIL]LHQWHQ VLQG DXIJHIKUW 'LH EHUZLHJHQGH 0HKUKHLW GHU IDPLOLlUHQ $V
SHNWHREVR]LDORGHUHU]LHKHULVFKJHSUlJWZLUNHQVLFKTXHUVFKQLWWOLFKXQGLQHLQHP
)DOO OlQJVVFKQLWWOLFK YJO P VLJQLILNDQW DXI GLH PRWLYDWLRQDOHQ 3HUV|QOLFK
NHLWVPHUNPDOHDXV
7DEHOOH
.RUUHODWLRQHQ]ZLVFKHQIDPLOLlUHUVR]LDOHU(LQJHEXQGHQKHLWXQGPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHQP
P
P P P P P P P P P P P P P
6FKDWWLHUWH9DULDEOHQNRUUHOLHUHQPLWDOOHQPRW3HUV|QOLFKNHLWVPHUNPDOHQQXUVLJQLILNDQWH:HUWHSDXIJHIKUW]ZHLVHLWLJJHWHV
WHWJHVDPWH6WLFKSUREHTXHUVFKQLWWOLFKDX‰HUPLWP/HLVWXQJVPRWLYDWLRQLP-DKU
VI:RKOIKOHQ]X+DXVH
VI(.%H]D*UR‰VNDOD,WHPV
VI(.%H]E9HUVWlQGQLV9RUELOGZLUNXQJ
VI(.%H]FDNW,QWHUHVVHZHQLJ.RQIOLNWH
VI(.%H]G=XZHQGXQJ9HUVWlQGQLV
VI5HLEHUHLHQ]Z(.
VI*HVSUlFKVLQWHQVLWlW(.
VI(OWHUQ%H]LHKXQJUHWURVSHNWLY
VI6FKHLGXQJVX7UHQQXQJVHUI-XJHQG]HLW
VILQNRQVLVWHQWHU(U]LHKXQJVVWLO
VIHQWVSDQQWH)UHL]HLWDNWPLW(OWHUQ(
VIVR]LDOH)UHL]HLWDNWLYLWlWHQPLW(OWHUQ(
VIDX‰HUIDP93EHLSHUV3UREO
VIDX‰HUIDP93EHL3UREOPLWDQGHUHQ
VIZDKUJHQ%HJDEXQJVHLQVFKlW]XQJ
VIZDKUJ(UZ6FKXODEVFKOXVV
VI/HLVWXQJVHUZDUWXQJGHU((
VI(IUDJHQKlXILJQDFK6/(
VI(ZLVVHQ%HVFKHLGEHU6/(
VI+DXVDXIJDEHQHQJDJHPHQWGHU((
7DEHOOH ]HLJW DXFK GDVV SUDNWLVFK DOOH DXIJHOLVWHWHQ 9DULDEOHQ GHU IDPLOLlUHQ
VR]LDOHQ(LQJHEXQGHQKHLWHLQHQVLJQLILNDQWHQ=XVDPPHQKDQJ]XU/HLVWXQJVPRWLYD
WLRQPDEHUDXFK]XDOOHQDQGHUHQPRWLYDWLRQDOHQ0HUNPDOHQKDEHQ)UVLJQLIL
(UJHEQLVVH
)DPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
NDQWH(IIHNWHEHLDOOHQPRWLYDWLRQDOHQ9DULDEOHQVRUJHQGLH(OWHUQ.LQG%H]LHKXQJ
GHU(U]LHKXQJVVWLOXQGGLH7DWVDFKHGDVVGLH.LQGHULKUH9HUWUDXHQVSHUVRQIUSHU
V|QOLFKH3UREOHPHRGHUIU3UREOHPHPLWDQGHUHQQLFKWDX‰HUKDOEGHU)DPLOLHZlK
OHQ$OOHUGLQJVN|QQWHHV]XWUHIIHQGDVVXQWHU%HUFNVLFKWLJXQJGHU(UJHEQLVVHDXV
.DSLWHOGLHRELJHQVLJQLILNDQWHQ.RUUHODWLRQHQGXUFKDQGHUH PHGLLHUHQGH9DUL
DEOHQ ]XVWDQGH JHNRPPHQ VLQG ,Q GHQ IROJHQGHQ 3DUWLDONRUUHODWLRQVEHUHFKQXQJHQ
VLQG *HVFKOHFKW 6FKXOW\S XQG UHODWLYH /HLVWXQJVSRVLWLRQ LQQHUKDOE GHU .ODVVH DOV
NRQWUROOLHUHQGH9DULDEOHQDXIJHQRPPHQZRUGHQYJO7DEHOOH6RNDQQQDFK
JHZLHVHQZHUGHQGDVVGLH0HKUKHLWGHUIDPLOLlUHQVR]LDOEH]RJHQHQ9DULDEOHQ±XQ
DEKlQJLJYRQGHU/HLVWXQJLQGHU6FKXOHGHU6FKXODUWXQGGHV*HVFKOHFKWV±PLWGHU
/HLVWXQJVPRWLYDWLRQ VLJQLILNDQW ]XVDPPHQKlQJHQ 'LH VFKDWWLHUWHQ =HOOHQ ]HLJHQ
ZLHGHUXPGLH.RUUHODWLRQVNRHIIL]LHQWHQGLHJHUXQGHWHUUHLFKHQ
VI:RKOIKOHQ]X+DXVH
VI(.%H]D*UR‰VNDOD
VI(.%H]E9HUVWlQG
QLV9RUELOGZLUNXQJ
VI(.%H]FDNW,QWHUHVVHZHQLJ
.RQIOLNWH
VI(.%H]G=XZHQ
GXQJ9HUVWlQGQLV
VI5HLEHUHLHQ]Z(.
VI*HVSUlFKVLQWHQVLWlW(.
VI(OWHUQ%H]LHKXQJUHWURVSHNWLY
VI6FKHLGXQJV7UHQQXQJVHUI
VILQNRQVLVWHQWHU(U]LHKXQJVVWLO
VIHQWVS)UHL]HLWDNWPLW((
VIVR]LDOH)UHL]HLWDNWPLW((
VIDX‰HUIDP93EHLSHUV3UREO
VIDX‰HUIDP93EHL3UREOPD
VIZDKUJHQ%HJDEHLQVFKlW]XQJ
VIZDKUJHUZ6FKXODEVFKOXVV
VI/HLVWXQJVHUZDUWXQJGHU((
VI(IUDJHQKlXILJQDFK6/(
VI(ZLVVHQ%HVFKHLGEHU6/(
VI+DXVDXIJDEHQHQJDJGHU((
PDOOJ,QWHUHVVH
GHV.LQGHV(
P/HLVWXQJVPRWLYD
WLRQ
P%LOGXQJVRULHQWLH
UXQJ
P=XNXQIWVEHZlOWL
JXQJ
P(..RQVHQVZLH
EHQHKPHQ
P(..RQVHQVZDV
JODXEHQ
P(..RQVHQVZDV
OHLVWHQ
P5DXFKHQ
PVFKXOLVFKH1RUP
YHUOHW]XQJ
P6HOEVWZLUNVDPNHLW
P%HJDEXQJV]X
VFKUHLEXQJ
PVFKXO/HLVWXQJV
DQJVW
3DUWLDONRUUHODWLRQ]ZLVFKHQ9DULDEOHQIDPLOLlUHUVR]LDOHQ(LQJHEXQGHQKHLWXQGPRWLYDWLRQDOHQ3HUV|QOLFKNHLWV
PHUNPDOHQTXHUVFKQLWWOLFKE]ZNXU]HU/lQJVVFKQLWWEHLPXQWHU.RQWUROOHYRQ/HLVWXQJVSRVLWLRQ*HVFKOHFKW
XQG6FKXOW\SSDLUZLVHEHUHFKQHW
P/HLVWXQJV
PRWLYDWLRQ
7DEHOOH
QXUVLJQLILNDQWH:HUWHSDXIJHIKUWVFKDWWLHUWU•JHUXQGHW]ZHLWOHW]WH6SDOWHZHLVWDXINXU]HQ/lQJVVFKQLWWKLQ
JHVDPWH6WLFKSUREH]ZHLVHLWLJJHWHVWHWSDLUZLVHEHUHFKQHW
$XIJUXQGGHU%HUFNVLFKWLJXQJYRQNRQWUROOLHUHQGHQ9DULDEOHQ]HLJHQVLFKGLHHLQ
]HOQHQ.RUUHODWLRQVZHUWHEHUGLHJHVDPWH6WLFKSUREHHWZDVWLHIHUXQGPHUNOLFKLQ
ZHQLJHU)lOOHQVLJQLILNDQWDOVLQ7DEHOOH]XYRU1HEVWGHQ(OWHUQ.LQG6NDOHQ
VFKOlJWGHU(U]LHKXQJVVWLOGHXWOLFKDXIGLHPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOH
DXV
(UJHEQLVVH
$X‰HUIDPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
,QVJHVDPWNDQQIHVWJHKDOWHQZHUGHQGDVVGDV:RKOIKOHQ]XKDXVHHLQHJXWH(OWHUQ
.LQG%H]LHKXQJXQGHLQNRQVLVWHQWHU(U]LHKXQJVVWLOPD‰JHEOLFKGLHPRWLYDWLRQDOHQ
3HUV|QOLFKNHLWVPHUNPDOHYRQ-XJHQGOLFKHQXQDEKlQJLJYRQLKUHP/HLVWXQJVQLYHDX
LQGHU.ODVVHYRP*HVFKOHFKWRGHUYRQGHU6FKXOIRUPI|UGHUQ2EZRKOKLHUNHLQH
UHJUHVVLRQVDQDO\WLVFKHQ %HUHFKQXQJHQ YRUOLHJHQ XQG LQVRIHUQ HLQ .DXVDO]XVDP
PHQKDQJ QLFKW QDFKJHZLHVHQ LVW GUIHQ GLH (UJHEQLVVH DEHU DOV 6'7
WKHRULHNRQIRUP EH]HLFKQHW ZHUGHQ 'LH GLHVEH]JOLFKHQ OlQJVVFKQLWWOLFKHQ =XVDP
PHQKlQJHDXIGLH/HLVWXQJVPRWLYDWLRQEHL-lKULJHQPVLQG]ZDUVLJQLILNDQW
MHGRFK VFKZDFK HV JLEW NHLQH 3DUWLDONRUUHODWLRQ EHU ,QWHUHVVDQW LVW GDVV GLH
(OWHUQ.LQG%H]LHKXQJ LQVJHVDPW YRU DOOHP HLQKHU JHKW PLW HLQHU SRVLWLYHQ
6HOEVWZLUNVDPNHLWV E]Z HLQHU SRVLWLYHQ =XNXQIWVEHZlOWLJXQJVHUZDUWXQJ DEHU
DXFK PLW HLQHP (OWHUQ.LQG.RQVHQV ZLH PDQ VLFK YHUKDOWHQ VROO +LHU ]HLJW VLFK
GLHLP7KHRULHNDSLWHOHUZlKQWH,QWHUQDOLVLHUXQJYRQ:HUWHQDXIJUXQGHLQHUIXQNWLR
QLHUHQGHQ(OWHUQ.LQG%H]LHKXQJDXI6WXIHLGHQWLIL]LHUWHURGHULQWHJULHUWHU5HJXODWL
RQYJO.DS&$XIIDOOHQGLVWDEHUDXFKGHU(LQIOXVVGHU9DULDEOHÄLQNRQVLV
WHQWHU(U]LHKXQJVVWLO³-H PHKULQNRQVLVWHQWH(U]LHKXQJGLH-XJHQGOLFKHQZDKUQHK
PHQGHVWRQHJDWLYHUVLQGLKUH%HJDEXQJV]XVFKUHLEXQJLKUH6HOEVWZLUNVDPNHLWXQG
LKUH=XYHUVLFKWIUGLH=XNXQIWVEHZlOWLJXQJQHJDWLYH.RUUHODWLRQVZHUWHEHU
1DFKGHPGLHNRUUHODWLYHQXQGSDUWLDONRUUHODWLYHQ=XVDPPHQKlQJH]ZLVFKHQDX‰HU
IDPLOLlUHUVR]LDOHU(LQJHEXQGHQKHLWXQGPRWLYDWRQDOHU3HUV|QOLFKNHLWVPHUNPDOHLP
IROJHQGHQ.DSLWHOGDUJHVWHOOWZHUGHQJHKWGDV.DSLWHOPLWWHOV5HJUHVVLRQV
XQG6WUXNWXUJOHLFKXQJVPRGHOODQDO\VHQDXIGLH9RUKHUVDJHGHU/HLVWXQJVPRWLYDWLRQ
GXUFK IDPLOLlUH XQG DX‰HUIDPLOLlUH VR]LDOHPRWLRQDO EH]RJHQH 9DULDEOHQ HLQ ,QVR
IHUQZLUGGHU7KHPDWLNGHU.DXVDOLWlW5HFKQXQJJHWUDJHQ
$X‰HUIDPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
=XUDX‰HUIDPLOLlUHQVR]LDOHQ(LQJHEXQGHQKHLWLP-XJHQGDOWHU
'LH WHQGHQ]LHOOH =XQDKPH YRQ 'LVWDQ] GHU -XJHQGOLFKHQ ]XP (OWHUQKDXV XQG ]XU
6FKXOH OlVVW VLFK DXFK LP HKHU GLVWDQ]LHUWHQ 9HUKlOWQLV ]XU /HKUSHUVRQ HUNHQQHQ
)ROJHQGH$EELOGXQJ]HLJWGHQ9HUODXIGHV9HUWUDXHQVYJO9DULDEOHVD]XGHQ
/HKUHUQZlKUHQGGHU-XJHQGSKDVHLP$OWHUYRQELV-DKUHQ,QGHUEHUQlFKV
WHQ $EELOGXQJ ZLUG GLH /HKUHU6FKOHU%H]LHKXQJ 9DULDEOH VD H[HPSODULVFK
DEJHELOGHW
(UJHEQLVVH
$X‰HUIDPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
0lGFKHQ
.QDEHQ
-DKUH
$EELOGXQJ
-DKUH
-DKUH
-DKUH
-DKUH
9HUODXIGHV9HUWUDXHQV]XU/HKUSHUVRQLP-XJHQGDOWHU6NDODVDLQGHQ(UKHEXQJV]HLWSXQNWHQE]ZLP
$OWHUYRQ-DKUHQ
$XFKKLHULVW±JOHLFKZLHEHLP9HUODXIGHU(OWHUQ.LQG%H]LHKXQJ±IHVW]XKDOWHQ
GDVV LQ GHU -XJHQG]HLW HLQH YRUEHUJHKHQGH $EQDKPH GHV 9HWUDXHQV LQ GLH /HKUHU
IHVWJHVWHOOWZHUGHQNDQQ(LQYRP-XJHQGOLFKHQGLVWDQ]LHUWHV9HUKlOWQLV]XP/HKUHU
EHGHXWHWMHGRFKQLFKWGDVVGLHVHVIUGLHOlQJHUIULVWLJH/HLVWXQJVXQG0RWLYDWLRQV
HQWZLFNOXQJ ZHQLJHU ZLFKWLJ LVW *LEW HV YHUPHLQWOLFKH 8QWHUVFKLHGH LQ GHU :HUW
VFKlW]XQJXQG%H]LHKXQJGHU/HKUHUJHJHQEHULKUHQ6FKOHUQ",VWGLHVH:HUWVFKlW
]XQJYRP6FKXONRQWH[WRGHUYRP*HVFKOHFKWDEKlQJLJ"
,QGH[ZHUWH
,QGH[ZHUWH
-DKUH
-DKUH
-DKUH
-DKUH
-DKUH
+6
$EELOGXQJ
*<
-DKUH
-DKUH
-DKUH
0lGFKHQ
.QDEHQ
$OOH
+6
*<
$OOH
9HUODXIGHUZDKUJHQRPPHQHQ/HKUHU6FKOHU%H]LHKXQJ6NDODVDDXV6LFKWGHU6FKOHULP-XJHQGDOWHU±
GLIIHUHQ]LHUWQDFK*HVFKOHFKWXQG6FKXOW\S
$XIJUXQG GHU $EELOGXQJ NDQQ QLFKW YRQ XQWHUVFKLHGOLFKHQ /HKUHU6FKOHU
%H]LHKXQJHQ LQ $EKlQJLJNHLW GHV *HVFKOHFKWV DXVJHJDQJHQ ZHUGHQ (LQH .RUUHOD
WLRQVEHUHFKQXQJ QDFK 6SHDUPDQ HUJLEW ]ZLVFKHQ 6FKXOIRUP +DXSWVFKXOH 5HDO
VFKXOH *\PQDVLXP XQG /HKUHU6FKOHU%H]LHKXQJ QXU HLQHQ VFKZDFKHQ =XVDP
PHQKDQJYRQSGHUDEHULQRELJHU$EELOGXQJVLFKWEDULVW0lQQOLFKH
-XJHQGOLFKHDQ*\PQDVLHQQHKPHQPHKU$QHUNHQQXQJXQG:HUWVFKlW]XQJYRQ6HL
WHQ GHU /HKUHU DOV MHQH YRQ +DXSWVFKXOHQ ZDKU =XGHP VLQG GLH 6WDQGDUGDEZHL
(UJHEQLVVH
$X‰HUIDPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
FKXQJHQGLHVHU6NDODEHLPlQQOLFKHQ+DXSWVFKOHUQLP$OWHUYRQXQG-DKUHQ
PLW6' E]Z6' EHLGH0DOHJU|‰HUDOVEHLGHQPlQQOLFKHQ*\PQDVLDV
WHQ PLW 6' MlKULJ E]Z 6' MlKULJ YJO 7DEHOOH LQ .DS
1DFK GLHVHP GHVNULSWLYHQ 7HLO VLQG LP )ROJHQGHQ GLH =XVDPPHQKlQJH ]ZLVFKHQ
9DULDEOHQ GHU VFKXOLVFKHQ VR]LDOHQ %H]LHKXQJHQ XQG PRWLYDWLRQDOHQ 3HUV|QOLFK
NHLWVPHUNPDOHQDXIJHIKUW
$X‰HUIDPLOLlUHVR]LDOH%H]LHKXQJHQXQGPRWLYDWLRQDOH3HUV|QOLFKNHLWV
PHUNPDOHLP-XJHQGDOWHU
7DEHOOH]HLJWGDVVGLH6'7LP$VSHNWGHUVR]LDOHQ(LQJHEXQGHQKHLWGXUFKVLJ
QLILNDQWH(UJHEQLVVHEHVWlWLJWZHUGHQNDQQ)DVWDOOHVR]LDOHQ0HUNPDOHGHVDX‰HU
IDPLOLlUHQ .RQWH[WHV ZHLVHQ TXHUVFKQLWWOLFK VLJQLILNDQWH =XVDPPHQKlQJH ]X PRWL
YDWLRQDOHQ 3HUV|QOLFKNHLWVPHUNPDOHQ DXI 'LH DX‰HUIDPLOLlUHQ .RQWH[WYDULDEOHQ
ZHLVHQ LQ GUHL )lOOHQ VLJQLILNDQWH .RUUHODWLRQHQ EHU DXV Ä:RKOIKOHQ LQ GHU
6FKXOH³ Ä/HKUHU6FKOHU%H]LHKXQJ³ XQG Ä$QHUNHQQXQJ GXUFK 0LWVFKOHU³ 6LH
ZLUNHQ LP 6LQQH GHU 6'7 VSH]LHOO PRWLYDWLRQVI|UGHUQG XQG VLQG LQ 7DEHOOH VFKDWWLHUWKHUYRUJHKREHQ
P/HLVWXQJV
PRWLYDWLRQ
P%LOGXQJV
RULHQWLHUXQJ
P=XNXQIWVEH
ZlOWLJXQJ
P(..RQVHQV
ZLHEHQHKPHQ
P(..RQVHQV
ZDVJODXEHQ
P(..RQVHQV
ZDVOHLVWHQ
P5DXFKHQ
PVFKXOLVFKH
1RUPYHUOHW]XQJ
P6HOEVWZLUNVDP
NHLWVEHU]HXJXQJ
P%HJDEXQJV]X
VFKUHLEXQJ
PVFKXO/HLV
WXQJVDQJVW
P/HLVWXQJV
PRWLYDWLRQ
.RUUHODWLRQHQ]ZLVFKHQDX‰HUIDPLOLlUHUVR]LDOHU(LQJHEXQGHQKHLWVDVDXQGPRWLYDWLRQDOHQ3HUV|QOLFKNHLWV
PHUNPDOHQPPTXHUVFKQLWWOLFKDX‰HUPLWP/HLVWXQJVPRWLYDWLRQPLW-LP-DKU
PDOOJ,QWHUHVVH
GHV.LQGHV(
7DEHOOH
VD:RKOIKOHQLQ6FKXOH
VD$QRQ\PLWlWDQGHU6FKXOH VD6WDWXV6FKXOOHLVWXQJ
VD6WDWXVUHOHYDQ]6ROLGDULWlW
VD.RQNXUUHQ]NDPSILQ.ODVVH
VD.ODVVHQ]XVDPPHQKDOW
VD9HUWUDXHQ]X/3
VD/36%H]LHKXQJ
VD/HLVWXQJVGUXFNYRQ/3
VD$QHUNHQQXQJG0LWVFKOHU VD,QWHJUDWLRQ3HHUV
VDNLUFKOLFKH$NWLYLWlW
VD9HUHLQV]XJHK|ULJNHLW
VD7XUQXQG6SRUWYHUHLQ
VD0XVLNRGHU6LQJJUXSSH
VFKDWWLHUWU•JHUXQGHWQXUVLJQLILNDQWH:HUWHSDXIJHIKUW]ZHLVHLWLJJHWHVWHWJHVDPWH6WLFKSUREHSXQNWELVHULDOH.RUUHOD
WLRQHQEHLVDVDVDPPP
,P:LVVHQGDVVPRWLYDWLRQDOH$XVSUlJXQJHQVWDUNYRQGHU/HLVWXQJE]ZGHUUHOD
WLYHQ/HLVWXQJVSRVLWLRQLQGHU.ODVVHDEKlQJHQN|QQHQVLQGLQ7DEHOOHZLHGHU
XPGLH3DUWLDONRUUHODWLRQHQ]ZLVFKHQVR]LDOHQ,QGLNDWRUHQGHUDX‰HUIDPLOLlUHQ8P
ZHOW XQG GHQ PRWLYDWLRQDOHQ 3HUV|QOLFKNHLWVPHUNPDOHQ LP -XJHQGDOWHU DXIJHOLVWHW
ZRGLH/HLVWXQJVSRVLWLRQGDV*HVFKOHFKWXQGGHU6FKXOW\SNRQWUROOLHUWZXUGHQ
(UJHEQLVVH
$X‰HUIDPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
PDOOJ,QWHUHVVH
GHV.LQGHV(
P/HLVWXQJV
PRWLYDWLRQ
P%LOGXQJV
RULHQWLHUXQJ
P=XNXQIWVEH
ZlOWLJXQJ
P(..RQVHQV
ZLHEHQHKPHQ
P(..RQVHQV
ZDVJODXEHQ
P(..RQVHQV
ZDVOHLVWHQ
P5DXFKHQ
PVFKXOLVFKH
1RUPYHUOHW]XQJ
P%HJDEXQJV
]XVFKUHLEXQJ
PVFKXO/HLV
WXQJVDQJVW
P6HOEVWZLUNVDP
NHLWVEHU]HXJXQJ
3DUWLDONRUUHODWLRQ]ZLVFKHQ9DULDEOHQDX‰HUIDPLOLlUHUVR]LDOHQ(LQJHEXQGHQKHLWXQGPRWLYDWLRQDOHQ3HUV|QOLFK
NHLWVPHUNPDOHQTXHUVFKQLWWOLFKE]ZNXU]HU/lQJVVFKQLWWEHLPXQWHU.RQWUROOHYRQ/HLVWXQJVSRVLWLRQ*H
VFKOHFKWXQG6FKXOW\S
P/HLVWXQJV
PRWLYDWLRQ
7DEHOOH
VFKDWWLHUWU!JHUXQGHWQXUVLJQLILNDQWH:HUWHSDXIJHIKUW]ZHLVHLWLJJHWHVWHWJHVDPWH6WLFKSUREHSDLUZLVHEHUHFKQHW
SXQNWELVHULDOH.RUUHODWLRQHQEHLVDVDVDPPP
VD:RKOIKOHQLQ6FKXOH
VD$QRQ\PLWlWDQGHU6FKXOH
VD6WDWXVU6FKXOOHLVWXQJ
VD6WDWXVUHOHYDQ]6ROLGDULWlW
VD.RQNXUUHQ]NDPSILQ.O
VD.ODVVHQ]XVDPPHQKDOW
VD9HUWUDXHQ]X/3
VD/36%H]LHKXQJ
VD/HLVWXQJVGUXFNYRQ/3
VD$QHUNHQQXQJG0LWVFK
VD,QWHJUDWLRQ3HHUV
VDNLUFKOLFKH$NWLYLWlW
VD9HUHLQV]XJHK|ULJNHLW
VD7XUQXQG6SRUWYHUHLQ
VD0XVLNRGHU6LQJJUXSSH
'LH7DEHOOH]HLJWDXIGDVVGLH%HVWLPPXQJVIDNWRUHQGHUDX‰HUIDPLOLlUHQVR]LD
OHQ(LQJHEXQGHQKHLWGHQHQDXVGHU7DEHOOHZLHGHUXPHQWVSUHFKHQYJOVFKDW
WLHUWH =HOOHQ 'LH PHLVWHQ 9DULDEOHQ GHU VR]LDOHQ (LQJHEXQGHQKHLW ZHLVHQ
TXHUVFKQLWWOLFKHLQHQVLJQLILNDQWHQ=XVDPPHQKDQJPLWGHU/HLVWXQJVPRWLYDWLRQDXI
ZDV ZLHGHUXP 6'7NRQIRUP LVW =XGHP LVW HLQ OlQJVVFKQLWWOLFKHU =XVDPPHQKDQJ
]ZLVFKHQGHP:RKOIKOHQPLW-DKUHQXQGGHU/HLVWXQJVPRWLYDWLRQPLW-DKUHQ
PLWU VLJQLILNDQW
'HU K|FKVWH =XVDPPHQKDQJ ]ZLVFKHQ 9DULDEOHQ GHU DX‰HUIDPLOlUHQ VR]LDOHQ (LQ
JHEXQGHQKHLWXQGGHU/HLVWXQJVPRWLYDWLRQLP-XJHQGDOWHU]HLJWVLFKEHLGHQSDUWLDO
NRUUHODWLYHQ %HUHFKQXQJHQ EHL GHU )HVWVWHOOXQJ RE VLFK GLH 6FKOHU LQ GHU 6FKXOH
ZRKOIKOHQ(EHQIDOOVEHUGHP:HUWYRQNRPPWGLH/HKUHU6FKOHU%H]LHKXQJ
]XP 7UDJHQ U -H PHKU :HUWVFKlW]XQJ GLH 6FKOHU ZDKUQHKPHQ GHVWR OHLV
WXQJVPRWLYLHUWHUVLQGVLH,QVJHVDPWVSUHFKHQGLHVH(UJHEQLVVHIUGLH]HQWUDOH%H
GHXWXQJGHV:RKOIKOHQVXQGGHUVR]LDOHQ(LQJHEXQGHQKHLWIUGLH/HLVWXQJVPRWL
YDWLRQVI|UGHUXQJXQDEKlQJLJYRQGHU/HLVWXQJVSRVLWLRQYRP*HVFKOHFKWRGHUYRP
6FKXOW\S
'HU KRKH =XVDPPHQKDQJ ]ZLVFKHQ /HKUHU6FKOHU%H]LHKXQJ VD XQG 6HOEVWZLUNVDPNHLWVEHU]HX
JXQJPYRQU KDWGDPLW]XWXQGDVVGLH,WHPVGHU9DULDEOHVDEHL)HQGXQG3UHVWHUPLWGHU
9DULDEOH P ]X HLQHP HLQ]LJHQ )DNWRU Ä/HKUHU XQG 6FKXOHUIROJ³ YHUUHFKQHW ZXUGHQ :HLO DEHU LQ GHU
7DEHOOHGLHOHLVWXQJVEH]RJHQH.RPSRQHQWHUHO/HLVWXQJVSRVLWLRQLQGHU.ODVVHNRQWUROOLHUWZXUGH
GDUI GHU HPSLULVFKH =XVDPPHQKDQJ ]ZLVFKHQ /HKUHU6FKOHU%H]LHKXQJ VD XQG /HLVWXQJVPRWLYDWLRQ
PDXFKWKHRUHWLVFKDXIUHFKWHUKDOWHQZHUGHQ
(UJHEQLVVH
'LIIHUHQWLHOOH%HIXQGHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
'LIIHUHQWLHOOH%HIXQGHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
,Q GLHVHP .DSLWHO JHKW HV XP GLH TXHU XQG OlQJVVFKQLWWOLFKHQ JHVFKOHFKWV XQG
VFKXOIRUPVSH]LILVFKHQ =XVDPPHQKlQJH XQG $XINOlUXQJHQ ]ZLVFKHQ 9DULDEOHQ GHU
VR]LDOHQ(LQJHEXQGHQKHLWXQGGHU/HLVWXQJVPRWLYDWLRQ
3DUWLDONRUUHODWLYH%HUHFKQXQJHQLP4XHUVFKQLWWXQG=ZHL-DKUHV
/lQJVVFKQLWWLP-XJHQGDOWHU
7DEHOOH
3DUWLDONRUUHODWLRQHQ]ZLVFKHQIDPLOLlUHQXQGDX‰HUIDPLOLlUHQ9DULDEOHQXQGGHU/HLVWXQJVPRWLYDWLRQPLWXQG
-DKUHQTXHUVFKQLWWOLFKE]ZNXU]HU/lQJVVFKQLWWXQWHU.RQWUROOHYRQ/HLVWXQJVSRVLWLRQXQG6FKXOIRUP
/HLVWXQJVPRWLYDWLRQPLW-
)DPLOLlUHVIXQGDX‰HUIDPLOLlUHDI
9DULDEOHQGHUVR](LQJHEXQGHQKHLW
VI:RKOIKOHQ]X+DXVH
VI(.%H]D*UR‰VNDOD
VI(.%H]E9HUVWlQGQLV9RUELOGZLUNXQJ
VI(.%H]FDNW,QWHUHVVHZHQLJ.RQIOLNWH
VI(.%H]G=XZHQGXQJ9HUVWlQGQLV
VI5HLEHUHLHQ]Z(.
VI*HVSUlFKVLQWHQVLWlW(.
VI(OWHUQ%H]LHKXQJUHWURVSHNWLY
VI6FKHLGXQJVX7UHQQXQJVHUI-XJHQG]HLW
VILQNRQVLVWHQWHU(U]LHKXQJVVWLO
VIHQWVSDQQWH)UHL]HLWDNWLYLWlWHQPLW(OWHUQ(
VIVR]LDOH)UHL]HLWDNWLYLWlWHQPLW(OWHUQ(
VIDX‰HUIDP93EHLSHUV3UREO
VIDX‰HUIDP93EHL3UREOPLWDQGHUHQ
VIZDKUJHQ%HJDEXQJVHLQVFKlW]XQJ
VIZDKUJHUZ6FKXODEVFKOXVV+656*<
VI/HLVWXQJVHUZDUWXQJGHU((
VI(IUDJHQKlXILJQDFK6/(
VI(ZLVVHQ%HVFKHLGEHU6/(
VI+DXVDXIJDEHQHQJDJHPHQWGHU((
VD:RKOIKOHQLQ6FKXOH
VD$QRQ\PLWlWDQGHU6FKXOH
VD6WDWXVUHOHYDQ]6FKXOOHLVWXQJ
VD6WDWXVUHOHYDQ]6ROLGDULWlW
VD.RQNXUUHQ]NDPSILQ.ODVVH
VD.ODVVHQ]XVDPPHQKDOW
VD9HUWUDXHQ]X/3
VD/36%H]LHKXQJ
VD/HLVWXQJVGUXFNYRQ/3
VD$QHUNHQQXQJGXUFK0LWVFKOHU
VD,QWHJUDWLRQ3HHUV
VDNLUFKOLFKH$NWLYLWlW
VD9HUHLQV]XJHK|ULJNHLWQHLQMD
VD7XUQXQG6SRUWYHUHLQQHLQMD
VD0XVLNRGHU6LQJJUXSSHQHLQMD
+6
.QDEHQ
*<
ƒ
0lGFKHQ
+6
*<
ƒ
A
/HLVWXQJVPRWLYDWLRQPLW-
NXU]HU/lQJVVFKQLWW
.QDEHQ
0lGFKHQ
+6
*<
+6
*<
ƒ
A
A
ƒ
ƒ
A
VFKDWWLHUW9DULDEOHQPLWVLJQLILNDQWHP(LQIOXVVVRZRKOLP4XHUDOVDXFKLP/lQJVVFKQLWWEHLPlQQOLFKHQ-XJHQGOLFKHQGHV*\PQDVL
XPVSSSASƒS]ZHLVHLWLJJHWHVWHWSDLUZLVHEHUHFKQHW+6 +DXSWVFKXOH*< *\PQDVLXP
7DEHOOH]HLJWGLHJHVFKOHFKWVXQGVFKXOIRUPVSH]LILVFKDXIJHOLVWHWHQ3DUWLDONRU
UHODWLRQHQ ]ZLVFKHQ GHQ 9DULDEOHQ GHU VR]LDOHQ (LQJHEXQGHQKHLW XQG GHU /HLV
WXQJVPRWLYDWLRQLP4XHUVFKQLWWXQGLPNXU]HQ/lQJVVFKQLWWXQWHU.RQWUROOHGHUUH
ODWLYHQ /HLVWXQJVSRVLWLRQ 'LH PDUNLHUWHQ 9DULDEOHQ ZHLVHQ LQVJHVDPW DXI GLH %H
(UJHEQLVVH
'LIIHUHQWLHOOH%HIXQGHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
IXQGODJH KLQ GDVV GLH IDPLOLlUHQ XQG DX‰HUIDPLOLlUHQ 9DULDEOHQ LP $OWHU YRQ -DKUHQ EHL GHQ PlQQOLFKHQ *\PQDVLDVWHQ VRZRKO LP 4XHU DOV DXFK LP NXU]HQ
/lQJVVFKQLWW VLJQLILNDQW DXI GLH /HLVWXQJVPRWLYDWLRQ ZLUNHQ XQDEKlQJLJ YRQ GHU
UHODWLYHQ/HLVWXQJVSRVLWLRQXQGGHP6FKXOW\S,QWHUHVVDQWLVWDXFKGDVVHVEHLGHQ
0lGFKHQGLHGDV*\PQDVLXPEHVXFKHQHEHQIDOOVVLJQLILNDQWHOlQJVVFKQLWWOLFKH=X
VDPPHQKlQJH]ZLVFKHQLKUHQVR]LDOHQ%H]LHKXQJHQXQGLKUHU/HLVWXQJVPRWLYDWLRQ
JLEWMHGRFKQLFKWLQGHP0DVVHZLHEHLGHQPlQQOLFKHQ*\PQDVLDVWHQ
'HU 9DULDEOH /HKUHU6FKOHU%H]LHKXQJ NRPPW LQ DOOHQ YLHU *UXSSHQ TXHUVFKQLWW
OLFKXQGEHLGHQ0lQQHUQDXFKOlQJVVFKQLWWOLFKHLQHVLJQLILNDQWH%HGHXWXQJ]X'LH
7DWVDFKHGDVVLQVEHVRQGHUHEHLPlQQOLFKHQ*\PQDVLDVWHQVLHKHRYDOH0DUNLHUXQJ
LQ 7DEHOOH YLHOH NRQWH[WXHOOH IDPLOLlUH XQG DX‰HUIDPLOLlUH 9DULDEOHQ HLQHQ
OlQJVVFKQLWWOLFKHQ =XVDPPHQKDQJ PLW GHU /HLVWXQJVPRWLYDWLRQ DXIZHLVHQ ]HLJW
GDVV GLHVH LP 9HUJOHLFK ]X GHQ PlQQOLFKHQ +DXSWVFKOHUQ RIIHQEDU HLQH XQWHU
VFKLHGOLFKH/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJHUIDKUHQ%HL-XQJHQGHV*\PQDVLXPV
LVW]XGHPGLH%HGHXWXQJGHUVR]LDOHQ(LQJHEXQGHQKHLWIULKUH/HLVWXQJVPRWLYDWLRQ
JU|VVHU DOV EHL 0lGFKHQ GHVVHOEHQ 6FKXOW\SV ZDV ZLHGHUXP WKHRULHNRQIRUP LVW
YJO.DS
5HJUHVVLRQVDQDO\WLVFKH%HUHFKQXQJHQ
,Q7DEHOOH]HLJWVLFKGDVVGLH/HLVWXQJVPRWLYDWLRQYRQPlQQOLFKHQ*\PQDVLDV
WHQLP4XHUVFKQLWW]XGXUFKGLHUHODWLYH/HLVWXQJVSRVLWLRQGDV:RKOIKOHQ]X
KDXVH GLH (OWHUQ.LQG%H]LHKXQJ GDV :RKOIKOHQ LQ GHU 6FKXOH XQG GLH /HKUHU
6FKOHU%H]LHKXQJ VLJQLILNDQW DXIJHNOlUW ZHUGHQ NDQQ -HQH IU PlQQOLFKH +DXSW
VFKOHUNDQQ]XMHQHIUZHLEOLFKH]XHUNOlUWZHUGHQ'LH9RUKHUVDJHGHU
/HLVWXQJVPRWLYDWLRQ YRQ ZHLEOLFKHQ *\PQDVLDVWHQ OlVVW VLFK ]X EHVWLPPHQ
'DPLWLVWEHOHJWGDVVVRZRKO.RPSHWHQ]JHIKOUHO/HLVWXQJVSRVLWLRQDOVDXFKVR
]LDOH(LQJHEXQGHQKHLWLQVJHVDPWJHVHKHQEHUDOOHYLHU*UXSSHQDOV3UlGLNWRUHQGHU
/HLVWXQJVPRWLYDWLRQJHPl‰GHU6'7YHUZHQGHWZHUGHQN|QQHQ
,QGHQ.DSLWHOQELVZHUGHQGLH.RUUHODWLRQVZHUWHGHUIRNXVVLHUWHQ*UXSSHQPLWQXU]ZHL.RP
PDVWHOOHQDXIJHIKUWLP*HJHQVDW]]XGHQELVKHULJHQ7DEHOOHQPLW9HUZHQGXQJGHUJHVDPWHQ6WLFKSUREH
(UJHEQLVVH
7DEHOOH
'LIIHUHQWLHOOH%HIXQGHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
0XOWLSOH5HJUHVVLRQVDQDO\VHQ]XUTXHUVFKQLWWOLFKHQ9RUKHUVDJHGHU/HLVWXQJVPRWLYDWLRQPLW-DKUHQGXUFKGLH
UHODWLYH/HLVWXQJVSRVLWLRQLQGHU.OXQGGLHVR]LDOH(LQJHEXQGHQKHLWGLIIHUHQ]LHUWQDFK*HVFKOHFKWXQG6FKXOW\S
*UXSSH
.RQVWDQWH
[UHO/HLVWXQJVSRVLWLRQLQ.ODVVH
VI:RKOIKOHQ]X+DXVH
VI(.%H]LHKXQJ
VD:RKOIKOHQLQ6FKXOH
VD/36%H]LHKXQJ
PlQQOLFK
*<
EHWD
QV
5 Q )
GIGI
*HVDPWPRGHOODXINOlUXQJNRUU
PlQQOLFK
+6
EHWD
QV
5 ZHLEOLFK
ZHLEOLFK
*<
+6
EHWD
EHWD
QV
QV
QV
QV
QV
5 5 6FKDWWLHUWVLJQ%HWDJHZLFKWSSSSQV QLFKWVLJQLILNDQW*HVDPWPRGHOOVLPXOWDQ(QWHU0HWKRGH
PLWOLVWZHLVHP$XVVFKOXVVIHKOHQGHU:HUWH
:LHVLHKWHVQXQPLWGHUOlQJVVFKQLWWOLFKHQ9RUKHUVDJHGHU/HLVWXQJVPRWLYDWLRQLP
$OWHUYRQ-DKUHQGXUFK9DULDEOHQLP$OWHUYRQ-DKUHQDXV"
7DEHOOH
0XOWLSOH5HJUHVVLRQVDQDO\VHQ]XUOlQJVVFKQLWWOLFKHQ9RUKHUVDJHGHU/HLVWXQJVPRWLYDWLRQPLW-DKUHQGXUFKGLH
UHODWLYH/HLVWXQJVSRVLWLRQLQGHU.ODVVHXQGGLHVR]LDOH(LQJHEXQGHQKHLWGLIIHUHQ]LHUWQDFK*HVFKOHFKWXQG
6FKXOW\S
*UXSSH
.RQVWDQWH
[UHO/HLVWXQJVSRVLWLRQLQ.ODVVH
VI:RKOIKOHQ]X+DXVH
VI(.%H]LHKXQJ
VD:RKOIKOHQLQ6FKXOH
VD/36%H]LHKXQJ
Q )
GIGI
*HVDPWPRGHOODXINOlUXQJNRUU
PlQQOLFK
*<
EHWD
QV
ƒ
QV
5 PlQQOLFK
ZHLEOLFK
ZHLEOLFK
+6
*<
+6
EHWD
EHWD
EHWD
QV
QV
QV
QV
QV
QV
QV
QV
QV
QV
QV
QV
QV
5 5 5 6FKDWWLHUWVLJQ%HWDJHZLFKWSSS Sƒ SQV QLFKWVLJQLILNDQW(QWHU0HWKRGHPLWOLVWZHLVHP
$XVVFKOXVVIHKOHQGHU:HUWH
,Q7DEHOOH]HLJWVLFKGLHOlQJVVFKQLWWOLFKH9RUKHUVDJHGHU/HLVWXQJVPRWLYDWLRQ
EHLGHQPlQQOLFKHQ*\PQDVLDVWHQNRUULJLHUWHV5 DPJU|‰WHQLP9HUJOHLFK]X
GHQ PlQQOLFKHQ +DXSWVFKOHUQ RGHU GHQ ZHLEOLFKHQ -XJHQGOLFKHQ DXV +DXSWVFKXOH
XQG*\PQDVLXP%HLGH%H]LHKXQJVVNDOHQ]X+DXVHXQGLQGHU6FKXOHVLQGVLJQL
ILNDQW%HLGHQPlQQOLFKHQ+DXSWVFKOHUQLVWHVQXUQRFKGLHUHODWLYH/HLVWXQJVSRVL
WLRQGLHDXIGLHVHQ=ZHL-DKUHV/lQJVVFKQLWW$XVZLUNXQJHQ]HLJW
:HUGHQ EHL GHQ PlQQOLFKHQ *\PQDVLDVWHQ QRFK ZHLWHUH 9DULDEOHQ PLWHLQEH]RJHQ
VRHUJLEWVLFKGDVVQHEHQGHUEHGHXWVDPHQUHODWLYHQ/HLVWXQJVSRVLWLRQLQGHU.ODVVH
GLH(OWHUQ.LQG%H]LHKXQJGLH(OWHUQ.LQG*HVSUlFKVLQWHQVLWlWXQGGLH9HUHLQV]X
JHK|ULJNHLWLP6LQQHGHUVR]LDOHQ(LQJHEXQGHQKHLWQDFKGHU6'7GLH/HLVWXQJVPR
WLYDWLRQ PLW VLJQLILNDQWHQ %HWDZHUWHQ TXHUVFKQLWWOLFK 5 XQG OlQJVVFKQLWWOLFK
5 DXINOlUHQN|QQHQYJO7DEHOOH
(UJHEQLVVH
'LIIHUHQWLHOOH%HIXQGHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
7DEHOOH
0XOWLSOH5HJUHVVLRQVDQDO\VHQ]XU9RUKHUVDJHGHU/HLVWXQJVPRWLYDWLRQPLWE]Z-DKUHQGXUFKGLHIDPLOLlUH
XQGDX‰HUIDPLOLlUH(LQJHEXQGHQKHLWEHLPlQQOLFKHQ*\PQDVLDVWHQPLW-DKUHQ
5HJUHVVLRQ/HLVWXQJVPRWLYDWLRQPLW
-DKUHQ
.RQVWDQWH
5HJUHVVLRQ/HLVWXQJVPRWLYDWLRQPLW
-DKUHQ
.RQVWDQWH
%HWD
[UHO/HLVWXQJVSRVLWLRQLQ.O
VI:RKOIKOHQ]X+DXVH
VI(.%H]LHKXQJ
VI*HVSUlFKVLQWHQVLWlW(.
VD:RKOIKOHQLQ6FKXOH
VD/36%H]LHKXQJ
VD9HUHLQV]XJHK|ULJNHLW
*HVDPWPRGHOODXINOlUXQJNRUU
QV
QV
QV
5 [UHO/HLVWXQJVSRVLWLRQLQ.O
VI:RKOIKOHQ]X+DXVH
VI(.%H]LHKXQJ
VI*HVSUlFKVLQWHQVLWlW(.
VD:RKOIKOHQLQ6FKXOH
VD/36%H]LHKXQJ
VD9HUHLQV]XJHK|ULJNHLW
*HVDPWPRGHOODXINOlUXQJNRUU
VFKDWWLHUWSSSS(QWHU0HWKRGHPLWOLVWZHLVHP$XVVFKOXVVIHKOHQGHU:HUWH
%HWD
QV
QV
QV
QV
QV
QV
5 'LHVH 5HVXOWDWH HQWVSUHFKHQ GHQ )ROJHUXQJHQ DXV GHQ YRUKHULJHQ .RUUHODWLRQVEH
UHFKQXQJHQXQGHUJHEHQVRHLQVWLPPLJHV%LOG,P)ROJHQGHQZHUGHQ6WUXNWXUJOHL
FKXQJVPRGHOOEHUHFKQXQJHQ YRUJHQRPPHQ :LH LQ .DSLWHO DXVJHIKUW ZRUGHQ
LVWZHUGHQKLHUPHVVIHKOHUEHUHLQLJWH$QDO\VHQEHUHFKQHW
6WUXNWXUJOHLFKXQJVPRGHOO%HUHFKQXQJHQ
,Q$EELOGXQJLVWGDVTXHUVFKQLWWOLFKH6WUXNWXUJOHLFKXQJVPRGHOO]XU%HVWLP
PXQJGHU/HLVWXQJVPRWLYDWLRQGXUFKGLH(OWHUQ.LQG%H]LHKXQJXQGGLH/HKUHU
6FKOHU%H]LHKXQJHUVLFKWOLFK,P$OOJHPHLQHQJLOW'LHVWDQGDUGLVLHUWHQ3IDGNRHI
IL]LHQWHQLQGHQ0HVVPRGHOOHQHQWVSUHFKHQGHQ)DNWRUODGXQJHQHLQHU)DNWRUHQDQD
O\VHGLHVWDQGDUGLVLHUWHQ3IDGNRHIIL]LHQWHQLP6WUXNWXUPRGHOOGHQ%HWD*HZLFKWHQ
HLQHUPXOWLSOHQ5HJUHVVLRQVDQDO\VHYJO5XGROI0OOHU6
D
D
UHGHQZHQQHWZVFKLHIJHODXIHQLVW
D
YLHO9HUVWlQGQLV
(OWHUQ.LQG
%H]LHKXQJ
PLW-
QHKPHQ5FNVLFKWHUZDUWHQGDVVHOEHYRQPLU /HLVWXQJV
PRWLYDWLRQ
PLW-
*HIKOGDVV/HKUHUPLFKJHUQP|JHQ
U
JODXEHGDVV/3QLFKWYLHOYRQPLUKDOWHQU
U
%HLGHQPHLVWHQ/HKUHUVWHKHLFKJXWGD
$EELOGXQJ
U
W
VLFKDQVWUHQJHQIU6FKXOH
$XVGDXHUEHLVFKXOLVFKHQ$XIJ
R
R
HKUJHL]LJVHLQ
R
/HKUHU6FKOHU
%H]LHKXQJ
PLW-
6WUXNWXUJOHLFKXQJVPRGHOO]XUTXHUVFKQLWWOLFKHQ(UNOlUXQJGHU/HLVWXQJVPRWLYDWLRQPLW-DKUHQGXUFKGLH(OWHUQ
.LQGXQG/HKUHU6FKOHU%H]LHKXQJEHLPlQQOLFKHQ*\PQDVLDVWHQLP$OWHUYRQ-DKUHQ6DPSOH6L]H
'DV0RGHOONDQQDXIJUXQGGHU)LW,QGL]HVLQ7DEHOOHZHOFKHLQ.DSLWHO
EH]JOLFKLKUHU*UHQ]ZHUWHEHVFKULHEHQVLQGDOVJOWLJDQJHVHKHQZHUGHQ'LH/HLV
,QGHQKLHUDXIJHIKUWHQ6WUXNWXUJOHLFKXQJVPRGHOOHQZXUGHGLH0D[LPXP/LNHOLKRRG0HWKRGHYHU
ZHQGHW)UGLH%HUHFKQXQJGHU.RYDULDQ]PDWUL[LVWHLQSDDUZHLVHU$XVVFKOXVVIHKOHQGHU:HUWHJHQRPPHQ
ZRUGHQ
(UJHEQLVVH
'LIIHUHQWLHOOH%HIXQGHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
WXQJVPRWLYDWLRQNDQQVR]XHUNOlUWZHUGHQ$OOHUGLQJVJLEWHVHLQH(LQVFKUlQ
NXQJ1RUPDOHUZHLVHVROOWHDOV'DXPHQUHJHOGDV9HUKlOWQLV&KL]XGI]ZLVFKHQ
XQG VHLQ +LHU ILQGHQ ZLU HLQHQ :HUW XQWHU YRU *HPl‰ %HUJHU LVW GLHV
P|JOLFKZHQQGLH3IDGHWKHRUHWLVFKEHJUQGHWVLQG
6(0)LW,QGL]HVGHU0RGHOOHEHLYLHU*UXSSHQ9RUKHUVDJHGHU/HLVWXQJVPRWLYDWLRQTXHUVFKQLWWOLFK
7DEHOOH
&KL GI
S
0lQQOLFKH-XJHQGOLFKHLP*\PQDVLXP
0lQQOLFKH-XJHQGOLFKHLQ+DXSWVFKXOH
:HLEOLFKH-XJHQGOLFKHLP*\PQDVLXPI
:HLEOLFKH-XJHQGOLFKHLQ+DXSWVFKXOHI
JIL
DJIL
DLF
S
UPVHD FORVH
6DPSOH
6L]H
I,P0RGHOOH[LVWLHUHQQLFKWVLJQLINDQWH3IDGHGDV0RGHOOPXVVLQVRIHUQLQVJHVDPWDEJHOHKQWZHUGHQVFKDWWLHUWJOWLJH)LW,QGL]HV
'LH )LW,QGL]HV GHU 0RGHOOH GHU GUHL ZHLWHUHQ *UXSSHQ ZHLEOLFKH XQG PlQQOLFKH
-XJHQGOLFKH GHU +DXSWVFKXOH ZHLEOLFKH -XJHQGOLFKH GHV *\PQDVLXPV VLQG HEHQ
IDOOV LQ 7DEHOOH IU GLH TXHUVFKQLWWOLFKH 9RUKHUVDJH GHU /HLVWXQJVPRWLYDWLRQ
GXUFK GLH VR]LDOHQ %H]LHKXQJHQ ]X (OWHUQ XQG /HKUHUQ DXIJHOLVWHW 'DV 9HUKlOWQLV
&KL]XGILVWDXFKEHLGHQPlQQOLFKHQ+DXSWVFKOHUQQLFKWRSWLPDO,QVJHVDPWNDQQ
QXU EHL GHQ PlQQOLFKHQ -XJHQGOLFKHQ HLQ JOWLJHV 4XHUVFKQLWWVPRGHOO EHUHFKQHW
ZHUGHQEHLGHQZHLEOLFKHQ-XJHQGOLFKHQOLHJWGHUUPVHD:HUWEHU
'DV IROJHQGH 6WUXNWXUJOHLFKXQJVPRGHOO YJO $EELOGXQJ ZHLVW HLQH OlQJV
VFKQLWWOLFKH$XINOlUXQJGHU/HLVWXQJVPRWLYDWLRQYRQPlQQOLFKHQ*\PQDVLDVWHQPLW
-DKUHQDXIJUXQGLKUHUVR]LDOHQ(LQEHWWXQJLP$OWHUYRQ-DKUHQYRQDXV
D
D
D
UHGHQZHQQHWZVFKLHIJHODXIHQLVW
YLHO9HUVWlQGQLV
(OWHUQ.LQG
%H]LHKXQJ
PLW-
QHKPHQ5FNVLFKWHUZDUWHQGDVVHOEHYRQPLU /HLVWXQJV
PRWLYDWLRQ
PLW-
*HIKOGDVV/HKUHUPLFKJHUQP|JHQ
U
JODXEHGDVV/3QLFKWYLHOYRQPLUKDOWHQU
U
%HLGHQPHLVWHQ/HKUHUVWHKHLFKJXWGD
0lQQOLFKH-XJHQGOLFKHLP*\PQDVLXP
$EELOGXQJ
VLFKDQVWUHQJHQIU6FKXOH
U
W
$XVGDXHUEHLVFKXOLVFKHQ$XIJ
R
R
HKUJHL]LJVHLQ
R
/HKUHU6FKOHU
%H]LHKXQJ
PLW-
&KL GI
S
JIL
DJIL
DLF
UPVHD SFORVH
6DPSOH
6L]H
6WUXNWXUJOHLFKXQJVPRGHOO]XUOlQJVVFKQLWWOLFKHQ(UNOlUXQJGHU/HLVWXQJVPRWLYDWLRQPLW-DKUHQGXUFKGLH(OWHUQ
.LQGXQG/HKUHU6FKOHU%H]LHKXQJEHLPlQQOLFKHQ*\PQDVLDVWHQLP$OWHUYRQ-DKUHQ
$OOH5HJUHVVLRQVJHZLFKWHVLQGVLJQLILNDQWXQGGDV*HVDPWPRGHOONDQQDXIJUXQGGHU
)LW,QGL]HVYJOXQWHUHU7HLOGHU$EELOGXQJDOVJOWLJDQJHVHKHQZHUGHQ,QWHUHV
VDQWLVWGDVVGHU(LQIOXVVGHU/HKUHU6FKOHU%H]LHKXQJEHLPlQQOLFKHQ*\P
(UJHEQLVVH
'LIIHUHQWLHOOH%HIXQGHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
QDVLDVWHQLQHWZDJOHLFKZLFKWLJZLHGHU(LQIOXVVGHU(OWHUQ.LQG%H]LHKXQJ
IUGLH/HLVWXQJVPRWLYDWLRQLVW
,P)ROJHQGHQZHUGHQGLHYLHUOlQJVVFKQLWWOLFKHQ0RGHOOHGHUYLHU*UXSSHQZHLEOL
FKHXQGPlQQOLFKH-XJHQGOLFKHGHU+DXSWVFKXOHXQGGHV*\PQDVLXPVJH]HLJW'LH
YHUVFKLHGHQHQ.HQQZHUWHVLQGVRZRKOLQGHU$EELOGXQJDOVDXFKLQGHU
GDUDXIIROJHQGHQ 7DEHOOH GHU 5HLKH QDFK DXIJHIKUW (V ]HLJW VLFK GDVV EHLGH
*HVDPWPRGHOOH EHL GHQ 0lQQHUQ PLW GHU VSH]LHOOHQ (LQVFKUlQNXQJ GHV &KLGI
9HUKlOWQLVVHV JOWLJ VLQG MHGRFK VLQG QXU EHL GHQ PlQQOLFKHQ *\PQDVLDVWHQ DOOH
5HJUHVVLRQVJHZLFKWHVLJQLILNDQW%HLGHQPlQQOLFKHQ+DXSWVFKOHUQHUUHLFKWGLH(O
WHUQ.LQG%H]LHKXQJ NHLQ VLJQLILNDQWHV 5HJUHVVLRQVJHZLFKW QV IU GLH /HLV
WXQJVPRWLYDWLRQLP$OWHUYRQ-DKUHQ'DUXPHUZHLVWVLFKGDV0RGHOOQXUEHLGHQ
PlQQOLFKHQ*\PQDVLDVWHQDOVVLJQLILNDQW
:HQQHWZDVVFKLHIJHODXIHQ
UHGHQ(OWHUQLPPHUPLWPLU
+DEHQYLHO9HUVWlQGQLVIU
PHLQH3UREOHPH
(OWHUQ.LQG
%H]LHKXQJ
PLW-
QHKPHQ5FNVLFKWXQG
HUZDUWHQGDVVHOEHYRQPLU
*ODXEHGDVVGLHPHLVWHQ/3
QLFKWYLHOYRQPLUKDOWHQ
%HLGHQPHLVWHQ/3VWHKHLFK
JXWGD
/HLVWXQJV
PRWLYDWLRQ
PLW-
6LFKDQVWUHQJHQIU
GLH6FKXOH
W
*HIKOGDVVGLHPHLVWHQ/3
PLFKJHUQHP|JHQ
$XVGDXHUEHLVFKXO
$XIJDEHQKDEHQ
(KUJHL]LJVHLQLQGHU
6FKXOH
/HKUHU6FKOHU
%H]LHKXQJ
PLW-
$EELOGXQJ
6WUXNWXUJOHLFKXQJVPRGHOO]XUOlQJVVFKQLWWOLFKHQ$XINOlUXQJGHU/HLVWXQJVPRWLYDWLRQPLW-DKUHQGXUFK(OWHUQ
.LQGXQG/HKUHU6FKOHU%H]LHKXQJPLW-DKUHQEHLYHUVFKLHGHQHQJHVFKOHFKWVVSH]LILVFKHQ6FKXOIRUPJUXSSHQ
ELV=LIIHUQ*<P+6P*<Z+6Z
,P)ROJHQGHQVLQGGLH)LW,QGL]HVGHUOlQJVVFKQLWWOLFKHQ6WUXNWXUJOHLFKXQJVPRGHOOH
GHUYLHU*UXSSHQDXIJHIKUWYJO7DEHOOH%HLGHQPLWIEH]HLFKQHWHQ*UXS
SHQNDQQYRQXQJOWLJHQ0RGHOOHQDXVJHJDQJHQZHUGHQ
7DEHOOH
)LW,QGL]HVGHU6WUXNWXUJOHLFKXQJVPRGHOOH]XUOlQJVVFKQLWWOLFKHQ$XINOlUXQJGHU/HLVWXQJVPRWLYDWLRQPLW-DKUHQ
GXUFK(OWHUQ.LQGXQG/HKUHU6FKOHU%H]LHKXQJPLW-DKUHQEHLYHUVFKLHGHQHQJHVFKOHFKWVVSH]LILVFKHQ
6FKXOIRUPJUXSSHQ
6(0)LW,QGL]HVGHU0RGHOOH
0lQQOLFKH-XJHQGOLFKHLP*\PQDVLXP
0lQQOLFKH-XJHQGOLFKHLQ+DXSWVFKXOHI
:HLEOLFKH-XJHQGOLFKHLP*\PQDVLXPI
:HLEOLFKH-XJHQGOLFKHLQ+DXSWVFKXOHI
&KL GI
S
JIL
DJIL
DLF
S
UPVHD FORVH
6DPSOH
6L]H
I,P0RGHOOH[LVWLHUHQQLFKWVLJQLILNDQWH3IDGHGDV0RGHOOPXVVLQVRIHUQLQVJHVDPWDEJHOHKQWZHUGHQVFKDWWLHUWJOWLJH)LW,QGL]HV
(UJHEQLVVH
6R]LDOH(LQJHEXQGHQKHLWXQG0RWLYDWLRQLP/lQJVVFKQLWW
2EZRKO GDV *HVDPWPRGHOO EHL GHQ PlQQOLFKHQ +DXSWVFKOHUQ DEJHOHKQW ZHUGHQ
PXVVOlVVWVLFKIHVWVWHOOHQGDVVGLH5HJUHVVLRQVJHZLFKWHGHUEHLGHQVR]LDOHQ%H]LH
KXQJHQLP9HUJOHLFK]XGHQPlQQOLFKHQ*\PQDVLDVWHQVHKUXQWHUVFKLHGOLFKDXVIDO
OHQ %HL PlQQOLFKHQ +DXSWVFKOHUQ /HKUHU6FKOHU%H]LHKXQJ (OWHUQ.LQG
%H]LHKXQJQVEHLPlQQOLFKHQ*\PQDVLDVWHQE]Z
=XVDPPHQIDVVHQG NDQQ IHVWJHKDOWHQ ZHUGHQ GDVV LQVEHVRQGHUH EHL PlQQOLFKHQ
*\PQDVLDVWHQYLHOHNRQWH[WXHOOHIDPLOLlUHXQGDX‰HUIDPLOLlUH9DULDEOHQGHUVR]LDOHQ
(LQJHEXQGHQKHLWHLQHQOlQJVVFKQLWWOLFKHQ=XVDPPHQKDQJPLWGHU/HLVWXQJVPRWLYD
WLRQ DXIZHLVHQ ZHQQ GLH UHODWLYH /HLVWXQJVSRVLWLRQ DOV .RQWUROOYDULDEOH JHEUDXFKW
ZLUG ,Q 5HJUHVVLRQVDQDO\VHQ NDQQ GLH /HLVWXQJVPRWLYDWLRQ YRQ PlQQOLFKHQ *\P
QDVLDVWHQ HEHQIDOOV VWLPPLJ GXUFK GLH VR]LDOH (LQJHEXQGHQKHLW EHVWLPPW ZHUGHQ
(LQ JOWLJHV 6WUXNWXUJOHLFKXQJVPRGHOO ]XU $XINOlUXQJ GHU /HLVWXQJVPRWLYDWLRQ
GXUFK GLH (OWHUQ.LQG%H]LHKXQJ XQG GLH /HKUHU6FKOHU%H]LHKXQJ NDQQ VRZRKO
TXHU DOV DXFK ]ZHL-DKUHVOlQJVVFKQLWWOLFK QXU EHL GHQ PlQQOLFKHQ *\PQDVLDVWHQ
JHIXQGHQ ZHUGHQ 'LH +\SRWKHVH QDFK HLQHU VFKXOIRUP XQG JHVFKOHFKWVVSH]LILVFK
XQWHUVFKLHGOLFK DXVJHSUlJWHQ 9HUXUVDFKXQJ GHU /HLVWXQJVPRWLYDWLRQ NDQQ VRPLW
DXIUHFKWHUKDOWHQEOHLEHQ
6R]LDOH(LQJHEXQGHQKHLWXQG0RWLYDWLRQLP/lQJVVFKQLWW
2EHLQOlQJVVFKQLWWOLFKHU(LQIOXVVIDPLOLlUHUXQGDX‰HUIDPLOLlUHUVR]LDOHU%HGLQJXQ
JHQ EHU HLQH =HLWVSDQQH YRQ -DKUHQ DXI PRWLYDWLRQVEH]RJHQH 3HUV|QOLFKNHLWV
PHUNPDOHLP(UZDFKVHQHQDOWHUQDFKJHZLHVHQZHUGHQNDQQ VROOLQ GLHVHP.DSLWHO
EHDQWZRUWHWZHUGHQ(VJHKWKLHUDOVRXPGHQ.HUQGHU$UEHLWGLH:LUNXQJVPHFKD
QLVPHQGHUVR]LDOHQ(LQELQGXQJEHU-DKUHKLQZHJDXIPRWLYDWLRQDOH3HUV|QOLFK
NHLWVPHUNPDOH QDFKZHLVHQ ]X N|QQHQ (V VROO DXFK KLHU VFKULWWZHLVH YRUJHJDQJHQ
ZHUGHQ NRUUHODWLYH UHJUHVVLRQVDQDO\WLVFKH XQG VWUXNWXUJOHLFKXQJVEH]RJHQH %H
UHFKQXQJHQ VROOHQ LQVJHVDPW HLQ NRQVLVWHQWHV %LOG EHU GLH /HLVWXQJVPRWLYDWLRQV
HQWZLFNOXQJJHQHULHUHQ
.RUUHODWLYH%HUHFKQXQJHQ]XUhEHUVLFKW
'LH 7DEHOOH ]HLJW EHU GLH JHVDPWH 6WLFKSUREH KLQZHJ GLH =XVDPPHQKlQJH
]ZLVFKHQGHQIDPLOLlUHQVR]LDOHQ9DULDEOHQGHU-XJHQG]HLWLP$OWHUYRQ-DKUHQ
XQG GHQ PRWLYDWLRQDOHQ 3HUV|QOLFKNHLWVPHUNPDOHQ LP (UZDFKVHQHQDOWHU PLW -DKUHQ VRZRKO PLW .RUUHODWLRQV DOV DXFK PLWWHOV 3DUWLDONRUUHODWLRQVNRHIIL]LHQWHQ
NXUVLYGDUJHVWHOOWZHQQGLHUHODWLYH/HLVWXQJVSRVLWLRQLQGHU.ODVVHLP$OWHUYRQ
-DKUHQXQGGHUK|FKVWHEHUXIOLFKH$XVELOGXQJVDEVFKOXVVNRQWUROOLHUWVLQG
(UJHEQLVVH
6R]LDOH(LQJHEXQGHQKHLWXQG0RWLYDWLRQLP/lQJVVFKQLWW
7DEHOOH
6LJQLILNDQWH.RUUHODWLRQHQ]ZLVFKHQIDPLOLlUHUXQGDX‰HUIDPLOLlUHUVR]LDOHU(LQJHEXQGHQKHLWXQGPRWLYDWLRQDOHQ
9DULDEOHQLP(UZDFKVHQHQDOWHULQNOXVLYH3DUWLDONRUUHODWLRQHQNXUVLYGDUJHVWHOOWUHO/HLVWXQJVSRVLWLRQLQ.ODVVH
XQGK|FKVWHUEHUXIOLFKHU$XVELOGXQJVDEVFKOXVVNRQWUROOLHUHQGEHQXW]W
VI:RKOIKOHQ]X+DXVH
VI(.%H]D*UR‰VNDOD,WHPV
VI(.%H]E9HUVWlQGQLV9RUELOGZLUNXQJ,WHPV
VI(.%H]FDNW,QWHUHVVHZHQLJ.RQIOLNWH,WHPV
VI(.%H]G=XZHQGXQJ9HUVWlQGQLV,WHPV
VI5HLEHUHLHQ]Z(.
VI*HVSUlFKVLQWHQVLWlW(.
VI(OWHUQ%H]LHKXQJUHWURVSHNWLY
VI6FKHLGXQJVX7UHQQXQJVHUI-XJHQG]HLW
VILQNRQVLVWHQWHU(U]LHKXQJVVWLO
VIHQWVSDQQWH)UHL]HLWDNWLYLWlWHQPLW(OWHUQ(
VIVR]LDOH)UHL]HLWDNWLYLWlWHQPLW(OWHUQ(
VIDX‰HUIDP93EHLSHUV3UREO
VIDX‰HUIDP93EHL3UREOPLWDQGHUHQ
VIZDKUJHQ%HJDEXQJVHLQVFKlW]XQJ
VIZDKUJHUZDUWHWHU6FKXODEVFKOXVV+656*<
VI/HLVWXQJVHUZDUWXQJGHU((
VI(IUDJHQKlXILJQDFK6/(
VI(ZLVVHQ%HVFKHLGEHU6/(
VI+DXVDXIJDEHQHQJDJHPHQWGHU((
VD:RKOIKOHQLQ6FKXOH
VD$QRQ\PLWlWDQGHU6FKXOH
VD6WDWXVUHOHYDQ]6FKXOOHLVWXQJ
VD6WDWXVUHOHYDQ]6ROLGDULWlW
VD.RQNXUUHQ]NDPSILQ.ODVVH
VD.ODVVHQ]XVDPPHQKDOW
VD9HUWUDXHQ]X/3
VD/36%H]LHKXQJ
VD/HLVWXQJVGUXFNYRQ/3
VD$QHUNHQQXQJGXUFK0LWVFKOHU
VD,QWHJUDWLRQ3HHUV
VDNLUFKOLFKH$NWLYLWlW
VD9HUHLQV]XJHK|ULJNHLWQHLQMD
VD7XUQXQG6SRUWYHUHLQQHLQMD
VD0XVLNRGHU6LQJJUXSSHQHLQMD
%/0
.RQWU %:0 .RQWU %6:
.RQWU
QXUVLJQLILNDQWH:HUWHSDXIJHIKUW]ZHLVHLWLJJHWHVWHWJHVDPWH6WLFKSUREHVFKDWWLHUWZHQQDOOH=XVDPPHQKlQJHPLW%/0
%:0XQG%6:VLJQLILNDQW
'LH9DULDEOHQ(OWHUQ.LQG%H]LHKXQJXQG*HVSUlFKVLQWHQVLWlW]HLJHQEHLDOOHQGUHL
+DXSWNRQVWUXNWHQGHUEHUXIOLFKHQ0RWLYDWLRQLP(UZDFKVHQHQDOWHUVLJQLILNDQWH=X
VDPPHQKlQJH VRZRKO LQ GHQ .RUUHODWLRQHQ DOV DXFK LQ GHQ 3DUWLDONRUUHODWLRQHQ
YJOVFKDWWLHUWH9DULDEOHQLQ7DEHOOH%HLGHQDX‰HUIDPLOLlUHQ9DULDEOHQJLEW
HVNHLQHZHOFKHHLQHQVLJQLILNDQWHQ=XVDPPHQKDQJDXFKXQWHU.RQWUROOHGHU]ZHL
JHQDQQWHQ OHLVWXQJVEH]RJHQHQ 9DULDEOHQ PLW DOOHQ GUHL EHUXIOLFKHQ 0RWLYDWLRQV
NRQVWUXNWHQDXVZHLVHQNDQQ
,P )ROJHQGHQ VROO LQ GHQMHZHLOLJHQ 6FKXONRQWH[WHQDQJHVFKDXW ZHUGHQ RE HVXQ
WHUVFKLHGOLFKH $XVSUlJXQJHQ JLEW 6RPLW ZLUG ]X GHQ HLJHQWOLFKHQ GLIIHUHQWLHOOHQ
:LUNXQJV]XVDPPHQKlQJHQEHUJHJDQJHQ
(UJHEQLVVH
7DEHOOH
6R]LDOH(LQJHEXQGHQKHLWXQG0RWLYDWLRQLP/lQJVVFKQLWW
6LJQLILNDQWH.RUUHODWLRQHQ]ZLVFKHQIDPLOLlUHUXQGDX‰HUIDPLOLlUHUVR]LDOHU(LQJHEXQGHQKHLWXQGPRWLYDWLRQDOHQ
9DULDEOHQLP(UZDFKVHQHQDOWHUGLIIHUHQ]LHUWQDFK*HVFKOHFKWXQG6FKXOW\S
VI:RKOIKOHQ]X+DXVH
VI(.%H]D*UR‰VNDOD,WHPV
VI(.%H]E9HUVWlQGQLV9RUELOGZLUNXQJ
VI(.%H]FDNW,QWHUHVVHZHQLJ.RQIOLNWH
VI(.%H]G=XZHQGXQJ9HUVWlQGQLV
VI5HLEHUHLHQ]Z(.
VI*HVSUlFKVLQWHQVLWlW(.
VI(OWHUQ%H]LHKXQJUHWURVSHNWLY
VI6FKHLGXQJVX7UHQQXQJVHUI-XJHQG]HLW
VILQNRQVLVWHQWHU(U]LHKXQJVVWLO
VIHQWVS)UHL]HLWDNWLYLWlWHQPLW(OWHUQ(
VIVR]LDOH)UHL]HLWDNWLYLWlWHQPLW(OWHUQ(
VIDX‰HUIDP93EHLSHUV3UREO
VIDX‰HUIDP93EHL3UREOPLWDQGHUHQ
VIZDKUJHQ%HJDEXQJVHLQVFKlW]XQJ
VIZDKUJHUZDUWHWHU6FKXODEVFKOXVV
VI/HLVWXQJVHUZDUWXQJGHU((
VI(IUDJHQKlXILJQDFK6/(
VI(ZLVVHQ%HVFKHLGEHU6/(
VI+DXVDXIJDEHQHQJDJHPHQWGHU((
VD:RKOIKOHQLQ6FKXOH
VD$QRQ\PLWlWDQGHU6FKXOH
VD6WDWXVUHOHYDQ]6FKXOOHLVWXQJ
VD6WDWXVUHOHYDQ]6ROLGDULWlW
VD.RQNXUUHQ]NDPSILQ.ODVVH
VD.ODVVHQ]XVDPPHQKDOW
VD9HUWUDXHQ]X/3
VD/36%H]LHKXQJ
VD/HLVWXQJVGUXFNYRQ/3
VD$QHUNHQQXQJGXUFK0LWVFKOHU
VD,QWHJUDWLRQ3HHUV
VDNLUFKOLFKH$NWLYLWlW
VD9HUHLQV]XJHK|ULJNHLWQHLQMD
VD7XUQXQG6SRUWYHUHLQQHLQMD
VD0XVLNRGHU6LQJJUXSSHQHLQMD
*<0lQQHU
+60lQQHU
*<)UDXHQ
+6)UDXHQ
%/0 %:0 %6: %/0 %:0 %6: %/0 %:0 %6: %/0 %:0 %6:
VFKDWWLHUWU•QXUVLJQLILNDQWH:HUWHSDXIJHIKUW]ZHLVHLWLJJHWHVWHW
,QRELJHU.RUUHODWLRQVNRHIIL]LHQWHQ7DEHOOHVLQGGLH%H]LHKXQJHQ]ZLVFKHQ9DULDE
OHQ GHU IDPLOLlUHQ XQG DX‰HUIDPLOLlUHQ VR]LDOHQ (LQJHEXQGHQKHLW XQG GHQ PRWLYD
WLRQDOHQ 3HUV|QOLFKNHLWVPHUNPDOHQ LP (UZDFKVHQHQDOWHU DXIJHOLVWHW (V ]HLJW VLFK
GDVVGLH(OWHUQ.LQG%H]LHKXQJYRUDOOHPEHLGHQHKHPDOLJHQPlQQOLFKHQ*\PQD
VLDVWHQ DP GHXWOLFKVWHQ PLW GHQ PRWLYDWLRQDOHQ 3HUV|QOLFKNHLWVPHUNPDOHQ GHV (U
ZDFKVHQHQDOWHUV]XVDPPHQKlQJWYJO7DEHOOH
1XQ IROJW GLH 3DUWLDONRUUHODWLRQVWDEHOOH GK GLH 9DULDEOHQ ÄUHODWLYH /HLVWXQJVSRVL
WLRQ³ XQG ÄK|FKVWHU EHUXIOLFKHU $XVELOGXQJVDEVFKOXVV³ ZHUGHQ NRQWUROOLHUW YJO
7DEHOOH
(UJHEQLVVH
6R]LDOH(LQJHEXQGHQKHLWXQG0RWLYDWLRQLP/lQJVVFKQLWW
7DEHOOH
6LJQLILNDQWH3DUWLDONRUUHODWLRQHQ]ZLVFKHQIDPLOLlUHUXQGDX‰HUIDPLOLlUHUVR]LDOHU(LQJHEXQGHQKHLWXQGPRWLYDWLR
QDOHQ9DULDEOHQLP(UZDFKVHQHQDOWHUGLIIHUHQ]LHUWQDFK*HVFKOHFKWXQG6FKXOW\SNRQWUROOLHUWGXUFKUHO/HLV
WXQJVSRVLWLRQXQGK|FKVWHUEHUXIO$XVELOGXQJVDEVFKOXVV
VI:RKOIKOHQ]X+DXVH
VI(.%H]D*UR‰VNDOD
VI(.%H]E
9HUVWlQGQLV9RUELOGZLUNXQJ
VI(.%H]FDNW,QWZHQLJ.RQIOLNWH
VI(.%H]G=XZHQGXQJ9HUVWlQGQLV
VI5HLEHUHLHQ]Z(.
VI*HVSUlFKVLQWHQVLWlW(.
VI(OWHUQ%H]LHKXQJUHWURVSHNWLY
VI6FKHLGXQJVX7UHQQXQJVHUI
VILQNRQVLVWHQWHU(U]LHKXQJVVWLO
VIHQWVS)UHL]HLWDNWPLW(OWHUQ(
VIVR]LDOH)UHL]HLWDNWPLW(OWHUQ(
VIDX‰HUIDP93EHLSHUV3UREO
VIDX‰HUIDP93EHL3UREOPLWDQG
VIZDKUJHQ%HJDEXQJVHLQVFKlW]XQJ
VIZDKUJHUZDUWHWHU6FKXODEVFKOXVV
VI/HLVWXQJVHUZDUWXQJGHU((
VI(IUDJHQKlXILJQDFK6/(
VI(ZLVVHQ%HVFKHLGEHU6/(
VI+DXVDXIJDEHQHQJDJGHU((
VD:RKOIKOHQLQ6FKXOH
VD$QRQ\PLWlWDQGHU6FKXOH
VD6WDWXVUHOHYDQ]6FKXOOHLVWXQJ
VD6WDWXVUHOHYDQ]6ROLGDULWlW
VD.RQNXUUHQ]NDPSILQ.ODVVH
VD.ODVVHQ]XVDPPHQKDOW
VD9HUWUDXHQ]X/3
VD/36%H]LHKXQJ
VD/HLVWXQJVGUXFNYRQ/3
VD$QHUNHQQXQJGXUFK0LWVFKOHU
VD,QWHJUDWLRQ3HHUV
VDNLUFKOLFKH$NWLYLWlW
VD9HUHLQV]XJHK|ULJNHLWQHLQMD
VD7XUQXQG6SRUWYHUHLQQHLQMD
VD0XVLNRGHU6LQJJUXSSHQHLQMD
*<0lQQHU
+60lQQHU
*<)UDXHQ
+6)UDXHQ
%/0 %:0 %6: %/0 %:0 %6: %/0 %:0 %6: %/0 %:0 %6:
VFKDWWLHUWU!QXUVLJQLILNDQWH:HUWHSDXIJHIKUW]ZHLVHLWLJJHWHVWHWSDLUZLVHEHUHFKQHW0LW$XVQDKPHGHU(OWHUQLWHPV(
XQGVIZHLVHQGLH7HLOVWLFKSUREHQZHUWHSUR9DULDEOHIROJHQGH:HUWHDXI*<0lQQHUXQG*<)UDXHQQ!+60lQQHUQ!
+6)UDXHQQ!(OWHUQ,WHPV.RUUHODWLRQHQPLWMHZHLOVQ QLFKWDXIJHIKUW
(V LVW HUVWDXQOLFK GDVV HV ZLHGHUXP EHL GHQ HKHPDOLJHQ PlQQOLFKHQ 6FKOHUQ GHV
*\PQDVLXPV GLH PHLVWHQ OlQJVVFKQLWWOLFKHQ VLJQLILNDQWHQ =XVDPPHQKlQJH LQ GHQ
NRUUHODWLYHQ 7DEHOOH ZLH DXFK SDUWLDONRUUHODWLYHQ %HUHFKQXQJHQ 7DEHOOH
]X YHU]HLFKQHQ JLEW =XGHP VLQG GLHVH :HUWH LP 9HUJOHLFK ]X GHQ .RUUHOD
WLRQVZHUWHQ EHL GHU %HUHFKQXQJ PLW DOOHQ 3UREDQGHQ UHODWLY KRFK 6R ZHLVHQ GDV
Ä:RKOIKOHQ ]XKDXVH³ GLH (OWHUQ.LQG%H]LHKXQJ XQG GLH 4XDOLWlW GHU 0XWWHU
9DWHU%H]LHKXQJ UHWURVSHNWLY JHVHKHQ VLJQLILNDQWH=XVDPPHQKlQJH YRQEHU
]XUEHUXIOLFKHQ:HLWHUELOGXQJVPRWLYDWLRQ-DKUHVSlWHUDXIXQG]ZDUXQWHU.RQ
WUROOH GHU /HLVWXQJVSRVLWLRQ LP -XJHQG XQG (UZDFKVHQHQDOWHU %HL GHU *UXSSH GHU
HKHPDOLJHQZHLEOLFKHQ+DXSWVFKOHUPXVVGDUDXIYHUZLHVHQZHUGHQGDVVGLH6WLFK
SUREHQJU|‰HLP9HUJOHLFK]XGHQDQGHUHQ*UXSSHQHKHUWLHIOLHJWDEHUPLQGHVWHQV
Q!=XGHPLVWOHLGHUNHLQHhEHUVLFKWP|JOLFKGDEHLGHQ(OWHUQLWHPVVRJDUQXU
6WLFKSUREHQYRQMHZHLOVQ ]XU9HUIJXQJVWHKHQ'LH7HQGHQ]HQGUIHQDEHUDOV
(UJHEQLVVH
6R]LDOH(LQJHEXQGHQKHLWXQG0RWLYDWLRQLP/lQJVVFKQLWW
6'7NRQIRUP LQWHUSUHWLHUW ZHUGHQ $XI VLH VROO KLHU DEHU QLFKW ZHLWHU HLQJHJDQJHQ
ZHUGHQGDVLHDXFKNHLQJOWLJHV6WUXNWXUJOHLFKXQJVPRGHOOYRUZHLVHQ
$XIIDOOHQGDEHUVWLPPLJPLWGHU6'7LVWGDVVGLH9DULDEOHQVIXQGVILQQHJD
WLYHU:HLVHPLWGHUVSlWHUHQ0RWLYDWLRQ]XVDPPHQKlQJHQ'KMHPHKUGLH(OWHUQ
GHQ*\PQDVLXPVDEVFKOXVVHUZDUWHQXQGMHPHKUVLHVLFKEHLGHQPlQQOLFKHQ*\P
QDVLDVWHQMHZHLOVQDFKGHU6FKXOOHLVWXQJHUNXQGLJWKDEHQQDFK6'7MHPHKU(OWHUQ
GLH$XWRQRPLHGHU-XJHQGOLFKHQHLQVFKUlQNWHQGHVWRZHQLJHUVHOEVWZLUNVDPNHLWV
RULHQWLHUWVLQGGLHHUZDFKVHQHQ0lQQHULP%HUXIVOHEHQYJOHEHQIDOOVJUDXPDUNLHU
WH=HOOHQLQ7DEHOOH
:lKUHQG VLFK EHL GHQ HKHPDOLJHQ PlQQOLFKHQ +DXSWVFKOHUQ GLH ZDKUJHQRPPHQH
%HJDEXQJVHLQVFKlW]XQJYRQ6HLWHQGHU(OWHUQGDVÄ:RKOIKOHQLQGHU6FKXOH³XQG
GLH Ä$QRQ\PLWlW LQ GHU 6FKXOH³ VLJQLILNDQW ]HLJHQ LVW HV LQ GHU 3DUWLDO
.RUUHODWLRQVWDEHOOHQXUQRFKGLH9DULDEOHÄ$QRQ\PLWlWLQGHU6FKXOH³GLHVRJDULQ
YHUV DXVVFKOlJW -H K|KHU GLH $QRQ\PLWlW DQ GHU HKHPDOLJHQ +DXSWVFKXOH ZDKUJH
QRPPHQ ZRUGHQ LVW GHVWR ZHLWHUELOGXQJVRULHQWLHUWHU ]HLJHQ VLFK VSlWHU GLHVHOEHQ
3HUVRQHQ LP (UZDFKVHQHQDOWHU 'LHV VFKHLQW JHPl‰ 6'7 HLQ SDUDGR[HU %HIXQG ]X
VHLQ$QGHUHUVHLWVOlVVWVLFKGLH6DFKODJHGRFKHWZDVDXIKHOOHQZHQQGLHEHQXW]WHQ
,WHPV JHQDX EHWUDFKWHW ZHUGHQ $XVVDJHQ ZLH ÄVLFK DOOHLQH GXUFKNlPSIHQ³ RGHU
ÄNHLQHU KDW hEHUEOLFN ZDV LQ GHU 6FKXOH HLJHQWOLFK OlXIW³ YJO .DS ,QVWUX
PHQWHQEHVFKULHEIRUGHUQGLH6HOEVWZLUNVDPNHLWVEHPKXQJHQZDKUVFKHLQOLFKJHUD
GH]X KHUDXV 6FKOHU GLH GLHVH (UIDKUXQJ LQ GHU +DXSWVFKXOH JHPDFKW KDEHQ XQG
VLFK VR LKUH $XWRQRPLH JH]ZXQJHQHUPD‰HQ DQHLJQHQ PXVVWHQ ]HLJHQ VSlWHU PHKU
EHUXIOLFKH6HOEVWZLUNVDPNHLWVJHIKOHXQGHLQHJU|‰HUH:HLWHUELOGXQJVPRWLYDWLRQ
,P)ROJHQGHQZLUGGHU9RUKHUVDJHGHUEHUXIOLFKHQ/HLVWXQJVPRWLYDWLRQGXUFKIDPL
OLlUHXQGDX‰HUIDPLOLlUHVR]LDOH%H]LHKXQJHQOlQJVVFKQLWWOLFKQDFKJHJDQJHQ'DEHL
ZHUGHQ QXU QRFK GLH 0lQQHU EHWUDFKWHW $XV IROJHQGHP *UXQG 6WXKOPDQQ KDWIHVWJHVWHOOWGDVV0XWWHUVHLQIUGLH$XVSUlJXQJGHUEHUXIOLFKHQ/HLVWXQJVXQG
:HLWHUELOGXQJVPRWLYDWLRQ VHKU HQWVFKHLGHQG LVW ZlKUHQG GLHVEHL 9lWHUQ QLFKW GHU
)DOOLVW'LHVKlWWHEHGHXWHWLPYRUOLHJHQGHQ)DOO]ZLVFKHQ)UDXHQPLW.LQGHUQXQG
GHQHQ RKQH .LQGHU ]X XQWHUVFKHLGHQ ZDV ZLHGHUXP SUR 6FKXOIRUP EHUHFKQHW ]X
NOHLQH6WLFKSUREHQQDFKVLFKJH]RJHQKlWWH
5HJUHVVLRQVDQDO\WLVFKH%HUHFKQXQJHQ3UlGLNWLRQPRWLYDWLRQDOHU3HU
V|QOLFKNHLWVPHUNPDOHLP(UZDFKVHQHQDOWHU
+LHU JHKW HV QXQ YD XP GLH 3UlGLNWLRQ GHU EHUXIOLFKHQ :HLWHUELOGXQJVPRWLYDWLRQ
%:0GXUFKIDPLOLlUHXQGDX‰HUIDPLOLlUHVR]LDOH$VSHNWH
6HKU LQWHUHVVDQW LVW GDV (UJHEQLV HLQHU 5HJUHVVLRQVDQDO\VH EHL GHQ PlQQOLFKHQ
+DXSWVFKOHUQ YJO 7DEHOOH +LHU N|QQHQ HUVWDXQOLFKH GHU EHUXIOLFKHQ
:HLWHUELOGXQJVPRWLYDWLRQ GXUFK GLH ZDKUJHQRPPHQH %HJDEXQJVHLQVFKlW]XQJ XQG
GLH $QRQ\PLWlW DQ GHU 6FKXOH DXIJHNOlUW ZHUGHQ /HW]WHUH 9DULDEOH LVW SRVLWLY JH
SROWGKPLWHUIDKUHQHU$QRQ\PLWlWDQHLQHU+DXSWVFKXOHQDKP-DKUHVSlWHUGLH
0RWLYDWLRQ YRQ HKHPDOLJHQ PlQQOLFKHQ +DXSWVFKOHUQ]X VLFKEHUXIOLFKZHLWHU]X
(UJHEQLVVH
6R]LDOH(LQJHEXQGHQKHLWXQG0RWLYDWLRQLP/lQJVVFKQLWW
ELOGHQ'LHVHUSDUDGR[H(IIHNWNRPPWDOVRDXFKKLHUZLHGHU]XP7UDJHQ'LHZDKU
JHQRPPHQH %HJDEXQJVHLQVFKlW]XQJ LVW LP %HWD:HUW QRFK K|KHU XQG ZLUNW KRFK
VLJQLILNDQW 2IIHQEDU KLQWHUOlVVW GLH GXUFK GLH %H]XJVSHUVRQ HUIDKUHQH %HJDEXQJV
HLQVFKlW]XQJ6SXUHQ:HQQQXUGLH%HJDEXQJVHLQVFKlW]XQJDOV)DNWRULQGLH5HJ
UHVVLRQDXIJHQRPPHQZLUGGDQQNDQQGLHVH]XGLHEHUXIOLFKH:HLWHUELOGXQJV
PRWLYDWLRQ HUNOlUHQ ) S LQ 7DEHOOH QLFKW DXIJHIKUW %HL GHQ
PlQQOLFKHQ *\PQDVLDVWHQ LVW HV ZLHGHUXP GLH (OWHUQ.LQG%H]LHKXQJVVNDOD 9HU
VWlQGQLV XQG 9RUELOGZLUNXQJ DEHU DXFK GLH 9DWHU0XWWHU%H]LHKXQJ ZHOFKH IU
HLQHQVLJQLILNDQWHQ:LUNXQJVHIIHNWYRQVRUJHQ
7DEHOOH
0XOWLSOH5HJUHVVLRQVDQDO\VHQ]XU9RUKHUVDJHGHUEHUXIOLFKHQ:HLWHUELOGXQJVPRWLYDWLRQ%:0GXUFKIDPLOLlUH
XQGDX‰HUIDPLOLlUHVR]LDOH%H]LHKXQJHQ
*UXSSH
.RQVWDQWH
VI(.%H]E9HUVWlQGQLV9RUELOGZLUNXQJ,WHPV
VI(OWHUQ%H]LHKXQJUHWURVSHNWLY
VIZDKUJHQ%HJDEXQJVHLQVFKlW]XQJ
VD$QRQ\PLWlWDQGHU6FKXOH
*HVDPWPRGHOODXINOlUXQJNRUU
0lQQOLFKH
*\PQDVLDVWHQ
EHWD
0lQQOLFKH
+DXSWVFKOHU
EHWD
5 (QWHU0HWKRGHPLWOLVWZHLVHP$XVVFKOXVVIHKOHQGHU:HUWHSSS
5 %HLGHU9RUKHUVDJHGHUEHUXIOLFKHQ/HLVWXQJVPRWLYDWLRQ%/0OLH‰HQVLFKDXI$Q
KLHENHLQHJOWLJHQ5HJUHVVLRQVPRGHOOHILQGHQZDVDXFKPLWGHQRELJHQNRUUHODWL
YHQ XQG SDUWLDONRUUHODWLYHQ %HUHFKQXQJHQ EHUHLQVWLPPW %HL GHU %HVWLPPXQJ GHU
GULWWHQPRWLYDWLRQDOHQ9DULDEOHLP(UZDFKVHQHQDOWHUÄEHUXIOLFKH6HOEVWZLUNVDPNHLW
%6:³GXUFKVR]LDOEH]RJHQH9DULDEOHQGHV-XJHQGDOWHUVVLHKWHVQLFKWYLHODQGHUV
DXV6LHOlVVWVLFKQXUZHQLJNODUQDFKZHLVHQZLHIROJHQGH7DEHOOH]HLJW
7DEHOOH
0XOWLSOH5HJUHVVLRQVDQDO\VHQ]XU9RUKHUVDJHGHUEHUXIOLFKHQ6HOEVWZLUNVDPNHLWVEHU]HXJXQJ%6:GXUFKIDPLOL
lUHXQGDX‰HUIDPLOLlUHVR]LDOH%H]LHKXQJHQ
*UXSSH
.RQVWDQWH
VI(IUDJHQKlXILJQDFK6/(
VD6WDWXVUHOHYDQ]6ROLGDULWlW
VD$QRQ\PLWlWDQGHU6FKXOH
*HVDPWPRGHOODXINOlUXQJNRUU
0lQQOLFKH
*\PQDVLDVWHQ
EHWD
5 0lQQOLFKH
+DXSWVFKOHU
EHWD
5 (QWHU0HWKRGHPLWOLVWZHLVHP$XVVFKOXVVIHKOHQGHU:HUWHSSS S
'HU 6FKZHUSXQNW GLHVHU $UEHLW OLHJW YRU DOOHP LQ GHU (UJUQGXQJ GHU EHUXIOLFKHQ
:HLWHUELOGXQJVXQG/HLVWXQJVPRWLYDWLRQ'HVZHJHQZHUGHQKLHUDXFKNHLQHZHLWH
UHQ %HUHFKQXQJHQ ]XU (UJUQGXQJ GHU 6HOEVWZLUNVDPNHLWVEHU]HXJXQJ DXIJHIKUW
,Q GHQ PHVVIHKOHUEHUHLQLJWHQ 6WUXNWXUJOHLFKXQJVPRGHOO%HUHFKQXQJHQ LP QlFKVWHQ
.DSLWHOZLUGYRUDOOHPGLH:HLWHUELOGXQJVPRWLYDWLRQLP=HQWUXPVWHKHQ
6WUXNWXUJOHLFKXQJVPRGHOO%HUHFKQXQJHQ
'DVIROJHQGHQLFKWJOWLJH0RGHOOEHLHKHPDOLJHQPlQQOLFKHQ*\PQDVLDVWHQ]HLJW
GDVV VLFK GLH ]XYRU IHVWJHVWHOOWHQ VLJQLILNDQWHQ NRUUHODWLYHQ XQG UHJUHVVLRQVDQDO\WL
(UJHEQLVVH
6R]LDOH(LQJHEXQGHQKHLWXQG0RWLYDWLRQLP/lQJVVFKQLWW
VFKHQ =XVDPPHQKlQJH XQG :LUNXQJHQ QXU EHGLQJW LQ HLQHP 6WUXNWXUJOHLFKXQJV
PRGHOOQDFKZHLVHQODVVHQYJO$EELOGXQJ(V]HLJWOHGLJOLFKLQWHQGHQ]LHOOHU
+LQVLFKW GDVV GLH (OWHUQ.LQG%H]LHKXQJ DXI GHQ /HEHQVODXI EH]RJHQ PHKU *H
ZLFKWHUKlOWDOVGLHQLFKWVLJQLILNDQWH/HKUHU6FKOHU%H]LHKXQJ
D
D
D
UHGHQZHQQHWZVFKLHIJHODXIHQLVW
YLHO9HUVWlQGQLV
(OWHUQ.LQG
%H]LHKXQJ
PLW-
QHKPHQ5FNVLFKWHUZDUWHQGDVVHOEHYRQPLU U
*HIKOGDVV/HKUHUPLFKJHUQP|JHQ
U
JODXEHGDVV/3QLFKWYLHOYRQPLUKDOWHQU
U
%HLGHQPHLVWHQ/HKUHUVWHKHLFKJXWGD
/HKUHU6FKOHU
%H]LHKXQJ
PLW-
0RGHOVSHILFDWLRQ
FKLVTXDUH GI SYDOXH JIL DJIL DLF UPVHD SFORVH $EELOGXQJ
%HUXIOLFKH
:HLWHUELOGXQJV
PRWLYDWLRQPLW-
9HU]LFKWDXI)UHL]HLW
O
DP$EHQGOHUQHQ
O
6WUlXEHQJHJHQEHU:HLWHUELOGXQJU
V
8QJOWLJHV6WUXNWXUJOHLFKXQJVPRGHOO]XU$XINOlUXQJGHUEHUXIOLFKHQ:HLWHUELOGXQJVPRWLYDWLRQ%:0GXUFK(O
WHUQ.LQGXQG/HKUHU6FKOHU%H]LHKXQJEHLPlQQOLFKHQ*\PQDVLDVWHQ6DPSOH6L]H
O
3IDGÄ/HKUHU6FKOHU%H]LHKXQJPLW-!EHUXIO:HLWHUELOGXQJVPRWLYDWLRQPLW-³LVWPLWQLFKWVLJQLILNDQW
(VZHUGHQDQGLHVHU6WHOOHNHLQHZHLWHUHQ0RGHOOHGHUDQGHUHQ*UXSSHQDXIJH]HLJW
ZHLOGLHVHQRFKZHLWNOHLQHUH5HJUHVVLRQVJHZLFKWHDXIZHLVHQ
=XVDPPHQIDVVHQG NDQQ IU .DSLWHO )ROJHQGHV IHVWJHKDOWHQ ZHUGHQ :LHGHUXP
DP K|FKVWHQ VFKOlJW GLH (OWHUQ.LQG%H]LHKXQJVVNDOD Ä9HUVWlQGQLV XQG 9RUELOG
ZLUNXQJ³EHLGHQHKHPDOLJHQ-XJHQGOLFKHQGHV*\PQDVLXPVDXIGLHEHUXIOLFKH:HL
WHUELOGXQJVPRWLYDWLRQ DXV NRUUHODWLY XQGSDUWLDONRUUHODWLY ZlKUHQGEHL GHQ DQGH
UHQ XQWHUVXFKWHQ *UXSSHQ ZHQLJ NODUH 3URILOH IHVWJHVWHOOW ZHUGHQ N|QQHQ %HL GHQ
PlQQOLFKHQ+DXSWVFKOHUQNDQQGLHEHUXIOLFKH:HLWHUELOGXQJVPRWLYDWLRQMHGRFKLQ
5HJUHVVLRQVDQDO\VHQPLWWHOVGHU9DULDEOHQ%HJDEXQJVHLQVFKlW]XQJXQG$QRQ\PLWlW
LQGHU6FKXOH]XXQGQXUGXUFKHUVWHUH]XDXIJHNOlUWZHUGHQ2IIHQEDUZLU
NHQVLFK%HJDEXQJVNRQ]HSWHDXVGHU-XJHQG]HLWYRUDOOHPEHL+DXSWVFKOHUQDXIGH
UHQ EHUXIOLFKH :HLWHUELOGXQJVPRWLYDWLRQ DXV ,QVJHVDPW NDQQ VRZRKO IU DOOH 3UR
EDQGHQ DOV DXFK QXU IU GLH *UXSSH GHU PlQQOLFKHQ *\PQDVLDVWHQ NHLQ JOWLJHV
6WUXNWXUJOHLFKXQJVPRGHOOJHIXQGHQZHUGHQGDVGLHEHUXIOLFKH:HLWHUELOGXQJVPRWL
YDWLRQ GXUFK GLH (OWHUQ.LQG XQG GLH /HKUHU6FKOHU%H]LHKXQJ LP -XJHQGDOWHU
RKQH%HQW]XQJGHU/HLVWXQJVPRWLYDWLRQVLJQLILNDQWDXINOlUHQNDQQ'DUDXVNDQQ
JHVFKORVVHQ ZHUGHQ GDVV GLH /HLVWXQJVPRWLYDWLRQ LP -XJHQGDOWHU HLQH 0HGLDWRU
RGHU 0RGHUDWRUIXQNWLRQ HLQQLPPW XQG VLFK GLH %H]LHKXQJHQ LP -XJHQGDOWHU QXU
GDUEHU ZLUNVDP DXI GLH 0RWLYDWLRQ LP (UZDFKVHQHQDOWHU ]HLJHQ ODVVHQ YJO (EH
QHQLP5DKPHQPRGHOOLQ.DS
(UJHEQLVVH
6WDELOLWlWLQGHU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJ
6WDELOLWlWLQGHU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJ
1DFKGHPGLH9DULDEOHQGHUVR]LDOHQ(LQJHEXQGHQKHLWDOV%HVWLPPXQJVIDNWRUHQGHU
0RWLYDWLRQ TXHUVFKQLWWOLFK DOV DXFK OlQJVVFKQLWWOLFK JHWHVWHW ZRUGHQ VLQG VROO LP
)ROJHQGHQGLH PRWLYDWLRQDOH6WDELOLWlWLPNXU]HQ/lQJVVFKQLWW.DSXQGLP
ODQJHQ /lQJVVFKQLWW .DS EHUHFKQHW ZHUGHQ VRZRKO DQ GHU JHVDPWH 6WLFK
SUREHDOVDXFKLQGLIIHUHQWLHOOHU+LQVLFKWEHLGHQYHUVFKLHGHQHQ*UXSSHQ
6WDELOLWlWLP=ZHL-DKUHV/lQJVVFKQLWWLP-XJHQGDOWHU
'HU=XVDPPHQKDQJ]ZLVFKHQGHU/HLVWXQJVPRWLYDWLRQPLWXQGGHU/HLVWXQJVPR
WLYDWLRQ PLW -DKUHQ EHU GLH JHVDPWH 6WLFKSUREH EHWUlJW U S 'LH
7DEHOOH OLVWHW DXI ZHOFKH =XVDPPHQKlQJH GLH UHVWOLFKHQ PRWLYDWLRQDOHQ 3HU
V|QOLFKNHLWVPHUNPDOH LP NXU]HQ /lQJVVFKQLWW DXIZHLVHQ 0LW $XVQDKPH GHU 9DUL
DEOHQ (OWHUQ.LQG.RQVHQV ÄZDV JODXEHQ³ N|QQHQ DOOH DQGHUHQ 9DULDEOHQ VLJQLIL
NDQWH±DOOHUGLQJVJHULQJH±=XVDPPHQKlQJHDXIZHLVHQ
7DEHOOH
.RUUHODWLRQHQ]ZLVFKHQGHU/HLVWXQJVPRWLYDWLRQPLW-DKUHQXQGPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHQPLW
-DKUHQ
P/HLVWXQJVPRWLYDWLRQ
PVFKXO/HLVWXQJVDQJVW
P%HJDEXQJV]XVFKUHLEXQJ
P6HOEVWZLUNVDPNHLWVEHU]HXJXQJ
PVFKXOLVFKH1RUPYHUOHW]XQJ,WHPV
P5DXFKHQ
P(..RQVHQVZDVOHLVWHQ
P(..RQVHQVZDVJODXEHQ
P(..RQVHQVZLHEHQHKPHQ
P=XNXQIWVEHZlOWLJXQJ
P%LOGXQJVRULHQWLHUXQJ
P/HLVWXQJVPRWLYDWLRQPLW-DKUHQ
QV
*HVDPWH6WLFKSUREHVFKDWWLHUWU•SSS]ZHLVHLWLJJHWHVWHWQV QLFKWVLJQLILNDQW
'LH6WDELOLWlWGHU/HLVWXQJVPRWLYDWLRQLP=ZHL-DKUHV/lQJVVFKQLWW]HLJWVLFKLQGHU
GLIIHUHQWLHOOHQ%HWUDFKWXQJVZHLVHLQGHU7DEHOOH
7DEHOOH
6WDELOLWlWGHU/HLVWXQJVPRWLYDWLRQPLWXQG-DKUHQ
6WDELOLWlW]ZLVFKHQ
/HLVWXQJVPRWLYDWLRQPLWXQG/HLVWXQJVPRWLYDWLRQPLW
-DKUHQ
6WDELOLWlW]ZLVFKHQ
/HLVWXQJVPRWLYDWLRQPLWXQG/HLVWXQJVPRWLYDWLRQPLW
-DKUHQXQWHU.RQWUROOHGHUUHODWLYHQ/HLVWXQJVSRVLWLRQ
PLW-
PlQQOLFKH
-XJHQGOLFKH
DP*<
PlQQOLFKH
-XJHQGOLFKH
DQGHU+6
ZHLEOLFKH
-XJHQGOLFKH
DQGHU+6
ZHLEOLFKH
-XJHQGOLFKH
DP*<
-XJHQGOLFKHDQ*\PQDVLHQVLQGJHJHQEHU-XJHQGOLFKHQDQ+DXSWVFKXOHQLQLKUHU
/HLVWXQJVPRWLYDWLRQVWDELOHU:HQQGLHUHODWLYH/HLVWXQJVSRVLWLRQLQGHU.ODVVHDOV
NRQWUROOLHUHQGH9DULDEOHYHUZHQGHWZLUG]HLJHQVLFKHEHQIDOOVlKQOLFKH9HUKlOWQLV
VH$PVWDELOVWHQLQLKUHU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJVLQGGLHZHLEOLFKHQ-X
SSS]ZHLVHLWLJJHWHVWHW
(UJHEQLVVH
6WDELOLWlWLQGHU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJ
JHQGOLFKHQDQ*\PQDVLHQJHIROJWYRQGHQPlQQOLFKHQ-XJHQGOLFKHQGHVVHOEHQ
6FKXOW\SV
'LHGLIIHUHQWLHOOH6WDELOLWlWVSUIXQJ]HLJWGDVVVLFKGLHHLQ]HOQHQ*UXSSHQEH]JOLFK
LKUHU 6WDELOLWlW LQ GHU /HLVWXQJVPRWLYDWLRQ PLW XQG -DKUHQ VWDUN YRQHLQDQGHU
XQWHUVFKHLGHQ+|FKVWH:HUWHZHLVHQGLH-XJHQGOLFKHQDP*\PQDVLXPDXIZHVHQW
OLFKWLHIHUH:HUWH]HLJHQPlQQOLFKH-XJHQGOLFKHDQ+DXSWVFKXOHQDPWLHIVWHQDEHU
0lGFKHQDQ+DXSWVFKXOHQ6FKRQGLHVHXQWHUVFKLHGOLFKHQ6WDELOLWlWHQLQQHUKDOEYRQ
]ZHL-DKUHQZHLVHQHUQHXWGDUDXIKLQGDVVVLFK-XJHQGOLFKHMHQDFK*HVFKOHFKWXQG
6FKXOIRUPOHLVWXQJVPRWLYDWLRQVPl‰LJXQWHUVFKLHGOLFKVR]LDOLVLHUHQ
6WDELOLWlWLP-DKUHV/lQJVVFKQLWW
$=XUhEHUVLFKW3DUWLDONRUUHODWLYH=XVDPPHQKlQJH
:LH GLH IROJHQGH 3DUWLDONRUUHODWLRQVWDEHOOH ]HLJW NRUUHOLHUW GDV 3HUV|QOLFKNHLWV
PHUNPDO/HLVWXQJVPRWLYDWLRQVRZRKOLP$OWHUYRQ-DKUHQDOVDXFKLP$OWHUYRQ
-DKUHQLP9HUJOHLFK]XGHQDQGHUHQPRWLYDWLRQDOHQ9DULDEOHQLP-XJHQGDOWHUDP
K|FKVWHQPLWGHUEHUXIOLFKHQ/HLVWXQJVXQG:HLWHUELOGXQJVPRWLYDWLRQ-DKUH
VSlWHU %HLP =XVDPPHQKDQJ GHU EHUXIOLFKHQ 6HOEVWZLUNVDPNHLWVEHU]HXJXQJ
%6:PLWGHQPRWLYDWLRQDOHQ(LJHQVFKDIWHQLP-XJHQGDOWHUHUZHLVWVLFKGLHVFKXOL
VFKH/HLVWXQJVDQJVWDOVUHOHYDQW6HKULQWHUHVVDQWLVWDEHUDXFKGLHQLFKWVLJQL
ILNDQWH .RUUHODWLRQ ]ZLVFKHQ GHP GLVSRVLWLRQDOHQ ,QWHUHVVH GHV .LQGHV DXV 6LFKW
GHU(OWHUQXQGGLHVHQGUHLEHUXIOLFKHQ0RWLYDWLRQVYDULDEOHQ%/0%:0%6:
6'7NRQIRUPZlUHKLHUHLQVLJQLILNDQWHV5HVXOWDWHUZDUWHWZRUGHQ'LHÄLQWHJULHUWH³
/HUQ XQG /HLVWXQJVPRWLYDWLRQ ]HLJW VLFK OlQJHUIULVWLJ DOVREHGHXWVDPHU DOV GLHLQ
WULQVLVFKHDOOJHPHLQH0RWLYDWLRQVODJHGHV-XJHQGOLFKHQ8QWHU.RQWUROOHGHUUHODWL
YHQ /HLVWXQJVSRVLWLRQ GHP K|FKVWHQ $XVELOGXQJVDEVFKOXVV GHP *HVFKOHFKW XQG
GHU 6FKXOIRUP LVW HV IU GHQ OlQJHUIULVWLJHQ =XVDPPHQKDQJ PLW GHU EHUXIOLFKHQ
:HLWHUELOGXQJVPRWLYDWLRQ QLFKW UHOHYDQW RE GLH /HLVWXQJVPRWLYDWLRQ PLW RGHU
PLW-DKUHQJHZlKOWZLUGEHLGH:HUWHVLQGVLJQLILNDQWXQGEHWUDJHQU YJO
7DEHOOH
(UJHEQLVVH
6WDELOLWlWLQGHU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJ
7DEHOOH
3DUWLDONRUUHODWLRQ]ZLVFKHQPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHQLP-XJHQGDOWHUXQGLP(UZDFKVHQHQDOWHU
XQWHU.RQWUROOHGHUUHODWLYHQ/HLVWXQJVSRVLWLRQGHVK|FKVWHQ$XVELOGXQJVDEVFKOXVVHVGHV*HVFKOHFKWVXQGGHU
6FKXOIRUP
P/HLVWXQJVPRWLYDWLRQ
PVFKXO/HLVWXQJVDQJVW
P%HJDEXQJV]XVFKUHLEXQJ
P6HOEVWZLUNVDPNHLWVEHU]HXJXQJ
PVFKXOLVFKH1RUPYHUOHW]XQJ,WHPV
P5DXFKHQ
P(..RQVHQVZDVOHLVWHQ
P(..RQVHQVZDVJODXEHQ
P(..RQVHQVZLHEHQHKPHQ
P=XNXQIWVEHZlOWLJXQJ
P%LOGXQJVRULHQWLHUXQJ
P/HLVWXQJVPRWLYDWLRQ
PDOOJ,QWHUHVVHGHV.LQGHV(
%/0
%HUXIO/HLVWXQJVPRWL
YDWLRQ
%:0
%HUXIO:HLWHUELO
GXQJVPRWLYDWLRQ
%6:
%HUXIO6HOEVWZLUNVDP
NHLWVEHU]HXJXQJ
%HWUDFKWHQZLUGLHVH=XVDPPHQKlQJHQXQGLIIHUHQWLHOO:HOFKH3DUWLDONRUUHODWLRQHQ
HUJHEHQVLFKEHLGHQYLHUYHUVFKLHGHQHQ*UXSSHQ"
*HVDPWH6WLFKSUREHSSS]ZHLVHLWLJJHWHVWHWSDLUZLVHEHUHFKQHW
7DEHOOH
.RQWH[WVSH]LILVFKH3DUWLDO.RUUHODWLRQHQ]ZLVFKHQPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHQLP-XJHQGDOWHUXQG
PRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHQLP(UZDFKVHQHQDOWHU%/0%:0%6:XQWHU.RQWUROOHGHUUHO/HLV
WXQJVSRVLWLRQXQGGHVK|FKVWHQEHUXIO$XVELOGXQJVDEVFKOXVVHV
0lQQHUPLW-LP
*\PQDVLXP
%/0
%:0
%6:
A
P
Q Q Q /HLVWXQJV
PRWLYDWLRQPLW
-DKUHQ
P
Q Q Q /HLVWXQJV
PRWLYDWLRQPLW
-DKUHQ
0lQQHUPLW-LQ
+DXSWVFKXOH
%/0
Q %:0
%6:
Q Q Q Q Q )UDXHQPLW-LQ
+DXSWVFKXOH
)UDXHQPLW-LP
*\PQDVLXP
%/0 %:0 %6: %/0 %:0
%6:
Q Q Q Q Q Q A
Q Q Q Q Q Q VFKDWWLHUWU!SSSAS]ZHLVHLWJJHWHVWHWSDLUZLVHEHUHFKQHW
%/0 %HUXIO/HLVWXQJVPRWLYDWLRQ%:0 %HUXIO:HLWHUELOGXQJVPRWLYDWLRQ%6: %HUXIO6HOEVWZLUNVDPNHLWVEHU]HXJXQJ
$XV 7DEHOOH OlVVW VLFK HQWQHKPHQ GDVV VLFK GLH 9RUKHUVDJHNUDIW GHU /HLV
WXQJVPRWLYDWLRQEHLGHQPlQQOLFKHQ*\PQDVLDVWHQ LP$OWHUYRQ-DKUHQXQGLP
$OWHUYRQ-DKUHQPLWVLJQLILNDQWHQ3DUWLDONRUUHODWLRQHQGKXQWHU.RQWUROOHGHU
UHO /HLVWXQJVSRVLWLRQ LQ GHU .ODVVH XQG GHV K|FKVWHQ EHUXIOLFKHQ $XVELOGXQJVDE
VFKOXVVHV DP DXIIlOOLJVWHQ XQG DP NRQVWDQWHVWHQ ]HLJW =XGHP VLQG GLHVH =XVDP
PHQKlQJHPLWGHQGUHLPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHQLP(UZDFKVHQHQ
DOWHU IDVW GRSSHOW VR JUR‰ ZLH GLH GXUFKVFKQLWWOLFKHQ .RUUHODWLRQHQ GHU JHVDPWHQ
6WLFKSUREH YJO 7DEHOOH 'LH HKHPDOLJHQ PlQQOLFKHQ +DXSWVFKOHU ZHLVHQ
NHLQHVLJQLILNDQWHQ6WDELOLWlWHQDXVZLHGDVLPNXU]HQ/lQJVVFKQLWWLP-XJHQGDOWHU
QRFKGHU)DOOLVW$XIJUXQGGHUNOHLQHQQ=DKOEHLGHQZHLEOLFKHQ-XJHQGOLFKHQGHU
+DXSWVFKXOHVLQGGLHKRKHQ.RUUHODWLRQVZHUWHPLWJUR‰HU=XUFNKDOWXQJ]XZHUWHQ
]XPDOVLHQXUEHLGHU/HLVWXQJVPRWLYDWLRQLP$OWHUYRQ-DKUHQDEHUQLFKWEHLMH
QHUYRQ-DKUHQDXIWUHWHQ
'DVV EHL HKHPDOLJHQ PlQQOLFKHQ *\PQDVLDVWHQ VLJQLILNDQWH /HLVWXQJVPRWLYDWLRQV
VWDELOLWlWHQ EHU -DKUH KLQZHJ DXIWUHWHQ ZlKUHQG GLHV IU HKHPDOLJH PlQQOLFKH
(UJHEQLVVH
6WDELOLWlWLQGHU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJ
7DEHOOH
6LJQLILNDQWH3DUWLDONRUUHODWLRQHQ]ZLVFKHQDXVJHZlKOWHQPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHQLP-XJHQGDOWHU
XQGGHQEHUXIOLFKHQ0RWLYDWLRQVVNDOHQXQWHU.RQWUROOHGHUUHODWLYHQ/HLVWXQJVSRVLWLRQXQGGHVK|FKVWHQEHUXIO
$XVELOGXQJVDEVFKOXVVHV
+DXSWVFKOHU QLFKW ]XWULIIW YHUZHLVW HLQPDO PHKU DXI GLH XQWHUVFKLHGOLFKH /HLV
WXQJVPRWLYDWLRQVVR]LDOLVDWLRQDXIJUXQGGHV6FKXOW\SV
$XV7DEHOOHLVWEHUGLHYLHU*UXSSHQKLQZHJHUVLFKWOLFKGDVVDEJHVHKHQYRQ
GHU /HLVWXQJVPRWLYDWLRQ JDQ] XQWHUVFKLHGOLFKH 0HUNPDOH LP -XJHQGDOWHU LP =X
VDPPHQKDQJ PLW GHU %HVWLPPXQJ GHU EHUXIOLFKHQ 0RWLYDWLRQVPHUNPDOH -DKUH
VSlWHUUHOHYDQWVLQGHEHQIDOOV3DUWLDONRUUHODWLRQHQPLW.RQWUROOHGHUUHO/HLVWXQJV
SRVLWLRQXQGGHVK|FKVWHQEHUXIOLFKHQ$XVELOGXQJVDEVFKOXVVHV
0lQQHUPLW-
LP*\PQDVLXP
!Q!
%/0 %:0 %6:
PVFKXO/HLVWXQJVDQJVW
PVFKXO1RUPYHUOHW]XQJ
P5DXFKHQ
P(..RQVZLHEHQHKPHQ
P=XNXQIWVEHZlOWLJXQJ
0lQQHUPLW-
LQ+DXSWVFKXOH
!Q!
%/0 %:0 %6:
)UDXHQPLW-
LQ+DXSWVFKXOH
!Q!
%/0 %:0 %6:
)UDXHQPLW-
LP*\PQDVLXP
!Q!
%/0 %:0 %6:
VFKDWWLHUWVLJQLILNDQWH.RUUHODWLRQHQS]ZHLVHLWLJSDLUZLVHEHUHFKQHW
%/0 %HUXIO/HLVWXQJVPRWLYDWLRQ%:0 %HUXIO:HLWHUELOGXQJVPRWLYDWLRQ%6: %HUXIO6HOEVWZLUNVDPNHLWVEHU]HXJXQJ
:LHGHUXP]HLJHQVLFKEHLGHU*UXSSHGHUHKHPDOLJHQPlQQOLFKHQ*\PQDVLDVWHQDP
PHLVWHQ VLJQLILNDQWH =XVDPPHQKlQJH 5DXFKHQ (OWHUQ.LQG.RQVHQV EH]JOLFK
%HQHKPHQXQGGLH:DKUQHKPXQJGHU=XNXQIWVEHZlOWLJXQJZHLVHQ]XUXQGVLJ
QLILNDQWH =XVDPPHQKlQJH ]XUEHUXIOLFKHQ :HLWHUELOGXQJVPRWLYDWLRQ DXI1LFKW HU
ZDUWHZXUGHEHLGHQHKHPDOLJHQPlQQOLFKHQ+DXSWVFKOHUQGDVIROJHQGH(UJHEQLV
-HPHKUGHU-XJHQGOLFKH6FKXOQRUPHQPLVVDFKWHWHGHVWRPHKU(QHUJLHVWHFNWHULP
(UZDFKVHQDOWHULQGLH:HLWHUELOGXQJ
%5HJUHVVLRQVDQDO\WLVFKH%HUHFKQXQJHQ
'LH EHUXIOLFKH /HLVWXQJVPRWLYDWLRQ %/0 NDQQ EHL GHQ HKHPDOLJHQ PlQQOLFKHQ
*\PQDVLDVWHQGXUFKGLH/HLVWXQJVPRWLYDWLRQXQGGLHVFKXOLVFKH1RUPYHUOHW]XQJ]X
DXIJHNOlUWZHUGHQZREHLDEHUGHU%HWDZHUWGHU9DULDEOHQ/HLVWXQJVPRWLYDWLRQ
PLWHLQHULJHQ,UUWXPVZDKUVFKHLQOLFKNHLWYHUVHKHQLVW'HU$XINOlUXQJVEHLWUDJLVW
]ZDU NOHLQ MHGRFK ODVVHQ VLFK EHL GHQ DQGHUHQ GUHL *UXSSHQ -XJHQGOLFKH GHU
+DXSWVFKXOH 0lGFKHQ GHV *\PQDVLXPV NHLQH VLJQLILNDQWHQ 0RGHOOH ILQGHQ YJO
7DEHOOH
7DEHOOH
0XOWLSOH5HJUHVVLRQVDQDO\VHQ]XU9RUKHUVDJHGHUEHUXIOLFKHQ/HLVWXQJVPRWLYDWLRQ%/0GXUFKPRWLYDWLRQDOH
3HUV|QOLFKNHLWVPHUNPDOHLP-XJHQGDOWHUEHLGHQHKHPDOLJHQPlQQOLFKHQ*\PQDVLDVWHQ
EHWD
.RQVWDQWH
P/HLVWXQJVPRWLYDWLRQ
ƒ
PVFKXOLVFKH1RUPYHUOHW]XQJ
*HVDPWPRGHOODXINOlUXQJNRUU
5 (QWHU0HWKRGHPLWOLVWZHLVHP$XVVFKOXVVIHKOHQGHU:HUWHSSSƒS
(UJHEQLVVH
6WDELOLWlWLQGHU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJ
%HLGHU%HVWLPPXQJGHUEHUXIOLFKHQ:HLWHUELOGXQJVPRWLYDWLRQ%:0ODVVHQVLFK
EHLGHQ0lQQHUQDEHU]ZHLVLJQLILNDQWH0RGHOOHEHL*\PQDVLDVWHQXQG+DXSWVFK
OHUQILQGHQYJO7DEHOOH
7DEHOOH
0XOWLSOH5HJUHVVLRQVDQDO\VHQ]XU9RUKHUVDJHGHUEHUXIOLFKHQ:HLWHUELOGXQJVPRWLYDWLRQ%:0GXUFKPRWLYDWLR
QDOH3HUV|QOLFKNHLWVPHUNPDOHLP-XJHQGDOWHUEHLPlQQOLFKHQ*\PQDVLDVWHQXQG+DXSWVFKOHUQ
.RQVWDQWH
P/HLVWXQJVPRWLYDWLRQ
P(..RQVHQVZLHEHQHKPHQ
*HVDPWPRGHOODXINOlUXQJNRUU
0lQQOLFKH
*\PQDVLDVWHQ
EHWD
.RQVWDQWH
P%HJDEXQJV]XVFKUHLEXQJ
*HVDPWPRGHOODXINOlUXQJNRUU 5 5 0lQQOLFKH
+DXSWVFKOHU
EHWD
(QWHU0HWKRGHPLWOLVWZHLVHP$XVVFKOXVVIHKOHQGHU:HUWHSSS
'LH/HLVWXQJVPRWLYDWLRQYRQPlQQOLFKHQ*\PQDVLDVWHQPLW-DKUHQXQGGHU.RQ
VHQVPLWLKUHQ(OWHUQEH]JOLFKLKUHV%HQHKPHQVZLUNWVLFK-DKUHVSlWHUDXIGLH
EHUXIOLFKH:HLWHUELOGXQJVPRWLYDWLRQDXVZREHLHLQH9DULDQ]DXINOlUXQJYRQNQDSS
DOV5HVXOWDWEHUHFKQHWZLUG'LHLJH9DULDQ]DXINOlUXQJGHUEHUXIOLFKHQ:HL
WHUELOGXQJVPRWLYDWLRQEHLHKHPDOLJHQPlQQOLFKHQ+DXSWVFKOHUQGXUFKGLH9DULDEOH
%HJDEXQJV]XVFKUHLEXQJ ZHLVW HLQPDO PHKU DXI GLH JUR‰H %HGHXWXQJ GHV HLJHQHQ
%HJDEXQJVNRQ]HSWHVEHL-XJHQGOLFKHQGHVWLHIVWHQ6FKXOW\SVKLQ
&6WUXNWXUJOHLFKXQJVPRGHOO%HUHFKQXQJHQ
'LH$EELOGXQJV$QKDQJ.DS]HLJWGDVQLFKWVLJQLILNDQWH6WUXNWXUJOHL
FKXQJVPRGHOO]XU$XINOlUXQJGHUEHUXIOLFKHQ/HLVWXQJVPRWLYDWLRQ%/0EHUGLH
JHVDPWH 6WLFKSUREH KLQZHJ DOVR LQNOXVLYH ZHLEOLFKH XQG PlQQOLFKH *HVDPWVFK
OHU6RZRKOGLH6WDELOLWlWHQGHU/HLVWXQJVPRWLYDWLRQ]ZLVFKHQXQG-DKUHQDOV
DXFKMHQH]ZLVFKHQ-DKUHQXQG-DKUHQEHUXIOLFKH/HLVWXQJVPRWLYDWLRQ%/0
ZHUGHQVLFKWEDU-HGRFKVLQGGLH)LWPD‰HGHV0RGHOOVQLFKWJHQJHQGJXWXPHV]X
DN]HSWLHUHQ$XFKZHQQQXUGLH*UXSSHGHUHKHPDOLJHQPlQQOLFKHQ*\PQDVLDVWHQ
PLW-DKUHQJHZlKOWZLUG]HLJWVLFKNHLQVLJQLILNDQWJOWLJHV0RGHOO6WXKOPDQQ
KDWHLQJOWLJHV0RGHOOIUDOOH3UREDQGHQEHUHFKQHQN|QQHQLQGHPVLH]XU
EHUXIOLFKHQ/HLVWXQJVPRWLYDWLRQ]XVlW]OLFKDXFKGLHEHUXIOLFKH:HLWHUELOGXQJVPRWL
YDWLRQYHUZHQGHWHMHGRFKRKQHGLH$XVO|VHUVR]LDOSV\FKRORJLVFKRULHQWLHUWH9DUL
DEOHQGLHVHU0RWLYDWLRQ]XEHUFNVLFKWLJHQ
%HLP7HVWHQGHV6WUXNWXUJOHLFKXQJVPRGHOOV]XU$XINOlUXQJGHUEHUXIOLFKHQ:HLWHU
ELOGXQJVPRWLYDWLRQ%:0PLWWHOV/HLVWXQJVPRWLYDWLRQPLWXQG-DKUHQKDEHQ
VLFKHEHQIDOOVNHLQHJOWLJHQ0RGHOOHHUJHEHQVRZRKOEH]JOLFKGHUJDQ]HQ6WLFK
SUREH DOV DXFK EH]JOLFK QXU GHU *\PQDVLDVWHQ 'LH 6WDELOLWlWHQ GHU .RQVWUXNWH
NRPPHQ]ZDULQLKUHU7HQGHQ]]XP9RUVFKHLQGRFKRIIHQEDULVWHVQ|WLJGLH9HU
XUVDFKXQJVDVSHNWH GLHVHU /HLVWXQJVPRWLYDWLRQVYDULDEOHQ LQV 0RGHOO DXI]XQHKPHQ
VSULFKGLHVR]LDOH(LQJHEXQGHQKHLWYJOQlFKVWHV.DS
'DVIROJHQGH0RGHOO]HLJWEHLGHQPlQQOLFKHQ*\PQDVLDVWHQGLH6WDELOLWlWGHU/HLV
WXQJVPRWLYDWLRQLP$OWHUYRQ-DKUHQXQGGLHEHUXIOLFKH:HLWHUELOGXQJVPRWLYDWL
(UJHEQLVVH
6WDELOLWlWLQGHU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJ
RQ LP $OWHU YRQ -DKUH PLW HLQHP 5HJUHVVLRQVJHZLFKW YRQ 'LH :HLWHUELO
GXQJVPRWLYDWLRQ NDQQ VRPLW ]X HUNOlUW ZHUGHQ $XFK KLHU LVW ZLHGHUXP GDV
9HUKlOWQLV YRQ &KL ]X GI XQWHU ZDV JHPl‰ %HUJHU HUODXEW LVW ZHQQ GLH
3IDGHWKHRUHWLVFKEHJUQGHWVLQG
D
D
D
VLFKDQVWUHQJHQIU6FKXOH
$XVGDXHUEHLVFKXOLVFKHQ$XIJ
HKUJHL]LJVHLQ
/HLVWXQJV
PRWLYDWLRQPLW-
9HU]LFKWDXI)UHL]HLW
%HUXIOLFKH
:HLWHUELOGXQJV
PRWLYDWLRQPLW-
0RGHOVSHILFDWLRQ
FKLVTXDUH GI SYDOXH JIL DJIL DLF UPVHD SFORVH $EELOGXQJ
V
O
DP$EHQGOHUQHQ
O
6WUlXEHQJHJHQEHU:HLWHUELOGXQJU
O
6WUXNWXUJOHLFKXQJVPRGHOO]XU$XINOlUXQJGHUEHUXIOLFKHQ:HLWHUELOGXQJVPRWLYDWLRQGXUFK/HLVWXQJVPRWLYDWLRQPLW
-DKUHQEHLPlQQOLFKHQ*\PQDVLDVWHQ6DPSOH6L]H
:HQQGLHVH6WDELOLWlWEHLGHUJHVDPWHQ6WLFKSUREHEHUHFKQHWZLUGHUJLEWVLFKHEHQ
IDOOVHLQJOWLJHV 0RGHOOGHU&KL7HVWLVWEHLGLHVHUJUR‰HQ6WLFKSUREHQLFKWUHOH
YDQWMHGRFKNDQQGLH$XINOlUXQJQXU]XHUIROJHQYJO$EELOGXQJ
D
D
D
VLFKDQVWUHQJHQIU6FKXOH
$XVGDXHUEHLVFKXOLVFKHQ$XIJ
HKUJHL]LJVHLQ
/HLVWXQJV
PRWLYDWLRQPLW-
0RGHOVSHILFDWLRQ
FKLVTXDUH GI SYDOXH JIL DJIL DLF UPVHD SFORVH $EELOGXQJ
V
9HU]LFKWDXI)UHL]HLW
%HUXIOLFKH
:HLWHUELOGXQJV
PRWLYDWLRQPLW-
O
DP$EHQGOHUQHQ
O
6WUlXEHQJHJHQEHU:HLWHUELOGXQJU
O
*OWLJHV6WUXNWXUJOHLFKXQJVPRGHOO]XU$XINOlUXQJGHUEHUXIOLFKHQ:HLWHUELOGXQJVPRWLYDWLRQGXUFK/HLVWXQJVPRWL
YDWLRQPLW-DKUHQEHLGHUJHVDPWHQ6WLFKSUREH6DPSOH6L]H
=XVDPPHQIDVVHQGNDQQIHVWJHKDOWHQZHUGHQGDVVGLHEHUXIOLFKH:HLWHUELOGXQJVPR
WLYDWLRQ XQG GLH EHUXIOLFKH /HLVWXQJVPRWLYDWLRQ GHU HKHPDOLJHQ PlQQOLFKHQ *\P
QDVLDVWHQDXIJUXQGLKUHU/HLVWXQJVPRWLYDWLRQVDXVSUlJXQJHQLP$OWHUYRQ-DKUHQ
LP9HUJOHLFK]XGHQDQGHUHQ*UXSSHQPlQQOLFKHXQGZHLEOLFKH+DXSWVFKOHUXQG
ZHLEOLFKH*\PQDVLDVWHQDPEHVWHQYRUKHUJHVDJWZHUGHQN|QQHQ'LHVEHOHJHQSDU
WLDONRUUHODWLYH XQG UHJUHVVLRQVDQDO\WLVFKH %HUHFKQXQJHQ 0LWWHOV VWUXNWXUJOHL
FKXQJVPRGHOODQDO\WLVFKHQ %HUHFKQXQJHQ NDQQ GLHEHUXIOLFKH :HLWHUELOGXQJVPRWL
YDWLRQYRQHKHPDOLJHQPlQQOLFKHQ*\PQDVLDVWHQPHVVIHKOHUEHUHLQLJW]XGXUFK
LKUHMXJHQGOLFKH/HLVWXQJVPRWLYDWLRQEHVWLPPWZHUGHQ6LH]HLJHQVLFKDPVWDELOV
WHQ
(UJHEQLVVH
=XU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJGXUFKVR]LDOH(LQJHEXQGHQKHLW
=XU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJGXUFKVR]LDOH(LQJHEXQGHQKHLW
'LH 6'7 PDFKW LP 9HUJOHLFK ]X DQGHUHQ 0RWLYDWLRQVWKHRULHQ H[SOL]LWH $XVVDJHQ
EHUGLH8UVDFKHQGHU/HLVWXQJVPRWLYDWLRQ0LWGLHVHP$VSHNWEHVFKlIWLJWVLFKLQV
EHVRQGHUHGLHYRUOLHJHQGH$UEHLWLQGHPGHUODQJIULVWLJH(IIHNWVR]LDOHU(OHPHQWHLQ
)DPLOLHXQG6FKXOHLP-XJHQGDOWHUEHUGLH/HLVWXQJVPRWLYDWLRQLP-XJHQGDOWHUDXI
GLH0RWLYDWLRQLP(UZDFKVHQHQDOWHUDXIJH]HLJWZLUG0LWGLHVHPOHW]WHQ.DSLWHO
LP(UJHEQLVWHLOZLUGGLHVHUNRPSOH[HQ7KHVHQDFKJHJDQJHQ
hEHUVLFKW0LWWHOZHUWVYHUJOHLFKHXQG.RUUHODWLRQVEHUHFKQXQJHQ
*HPl‰ GHQ RELJHQ $XVIKUXQJHQ KDW VLFK GLH 7KHVH HLQHU VFKXOIRUP XQG JH
VFKOHFKWVVSH]LILVFKHQ /HLVWXQJVVR]LDOLVDWLRQ PHKU XQG PHKU YHUGLFKWHW ,P )ROJHQ
GHQVLQGQXQGLHGHVNULSWLYHQ.HQQ]DKOHQGHU6FKOVVHOYDULDEOHQXQGGHUHQ.RUUHOD
WLRQHQ YRQ HKHPDOLJHQ PlQQOLFKHQ -XJHQGOLFKHQ GHV *\PQDVLXPV XQG GHU +DXSW
VFKXOHDXIJHOLVWHW
7DEHOOH
'HVNULSWLYH.HQQ]DKOHQGHU6FKOVVHOYDULDEOHQEHLPlQQOLFKHQ-XJHQGOLFKHQLQ*\PQDVLXPXQGLQGHU+DXSW
VFKXOH]XP=HLWSXQNWXQG6WLFKSUREHQJU|‰H0LWWHOZHUW6WDQGDUGDEZHLFKXQJ6WDQGDUGIHKOHU
XQGW7HVW:HUWH
(.%H]LHKXQJ
(.%H]LHKXQJ
/36%H]LHKXQJ
/36%H]LHKXQJ
ZDKUJHQ%HJDEHLQVFKlW]XQJ
ZDKUJHQ%HJDEHLQVFKlW]XQJ
VFKXO1RUPYHUOHW]XQJ
VFKXO1RUPYHUOHW]XQJ
/HLVWXQJVPRWLYDWLRQ
/HLVWXQJVPRWLYDWLRQ
%/0
%:0
%6:
*<PlQQOLFK
Q
0
6'
+6PlQQOLFK
6(
Q
0
6'
W7HVW:HUWH
6(
/HYHQH
7HVW
7
GI
S
6FKDWWLHUWS]HLJHQMHQH9DULDEOHQDXVGHP-DKUHGLHLQGHQYRUKHULJHQ%HUHFKQXQJHQQLFKWHLQJHIORVVHQVLQGVWHKW
IUXQJOHLFKH9DULDQ]HQ(.%H]LHKXQJVI*UR‰VNDOD
=XVDPPHQIDVVHQG]HLJWVLFKDXIJUXQGGHU0LWWHOZHUWVEHUVLFKWLQ7DEHOOHGDVV
GLH-XQJHQLQ+DXSWVFKXOHQJHJHQEHUGHQMHQLJHQLQ*\PQDVLHQVRZRKOPLWDOV
DXFKPLW-DKUHQHLQHWLHIHUH(OWHUQ.LQG%H]LHKXQJHLQHWLHIHUH/HKUHU6FKOHU
%H]LHKXQJ VRZLH HLQH WLHIHUH %HJDEXQJVHLQVFKlW]XQJ YRQ 6HLWHQ GHU (OWHUQ ZDKU
QHKPHQ XQG JU|‰HUHV VFKXOLVFKHV 1RUPYHUOHW]XQJVYHUKDOWHQ ]HLJHQ 'LH 6WDQGDUG
DEZHLFKXQJHQGHUPlQQOLFKHQ+DXSWVFKOHUIDOOHQLQGLHVHQ9DULDEOHQ]XGHPEHU
DOOK|KHUDXVDOVEHLGHQPlQQOLFKHQ*\PQDVLDVWHQZDVDXIHLQHJUXQGVlW]OLFKJU|
‰HUH9DULDQ]LQGLHVHP=XVDPPHQKDQJEHLGHQPlQQOLFKHQ+DXSWVFKOHUQKLQZHLVW
'LHVHJU|‰HUHQ9DULDQ]HQVLQGZDKUVFKHLQOLFKDXFKHLQ,QGL]GDIUGDVVGLH6WDELOL
WlWHQLQGHQ3HUV|QOLFKNHLWVPHUNPDOHQLP$OWHU]ZLVFKHQXQG-DKUHQEHLGHQ
PlQQOLFKHQ +DXSWVFKOHUQ ZHVHQWOLFK WLHIHU DXVIDOOHQ XQG GLH /HEHQVYHUOlXIH VLFK
'LHNRPSOH[HQ+\SRWKHVHQ+XQG+YJO.DSVROOHQJHWHVWHWZHUGHQ
(UJHEQLVVH
=XU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJGXUFKVR]LDOH(LQJHEXQGHQKHLW
ZHLW KHWHURJHQHU]HLJHQ DOVEHL GHQ PlQQOLFKHQ *\PQDVLDVWHQ $XFK LP $OWHU YRQ
-DKUHQ ]HLJHQ GLH HKHPDOLJHQ PlQQOLFKHQ +DXSWVFKOHU JU|‰HUH 6WUHXXQJHQ LQ
GHQGUHL3HUV|QOLFKNHLWVPHUNPDOHQEHUXIOLFKH/HLVWXQJVPRWLYDWLRQEHUXIOLFKH:HL
WHUELOGXQJVPRWLYDWLRQ XQG EHUXIOLFKH 6HOEVWZLUNVDPNHLW DOV HKHPDOLJH PlQQOLFKH
*\PQDVLDVWHQ'HUW7HVW]HLJWEHLGLHVHQGUHL.RQVWUXNWHQDEHUHLQ]LJEHLGHUEH
UXIOLFKHQ :HLWHUELOGXQJVPRWLYDWLRQ HLQHQ VLJQLILNDQWHQ 8QWHUVFKLHG (KHPDOLJH
PlQQOLFKH *\PQDVLDVWHQ KDEHQ HLQH VLJQLILNDQW K|KHUH :HLWHUELOGXQJVPRWLYDWLRQ
DOVHKHPDOLJHPlQQOLFKH+DXSWVFKOHU
'LH8QWHUVFKLHGHEHLGHQ6FKOVVHOYDULDEOHQ]ZLVFKHQ-XJHQGOLFKHQGHU+DXSWVFKX
OHXQGGHV*\PQDVLXPVOHLWHQEHU]XU)UDJHZLHGLHVH]XVWDQGHNRPPHQN|QQWHQ
'LH UHODWLYH /HLVWXQJVSRVLWLRQ ZHOFKH LQ YRUKHULJHQ .RUUHODWLRQVEHUHFKQXQJHQ
PHLVWHQVNRQWUROOLHUHQGEHKDQGHOWZXUGHVROOQXQEHLGHQ]ZHL*UXSSHQQlKHUDXI
LKUH=XVDPPHQKlQJHXQWHUVXFKWZHUGHQ
7DEHOOH
.RUUHODWLRQHQ]ZLVFKHQUHO/HLVWXQJVSRVLWLRQXQG9DULDEOHQGHUVR]LDOHQ(LQJHEXQGHQKHLWEHLPlQQOLFKHQ-X
JHQGOLFKHQLP*\PQDVLXPXQGLQGHU+DXSWVFKXOHLP$OWHUYRQ-DKUHQ
VI:RKOIKOHQ]X+DXVH
VI(.%H]E9HUVWlQGQLV9RUELOGZLUNXQJ,WHPV
VI(.%H]G=XZHQGXQJ9HUVWlQGQLV,WHPV
VD:RKOIKOHQLQ6FKXOH
VD/36%H]LHKXQJ
VD$QHUNHQQXQJGXUFK0LWVFKOHU
SSSQV QLFKWVLJQLILNDQW
*<PlQQOLFK
+6PlQQOLFK
UHO/HLVWXQJVSRVLWLRQLQ.ODVVH
QV
QV
QV
(VIlOOWLQ7DEHOOHDXIGDVVPlQQOLFKH+DXSWVFKOHULKUH%H]LHKXQJ]XGHQ(O
WHUQ LQ $EKlQJLJNHLW YRQ LKUHU UHODWLYHQ /HLVWXQJVSRVLWLRQ LQQHUKDOE GHU .ODVVH
ZDKUQHKPHQ E]Z LP *HJHQVDW] ]X GHQ PlQQOLFKHQ *\PQDVLDVWHQ EHL
ZHOFKHQGLHVHU=XVDPPHQKDQJNHLQH5ROOHVSLHOW$XFKLKU:RKOEHILQGHQNRUUHOLHUW
PLWU K|KHUPLWGHU/HLVWXQJVSRVLWLRQDOVEHLGHQPlQQOLFKHQ*\PQDVLDVWHQPLW
U 8QWHU%HUFNVLFKWLJXQJGHU,QWHUGHSHQGHQ]VROFKHU.RUUHODWLRQHQNDQQDEHU
DXFKJHIROJHUWZHUGHQGDVVPLWJU|‰HUHU9RUELOGZLUNXQJXQGPHKU=XZHQGXQJYRQ
6HLWHQ GHU (OWHUQ GLH PlQQOLFKHQ +DXSWVFKOHU LQQHUKDOE GHU +DXSWVFKXONODVVHQ
DXFK EHVVHUH /HLVWXQJHQ KHUYRUEULQJHQ ZDV ZLHGHUXP 6'7NRQIRUP ZlUH $P
K|FKVWHQNRUUHOLHUWGLH/HKUHU6FKOHU%H]LHKXQJPLWGHU/HLVWXQJVSRVLWLRQVRZRKO
EHL GHQ PlQQOLFKHQ -XJHQGOLFKHQ GHU +DXSWVFKXOH DOV DXFK GHV *\PQDVLXPV PLW
EHUU :LUG QXQ GLHVH UHODWLYH /HLVWXQJVSRVLWLRQ DOV NRQWUROOLHUHQGH 9DULDEOH EHKDQGHOW
HUJHEHQ VLFK IROJHQGH (UJHEQLVVH :lKUHQG GLH YHUVFKLHGHQHQ )RUPHQ GHU (OWHUQ
.LQG%H]LHKXQJPLW3DUWLDONRUUHODWLRQVZHUWHQ]ZLVFKHQU XQGU EHLPlQQ
OLFKHQ +DXSWVFKOHUQ XQG *\PQDVLDVWHQ HLQHQ =XVDPPHQKDQJ PLW GHU /HLVWXQJV
PRWLYDWLRQ DXIZHLVHQ N|QQHQ JLEW HV ]ZLVFKHQ GHU /HKUHU6FKOHU%H]LHKXQJ XQG
GHU /HLVWXQJVPRWLYDWLRQ PLW -DKUHQEHLEHLGHQ*UXSSHQ QXU HLQHQ VLJQLILNDQWHQ
(UJHEQLVVH
=XU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJGXUFKVR]LDOH(LQJHEXQGHQKHLW
:HUWYRQU IHVW]XVWHOOHQ'KGLH(OWHUQKDEHQJHQHUHOOJU|‰HUHQ(LQIOXVVDXI
GLH/HLVWXQJVPRWLYDWLRQVHUEULQJXQJDOVGLH/HKUHU
'DVV VLFKGLHIDPLOLlUHVR]LDOH(LQEHWWXQJHKHPDOLJHU PlQQOLFKHU*\PQDVLDVWHQLQ
LKUHU -XJHQG]HLW OlQJHUIULVWLJ SRVLWLY DXI LKUH EHUXIOLFKH 0RWLYDWLRQ DXV]XZLUNHQ
VFKHLQWLVWJH]HLJWZRUGHQ1DFKZHOFKHQ3ULQ]LSLHQGUIWHDEHUQXQGLH/HLVWXQJV
PRWLYDWLRQVHQWZLFNOXQJ EHL HKHPDOLJHQ PlQQOLFKHQ +DXSWVFKOHUQ EHU HLQHQ VR
JUR‰HQ=HLWDEVFKQLWWIXQNWLRQLHUHQ"
'LHVFKDWWLHUWHQ=HOOHQLQ7DEHOOH:HUWHPHLVWHQVEHUN|QQWHQGDUDXIHL
QH YRUOlXILJH $QWZRUW JHEHQ 1HEHQ GHU 6FKLFKW]XJHK|ULJNHLW VLQG HV QlPOLFK YRU
DOOHP VROFKH 9DULDEOHQ GLH PLW GHP 7KHPD .RPSHWHQ]JHIKO XQG %HJDEXQJV]X
VFKUHLEXQJ]XWXQKDEHQGLHUHODWLYH/HLVWXQJVSRVLWLRQGLHZDKUJHQRPPHQH%HJD
EXQJV]XVFKUHLEXQJ GXUFK (OWHUQ XQG GLH HLJHQH %HJDEXQJV]XVFKUHLEXQJ OHW]WHUH
DEHUPLWHLQHP.RUUHODWLRQVZHUWYRQQXU
7DEHOOH
D
.RUUHODWLRQHQ]ZLVFKHQGHQPRW3HUV|QOLFKNHLWVPHUNPDOHQLP(UZDFKVHQHQDOWHU%/0%:0%6:XQGD
.RQWUROOYDULDEOHQEIDPLOLlUHUVR]LDOHU(LQJHEXQGHQKHLWFDX‰HUIDPLOLlUHUVR]LDOHU(LQJHEXQGHQKHLWVRZLHG
PRWLYDWLRQDOHU3HUV|QOLFKNHLWVPHUNPDOHLPIUKHQ-XJHQGDOWHUYRQPlQQOLFKHQ-XJHQGOLFKHQLQ*\PQDVLHQXQG
+DXSWVFKXOHQ
N*HVFKOHFKWZP
N6FKXOIRUP+656*<RUGLQDO
NYHUEDOH,QWHOOLJHQ]
N6FKLFKW
N5HJLRQ6WDGW/DQG
N1DWLRQDOLWlW
NK|6FKXODEVFKOXVV(OWHUQ+656*<(
N%HUXIVVWDWXV9DWHU,6(,(
N%HUXIVVWDWXV0XWWHU,6(,(
N)DPLOLHQVLWXDWLRQQLFKWWUDGWUDG
N%HUXIVWlWLJNHLW0XWWHU
N*HVFKZLVWHU]DKOPLW%HIUDJWHP
N(LQ]HONLQGVWDWXVQHLQMD
N(OWHUQVWDWXVQHLQMD
[UHO/HLVWXQJVSRVLWLRQLQ.O
[1RWHQVXPPH'HXWVFK(QJOLVFK0DWKH
[UHO/HLVWXQJVSRVLWLRQLQ.O
[1RWHQVXPPH'HXWVFK(QJOLVFK0DWKH
[+|FKVWHU6FKXODEVFKOXVVRUGLQDO
\+|FKVWHUEHUXIO$XVEDEVFKOXVV
\HLJHQHVPRQDWO1HWWRHLQNRPPHQ
%/0
%HUXIO/HLV
WXQJVPRWLYDWLRQ
*<P
+6P
%:0
%HUXIO:HLWHUELO
GXQJVPRWLYDWLRQ
*<P
+6P
%6:
%HUXIO6HOEVWZLUN
VDPNHLWVPRWLYDWLRQ
*<P
+6P
(UJHEQLVVH
E
F
G
=XU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJGXUFKVR]LDOH(LQJHEXQGHQKHLW
)RUWVHW]XQJGHU7DEHOOH
VI:RKOIKOHQ]X+DXVH
VI(.%H]D*UR‰VNDOD,WHPV
VI(.%H]E9HUVWlQGQLV9RUELOGZLUNXQJ
VI(.%H]FDNW,QWHUHVVHZHQLJ.RQIOLNWH
VI(.%H]G=XZHQGXQJ9HUVWlQGQLV
VI5HLEHUHLHQ]Z(.
VI*HVSUlFKVLQWHQVLWlW(.
VI(OWHUQ%H]LHKXQJUHWURVSHNWLY
VI6FKHLGXQJVX7UHQQXQJVHUI-XJHQG]HLW
VILQNRQVLVWHQWHU(U]LHKXQJVVWLO
VIHQWVSDQQWH)UHL]HLWDNWLYLWlWHQPLW(OWHUQ(
VIVR]LDOH)UHL]HLWDNWLYLWlWHQPLW(OWHUQ(
VIDX‰HUIDP93EHLSHUV3UREO
VIDX‰HUIDP93EHL3UREOPLWDQGHUHQ
VIZDKUJHQ%HJDEXQJVHLQVFKlW]XQJ
VIZDKUJHUZ6FKXODEVFKOXVV+656*<
VI/HLVWXQJVHUZDUWXQJGHU((
VI(IUDJHQKlXILJQDFK6/(
VI(ZLVVHQ%HVFKHLGEHU6/(
VI+DXVDXIJDEHQHQJDJHPHQWGHU((
VD:RKOIKOHQLQ6FKXOH
VD$QRQ\PLWlWDQGHU6FKXOH
VD6WDWXVUHOHYDQ]6FKXOOHLVWXQJ
VD6WDWXVUHOHYDQ]6ROLGDULWlW
VD.RQNXUUHQ]NDPSILQ.ODVVH
VD.ODVVHQ]XVDPPHQKDOW
VD9HUWUDXHQ]X/3
VD/3.%H]LHKXQJ
VD/HLVWXQJVGUXFNYRQ/3
VD$QHUNHQQXQJGXUFK0LWVFKOHU
VD,QWHJUDWLRQ3HHUV
VDNLUFKOLFKH$NWLYLWlW
VD9HUHLQV]XJHK|ULJNHLWQHLQMD
VD7XUQXQG6SRUWYHUHLQQHLQMD
VD0XVLNRGHU6LQJJUXSSHQHLQMD
P/HLVWXQJVPRWLYDWLRQ
PVFKXO/HLVWXQJVDQJVW
P%HJDEXQJV]XVFKUHLEXQJ
P6HOEVWZLUNVDPNHLWVEHU]HXJXQJ
PVFKXOLVFKH1RUPYHUOHW]XQJ,WHPV
P5DXFKHQ
P(..RQVHQVZDVOHLVWHQ
P(..RQVHQVZDVJODXEHQ
P(..RQVHQVZLHEHQHKPHQ
P=XNXQIWVEHZlOWLJXQJ
P%LOGXQJVRULHQWLHUXQJ
P/HLVWXQJVPRWLYDWLRQ
PDOOJ,QWHUHVVHGHV.LQGHV(
%/0
*<P
+6P
%:0
*<P
+6P
%6:
*<P
+6P
6FKDWWLHUWH=HOOHQIRNXVVLHUHQGLHEHUXIOLFKH:HLWHUELOGXQJVPRWLYDWLRQHKHPDOLJHUPlQQOLFKHU+DXSWVFKOHUU•$XVQDKPHP
PZHQQQLFKWPLWRGHUHUJlQ]WVLQGDOOH9DULDEOHQDXVGHP-DKUHSSS]ZHLVHLWLJJHWHVWHW
0LW $XVQDKPH GHU (OWHUQLWHPV ( VRZLH VI P ZHLVHQ GLH 7HLOVWLFKSUREHQZHUWH SUR 9DULDEOH IROJHQGH :HUWH DXI *< 0lQQHU
Q!+60lQQHUQ!
$XIIDOOHQG LVW GDVV EHL HKHPDOLJHQ PlQQOLFKHQ +DXSWVFKOHUQ QXU GLH /HLVWXQJV
PRWLYDWLRQPLW-DKUHQDEHUQLFKWMHQHPLW-DKUHQVLJQLILNDQWPLWLKUHUVSlWHUHQ
EHUXIOLFKHQ:HLWHUELOGXQJVPRWLYDWLRQ%:0]XVDPPHQKlQJW'LH/HLVWXQJVPRWL
YDWLRQVDXVSUlJXQJ LVW DOVR EHL GLHVHU *UXSSH LP :DQGHO -HGRFK ]HLFKQHW VLFK DE
GDVVGLHUHODWLYH/HLVWXQJVSRVLWLRQLP$OWHUYRQHLQHZLFKWLJH6WHOOXQJHLQQLPPW
6LH KlQJW PLW GHU /HLVWXQJVPRWLYDWLRQ LP VHOEHQ $OWHU U S VLJQLILNDQW
(UJHEQLVVH
=XU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJGXUFKVR]LDOH(LQJHEXQGHQKHLW
]XVDPPHQZRKLQJHJHQGHU=XVDPPHQKDQJLP$OWHUYRQ-DKUHQ]ZLVFKHQ/HLV
WXQJVSRVLWLRQXQG/HLVWXQJVPRWLYDWLRQNHLQH5ROOHPHKUVSLHOWU QV
'LH UHODWLYH /HLVWXQJVSRVLWLRQ LQ GHU .ODVVH LP $OWHU YRQ -DKUHQ YHUPDJ GUHL
VLJQLILNDQWH =XVDPPHQKlQJH KHU]XVWHOOHQ MHQHQ ]XU /HLVWXQJVPRWLYDWLRQ PLW -DKUHQU SMHQHQ]XU/HLVWXQJVPRWLYDWLRQPLW-DKUHQU S
LQ7DEHOOHXQGGHQUHODWLYKRKHQ=XVDPPHQKDQJPLWGHUEHUXIOLFKHQ:HLWHU
ELOGXQJVPRWLYDWLRQ LP $OWHU YRQ -DKUHQ U S %HL GHQ HKHPDOLJHQ
PlQQOLFKHQ *\PQDVLDVWHQ JLEW HV EHL OHW]WHUHP =XVDPPHQKDQJ NHLQH VLJQLILNDQWH
OlQJVVFKQLWWOLFKH%H]LHKXQJ]XYHU]HLFKQHQ'LHUHODWLYH/HLVWXQJVSRVLWLRQLQGHU
.ODVVHGUIWHDOVRQXUIUPlQQOLFKH+DXSWVFKOHUXQGQLFKWIUPlQQOLFKH*\PQD
VLDVWHQEHVRQGHUH%HGHXWXQJKDEHQ
5HJUHVVLRQVDQDO\WLVFKH%HUHFKQXQJHQ
0LW PXOWLSOHQ KLHUDUFKLVFKHQ 5HJUHVVLRQVDQDO\VHQ ZLUG LP )ROJHQGHQ QDFKJHZLH
VHQGDVVVLFK%H]LHKXQJHQLQ)DPLOLHXQG6FKXOHPLW-DKUHQOlQJVVFKQLWWOLFKDXI
GLHEHUXIOLFKH/HLVWXQJVXQG:HLWHUELOGXQJVPRWLYDWLRQ-DKUHVSlWHUDXVZLUNHQ
(V ZLUG NHLQ %LOG HUVFKHLQHQ ZR DOOH 0HUNPDOH VWHWV XQG EHL DOOHQ YLHU *UXSSHQ
JOHLFK]HLWLJ GXUFKVFKODJHQ 'LH %HIXQGODJH JHPl‰ 6'7 ZLUG DEHU LQ ZHVHQWOLFKHQ
$QVlW]HQQDFKJHZLHVHQ
7DEHOOH
0RGHOO
0RGHOO
0RGHOO
0XOWLSOH5HJUHVVLRQVDQDO\VHQKLHUDUFKLVFK]XU9RUKHUVDJHGHUEHUXIOLFKHQ/HLVWXQJVPRWLYDWLRQ%/0EHLGHU
JHVDPWHQ6WLFKSUREH
.RQVWDQWH
VI(OWHUQ%H]LHKXQJUHWURVSHNWLY
VD6WDWXVUHOHYDQ]6ROLGDULWlW
.RQVWDQWH
VI(OWHUQ%H]LHKXQJUHWURVSHNWLY
VD6WDWXVUHOHYDQ]6ROLGDULWlW
P/HLVWXQJVPRWLYDWLRQ
.RQVWDQWH
VI(OWHUQ%H]LHKXQJUHWURVSHNWLY
VD6WDWXVUHOHYDQ]6ROLGDULWlW
P/HLVWXQJVPRWLYDWLRQ
%6:%HUXIO6HOEVWZLUNVDPNHLWVEHU
]HXJXQJ
]IE=XIULHGHQKHLWPLW%HUXI
(QWHU0HWKRGHPLWEORFNZHLVHP+LQ]XIJHQGHU9DULDEOHQ
EHWD
S
5
5
.RUU
5
bQGHUXQJ
LQ6LJQ
YRQ)
,Q 7DEHOOH VLQG GLH KLHUDUFKLVFKHQ (EHQHQ VR]LDOH (LQELQGXQJ PRWLYDWLRQDOH
(EHQH-XJHQGDOWHUPRWLYDWLRQDOH(EHQHLP(UZDFKVHQHQDOWHULQGHQGUHL0RGHOOHQ
EHUFNVLFKWLJWZRUGHQVDHQWVSUHFKHQGH(EHQHQLQ$EELOGXQJ:HQQGLHJH
VDPWH6WLFKSUREHZHOFKHLP/lQJVVFKQLWWYHUIJEDULVWIUGLH%HUHFKQXQJGHUEH
UXIOLFKHQ/HLVWXQJVPRWLYDWLRQ%/0YHUZHQGHWZLUGGDQQN|QQHQ GLHEHLGHQVR
]LDOHQ.RQWH[WH)DPLOLHXQG6FKXOH]XVDPPHQ0RGHOOXQGGLH/HLVWXQJV
PRWLYDWLRQLP$OWHUYRQ-DKUHQQRFKPDOV0RGHOOGHU9DULDQ]GHUEHUXI
OLFKHQ/HLVWXQJVPRWLYDWLRQHUNOlUHQ'HQJU|‰WHQ7HLOGHU9RUKHUVDJHNUDIWPDFKHQ
ORJLVFKHUZHLVH 9DULDEOHQ LP (UZDFKVHQHQDOWHU DXV ZLH ]% GLH =XIULHGHQKHLW PLW
(UJHEQLVVH
=XU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJGXUFKVR]LDOH(LQJHEXQGHQKHLW
GHP%HUXIXQGGHU$UEHLWVVWHOOH:HQQLP0RGHOOGLHEHUXIOLFKH6HOEVWZLUNVDP
NHLWXQGGLH%HUXIV]XIULHGHQKHLWGD]XJHQRPPHQZHUGHQGDQQZLUGGDV.ULWHULXP
EHUXIOLFKH/HLVWXQJVPRWLYDWLRQ]XDXIJHNOlUW
'LH$XINOlUXQJGHUEHUXIOLFKHQ/HLVWXQJVPRWLYDWLRQ%/0GXUFKGLHVR]LDOH(LQ
JHEXQGHQKHLWLP -XJHQGDOWHUYRQEHUGLHJHVDPWH6WLFKSUREHEHUHFKQHWLVW
JHULQJ'DGLHVR]LDOEH]RJHQHQ9DULDEOHQLQGHQYRUDXVJHKHQGHQ%HUHFKQXQJHQEHL
GHQ PlQQOLFKHQ *\PQDVLDVWHQ VWHWV JU|‰HUH =XVDPPHQKlQJH PLW GHU EHUXIOLFKHQ
:HLWHUELOGXQJVPRWLYDWLRQ DOV PLW GHU EHUXIOLFKHQ /HLVWXQJVPRWLYDWLRQ DXIZLHVHQ
YJO7DEHOOHZLUGLP)ROJHQGHQYRUDOOHPDXIGLH$XINOlUXQJGHUEHUXIOLFKHQ
:HLWHUELOGXQJVPRWLYDWLRQ %:0 GXUFK GLH 9DULDEOHQ GHV -XJHQGDOWHUV HLQJHJDQ
JHQ
,QGHQIROJHQGHQ]ZHLKLHUDUFKLVFKHQ5HJUHVVLRQVDQDO\VHQVLQGZLHGHUXPGLH(EH
QHQ JHPl‰ GHP 5DKPHQPRGHOO YJO $EELOGXQJ YHUZHQGHW ZRUGHQ (LQIOXVV
GHU/HLVWXQJVHEHQHUHO/HLVWXQJVSRVLWLRQXQGK|FKVWHU$XVELOGXQJVDEVFKOXVV0R
GHOO XQG (LQIOXVV GHV VR]LDOHQ .RQWH[WHV (OWHUQ.LQG%H]LHKXQJ 0RGHOO XQG(LQIOXVVGHUPRWLYDWLRQDOHQ(EHQH/HLVWXQJVPRWLYDWLRQ0RGHOO
'LH (UJHEQLVVH VLQG IU GLH JHVDPWH 6WLFKSUREH LQ 7DEHOOH IU PlQQOLFKH
*\PQDVLDVWHQLQ 7DEHOOHDXIJHIKUW'LHEHUXIOLFKH:HLWHUELOGXQJVPRWLYDWLRQ
GHUPlQQOLFKHQ*\PQDVLDVWHQNDQQ]XGXUFKLKUH(OWHUQ.LQG%H]LHKXQJXQG]X
GXUFK LKUH /HLVWXQJVPRWLYDWLRQ PLW -DKUHQ HUNOlUW ZHUGHQ LP *HJHQVDW]
]XUJHVDPWHQ6WLFKSUREHEHLGHUQXUJHUDGHE]ZDXIJHNOlUWZHUGHQ
7DEHOOH
0XOWLSOH5HJUHVVLRQVDQDO\VHQKLHUDUFKLVFK]XU9RUKHUVDJHGHUEHUXIOLFKHQ:HLWHUELOGXQJVPRWLYDWLRQ%:0
GXUFK]ZHL.RQWUROOYDULDEOHQGHU(OWHUQ.LQG%H]LHKXQJXQGGHU/HLVWXQJVPRWLYDWLRQPLWEHLGHUJHVDPWHQ
6WLFKSUREHGI 0RGHOO .RQVWDQWH
UHO/HLVWXQJVSRVLWLRQLQ.O
0RGHOO .RQVWDQWH
UHO/HLVWXQJVSRVLWLRQLQ.O
+|FKVWHUEHUXIO$XVEDEVFKOXVV
0RGHOO .RQVWDQWH
UHO/HLVWXQJVSRVLWLRQLQ.O
+|FKVWHUEHUXIO$XVEDEVFKOXVV
VI(.%H]9HUVWlQGQLV9RUELOGZLUNXQJ
0RGHOO .RQVWDQWH
UHO/HLVWXQJVSRVLWLRQLQ.O
+|FKVWHUEHUXIO$XVEDEVFKOXVV
VI(.%H]9HUVWlQGQLV9RUELOGZLUNXQJ
P/HLVWXQJVPRWLYDWLRQ
EHWD
S
5
5
.RUU
5
bQGHUXQJ
LQ6LJQ
YRQ)
(UJHEQLVVH
=XU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJGXUFKVR]LDOH(LQJHEXQGHQKHLW
7DEHOOH
0XOWLSOH5HJUHVVLRQVDQDO\VHQKLHUDUFKLVFK]XU9RUKHUVDJHGHUEHUXIOLFKHQ:HLWHUELOGXQJVPRWLYDWLRQ%:0
GXUFK]ZHL.RQWUROOYDULDEOHQGHU(OWHUQ.LQG%H]LHKXQJXQGGHU/HLVWXQJVPRWLYDWLRQPLWEHLPlQQOLFKHQ
*\PQDVLDVWHQGI 0RGHOO .RQVWDQWH
UHO/HLVWXQJVSRVLWLRQLQ.O
0RGHOO .RQVWDQWH
UHO/HLVWXQJVSRVLWLRQLQ.O
+|FKVWHUEHUXIO$XVEDEVFKOXVV
0RGHOO .RQVWDQWH
UHO/HLVWXQJVSRVLWLRQLQ.O
+|FKVWHUEHUXIO$XVEDEVFKOXVV
VI(.%H]9HUVWlQGQLV9RUELOGZLUNXQJ
0RGHOO .RQVWDQWH
UHO/HLVWXQJVSRVLWLRQLQ.O
+|FKVWHUEHUXIO$XVEDEVFKOXVV
VI(.%H]9HUVWlQGQLV9RUELOGZLUNXQJ
P/HLVWXQJVPRWLYDWLRQ
EHWD
S
5
5
.RUU
5
bQGHUXQJ
LQ6LJQ
YRQ)
'LH(OWHUQ.LQG6NDODÄ9HUVWlQGQLVXQG9RUELOGZLUNXQJ³VD7DEHOOHLQ.DS
HUZHLVWVLFKEHLGHQPlQQOLFKHQ*\PQDVLDVWHQLQLKUHU:LUNXQJDXIGLHEHUXIOL
FKH LQWULQVLVFKH :HLWHUELOGXQJVPRWLYDWLRQ DOVEHVRQGHUVEHGHXWVDP LP 9HUJOHLFK
]XU JHVDPWHQ 6WLFKSUREH ,Q GLHVHU %H]LHKXQJVVNDOD LVW HLQH NODUH (UZDUWXQJVKDO
WXQJ GHU (OWHUQ HQWKDOWHQ YJO .DS *UXQGGLPHQVLRQHQ 8QWHUVWW]XQJ XQG
)RUGHUXQJEHLP(U]LHKXQJVVWLO
9DULDQ]DQDO\WLVFKH%HUHFKQXQJHQ
'HU %HIXQG ]XU %HGHXWXQJ GHU UHODWLYHQ /HLVWXQJVSRVLWLRQ EHL PlQQOLFKHQ +DXSW
VFKOHUQ YHUVFKlUIW VLFK QRFK ZHQQ EHL GHU %HVWLPPXQJ GHU /HLVWXQJVPRWLYDWLRQ
PLW-DKUHQGLHVR]LDOH6FKLFKWPLWEHUFNVLFKWLJWZLUG(VNRPPHQ9DULDQ]DQDO\
VHQ ]XP (LQVDW] GLH GXUFK 7HU]LOELOGXQJHQ LQ GHQ HQWVSUHFKHQGHQ 9DULDEOHQ EHU
GLHJHVDPWH6WLFKSUREHZLHDXFKMH6FKXONRQWH[W]%QXUPlQQOLFKH+DXSWVFKOHU
YRUEHUHLWHWZXUGHQ
(VLVWHLQVLJQLILNDQWHU,QWHUDNWLRQVHIIHNWÄUHO/HLVWXQJVSRVLWLRQ[6FKLFKW³EHLGHQ
PlQQOLFKHQ+DXSWVFKOHUQIHVW]XVWHOOHQ) SGI 'LHVHU%HIXQG
JLOW ZHGHU EHL GHU 6WLFKSUREHQDXVZDKO DOOHU 3UREDQGHQ QRFK EHL ÄQXU 0lQQHUQ³
RGHUÄQXUPlQQOLFKHQ6FKOHUQGHV*\PQDVLXPV³(VLVWMHGRFKQXUHLQ+DXSWHIIHNW
GHU UHODWLYHQ/HLVWXQJVSRVLWLRQ IHVW]XVWHOOHQEHLGHU VR]LDOHQ 6FKLFKWEOHLEW HU DXV
$XIJUXQGHLQHVNRUULJLHUWHQ5 NDQQJHVDJWZHUGHQGDVVGLH/HLVWXQJVPRWLYD
WLRQPLW-DKUHQ]XDXIJHNOlUWZHUGHQNDQQ
)U GLH JHVDPWH 6WLFKSUREH NDQQ HLQH GUHLIDNWRULHOOH 9DULDQ]DQDO\VH (OWHUQ.LQG
%H]LHKXQJ /HLVWXQJVPRWLYDWLRQ PLW -DKUHQ /HKUHU6FKOHU%H]LHKXQJ PLW GHU
EHUXIOLFKHQ:HLWHUELOGXQJVPRWLYDWLRQDOVDEKlQJLJH9DULDEOHPLW]ZHLVLJQLILNDQWHQ
+DXSWHIIHNWHQ (OWHUQ.LQG%H]LHKXQJ /HLVWXQJVPRWLYDWLRQ PLW -DKUHQ HLQHP
]ZHLIDFKHQ ,QWHUDNWLRQVHIIHNW Ä(OWHUQ.LQG%H]LHKXQJ [ /HKUHU6FKOHU%H]LH
KXQJ³ XQG HLQHP GUHLIDFKHQ ,QWHUDNWLRQVHIIHNW Ä(OWHUQ.LQG%H]LHKXQJ [ /HLV
(UJHEQLVVH
=XU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJGXUFKVR]LDOH(LQJHEXQGHQKHLW
WXQJVPRWLYDWLRQ [ /HKUHU6FKOHU%H]LHKXQJ³ JHIXQGHQ ZHUGHQ ) S GI 6R NDQQ GLH EHUXIOLFKH :HLWHUELOGXQJVPRWLYDWLRQ ]X DXIJHNOlUW
ZHUGHQ
,QGH[ZHUWH
%HUXIOLFKH
:HLWHUELOGXQJVPRWLYDWLRQ
%:0
/HLVWXQJVPRWLYDWLRQ
/6%H]LHKXQJ
(.%H]LHKXQJ
$EELOGXQJ
WLHI
PLWWHO
KRFK
WLHI
WLHI
PLWWHO
PLWWHO
KRFK
WLHI
PLWWHO KRFK
KRFK
'DUVWHOOXQJGHU,QWHUDNWLRQHQDXIJUXQGGHU%H]LHKXQJHQ]XGHQ(OWHUQ]XGHQ/HKUHUQXQGGHUHLJHQHQ/HLV
WXQJVPRWLYDWLRQ]XU$XINOlUXQJGHUEHUXIOLFKHQ:HLWHUELOGXQJVPRWLYDWLRQ%:0JHVDPWH6WLFKSUREH
(VLVW]XHUNHQQHQGDVVHLQHVHKUWLHIH(OWHUQ.LQG%H]LHKXQJGXUFKHLQHKRKH/HK
UHU6FKOHU%H]LHKXQJXQGGXUFKGLHHLJHQH/HLVWXQJVPRWLYDWLRQ/0ZHWWJHPDFKW
ZHUGHQNDQQ(EHQVRNDQQHLQHWLHIH/HKUHU6FKOHU%H]LHKXQJPLWHLQHUKRKHQ(O
WHUQ.LQG%H]LHKXQJXQGGHUHLJHQHQ$QVWUHQJXQJVEHUHLWVFKDIWSRVLWLYZLUNHQYJO
JHVWULFKHOWH2YDOHLQ$EELOGXQJ
%HL GHQ HKHPDOLJHQ PlQQOLFKHQ *\PQDVLDVWHQ ]HLJW VLFK GLH ,QWHUDNWLRQ DXI HLQH
DQGHUH:HLVH(VVLQGNHLQH+DXSWHIIHNWHGDIUDEHUDOOH,QWHUDNWLRQVHIIHNWHVLJQL
ILNDQW 'LH EHUXIOLFKH :HLWHUELOGXQJVPRWLYDWLRQ NDQQ VR ]X NRUU 5 DXIJHNOlUWZHUGHQ'LHYLHU,QWHUDNWLRQVHIIHNWHPLWGHUEHUXIOLFKHQ:HLWHUELOGXQJV
PRWLYDWLRQVLQG(.%H][/6%H]) GI S (.%H][/0
) SGI /6%H][/0) SGI XQG(
.%H][/6%H][/0) SGI 'DUDXVNDQQJHVFKORVVHQZHUGHQGDVVGLHEHLGHQ.RQWH[WH(OWHUQXQG6FKXOHXQWHU
%HUFNVLFKWLJXQJ GHU /HLVWXQJVPRWLYDWLRQ PLW -DKUHQ HLQ]HOQ XQG DXFK ]XVDP
PHQ DOVR PLW HLQHP ,QWHUDNWLRQVHIIHNW DXI GLH /HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJ
HLQZLUNHQ 'DV =XVDPPHQZLUNHQ YRQ (OWHUQ.LQG%H]LHKXQJ [ /HKUHU6FKOHU
%H]LHKXQJ [ /HLVWXQJVPRWLYDWLRQ LP $OWHU YRQ -DKUHQ ZLUNW VLFK LQ SRVLWLYHU
:HLVHDXIGLHEHUXIOLFKH:HLWHUELOGXQJVPRWLYDWLRQ-DKUHVSlWHUDXV
6WUXNWXUJOHLFKXQJVPRGHOO%HUHFKQXQJHQ
hEHUGLHJHVDPWHPlQQOLFKH6WLFKSUREHKLQZHJ]HLJWVLFKHLQJOWLJHV6WUXNWXUJOHL
FKXQJVPRGHOO LQ GHP GLH EHUXIOLFKH :HLWHUELOGXQJVPRWLYDWLRQ GXUFK GLH /HLV
WXQJVPRWLYDWLRQPLW-DKUHQEHVWLPPWZLUGZDVZLHGHUXPGXUFKYRUJHODJHUWHVR
]LDOH%H]LHKXQJHQ]XGHQ(OWHUQXQG]XGHQ/HKUHUQEHGLQJWLVW$EELOGXQJ
)UGLHZHLEOLFKH6WLFKSUREHHUJLEWVLFKNQDSSNHLQVLJQLILNDQWHV0RGHOOGHUUPVHD
LVW GDQQ K|KHU DOV 'HU VFKZDFKH DEHU NQDSS VLJQLILNDQWH 3IDGNRHIIL]LHQW YRQ
(UJHEQLVVH
=XU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJGXUFKVR]LDOH(LQJHEXQGHQKHLW
YHUZHLVW DXI HLQH WLHIH 6WDELOLWlW ]ZLVFKHQ GHQ EHLGHQ PRWLYDWLRQDOHQ )DNWRUHQ
/HLVWXQJVPRWLYDWLRQ PLWXQGEHUXIOLFKHU:HLWHUELOGXQJVPRWLYDWLRQ PLW-DK
UHQ
D
D
UHGHQZHQQHWZVFKLHIJHODXIHQLVW
D
YLHO9HUVWlQGQLV
(OWHUQ.LQG
%H]LHKXQJ
PLW-
QHKPHQ5FNVLFKWHUZDUWHQGDVVHOEHYRQPLU U
*HIKOGDVV/HKUHUPLFKJHUQP|JHQ
U
JODXEHGDVV/3QLFKWYLHOYRQPLUKDOWHQU
U
%HLGHQPHLVWHQ/HKUHUVWHKHLFKJXWGD
/HKUHU6FKOHU
%H]LHKXQJ
PLW-
0RGHOVSHILFDWLRQ
FKLVTXDUH GI SYDOXH JIL DJIL DLF UPVHD SFORVH $EELOGXQJ
/HLVWXQJV
PRWLYDWLRQ
PLW-
W
VLFKDQVWUHQJHQIU6FKXOH
$XVGDXHUEHLVFKXOLVFKHQ$XIJ
%HUXIOLFKH
:HLWHUELOGXQJV
PRWLYDWLRQPLW-
R
R
HKUJHL]LJVHLQ
R
9HU]LFKWDXI)UHL]HLW
O
DP$EHQGOHUQHQ
O
6WUlXEHQJHJHQEHU:HLWHUELOGXQJU
O
V
6WUXNWXUJOHLFKXQJVPRGHOO]XU%HVWLPPXQJGHUEHUXIOLFKHQ:HLWHUELOGXQJVPRWLYDWLRQGXUFKGLH(OWHUQ.LQG
%H]LHKXQJXQGGLH/HKUHU6FKOHU%H]LHKXQJPLW9HUZHQGXQJGHU0RGHUDWRUYDULDEOH/HLVWXQJVPRWLYDWLRQPLW
-DKUHQEHUGLHJHVDPWHPlQQOLFKH6WLFKSUREHEHUHFKQHWQ $EELOGXQJ ]HLJW GDVVHOEH 6WUXNWXUJOHLFKXQJVPRGHOO IU HKHPDOLJH PlQQOLFKH
*\PQDVLDVWHQ 6WLPPLJ PLW GHQ (UJHEQLVVHQ GHU GLIIHUHQ]LHUWHQ .RUUHODWLRQVEH
UHFKQXQJHQ NRPPW PDQ KLHU DXI HLQ VLJQLILNDQWHV JOWLJHV *HVDPWPRGHOO 6RZRKO
GLH)LW,QGL]HVUPVHDXQGSFORVHDOVDXFKGDV9HUKlOWQLVYRQ&KL ]XGIRGHUGHUS
:HUWKDEHQJOWLJH)LWPD‰H
'LHODWHQWHQ.RQVWUXNWHLP$OWHUYRQ-DKUHQVLQGMHZHLOVPLWGUHLPDQLIHVWHQ9DULDEOHQYHUVHKHQ'LH
]X%HJLQQEHDEVLFKWLJWH9HUZHQGXQJYRQYLHU9DULDEOHQSURODWHQWHP.RQVWUXNWZLHLQGHQNRUUHODWLYHQ
XQGUHJUHVVLRQVDQDO\WLVFKHQ%HUHFKQXQJHQEHQXW]WSURGX]LHUWHHLQ]XNRPSOH[HV0RGHOO
(UJHEQLVVH
=XU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJGXUFKVR]LDOH(LQJHEXQGHQKHLW
D
D
D
UHGHQZHQQHWZVFKLHIJHODXIHQLVW
YLHO9HUVWlQGQLV
(OWHUQ.LQG
%H]LHKXQJ
PLW-
QHKPHQ5FNVLFKWHUZDUWHQGDVVHOEHYRQPLU U
*HIKOGDVV/HKUHUPLFKJHUQP|JHQ
U
JODXEHGDVV/3QLFKWYLHOYRQPLUKDOWHQU
U
%HLGHQPHLVWHQ/HKUHUVWHKHLFKJXWGD
/HLVWXQJV
PRWLYDWLRQ
PLW-
/HKUHU6FKOHU
%H]LHKXQJ
PLW-
W
VLFKDQVWUHQJHQIU6FKXOH
$XVGDXHUEHLVFKXOLVFKHQ$XIJ
%HUXIOLFKH
:HLWHUELOGXQJV
PRWLYDWLRQPLW-
R
R
HKUJHL]LJVHLQ
R
9HU]LFKWDXI)UHL]HLW
O
DP$EHQGOHUQHQ
O
6WUlXEHQJHJHQEHU:HLWHUELOGXQJU
0RGHOVSHILFDWLRQ
FKLVTXDUH GI SYDOXH JIL DJIL DLF UPVHD SFORVH $EELOGXQJ
O
V
6WUXNWXUJOHLFKXQJVPRGHOO]XU%HVWLPPXQJGHUEHUXIOLFKHQ:HLWHUELOGXQJVPRWLYDWLRQGXUFKGLH(OWHUQ.LQG
%H]LHKXQJXQGGLH/HKUHU6FKOHU%H]LHKXQJPLW9HUZHQGXQJGHU0RGHUDWRUYDULDEOHQ/HLVWXQJVPRWLYDWLRQPLW
-DKUHQEHLPlQQOLFKHQ*\PQDVLDVWHQQ (VNDQQIHVWJHVWHOOWZHUGHQGDVVGLH(OWHUQ.LQG%H]LHKXQJVRZRKOIUGLH
TXHUVFKQLWWOLFKH9RUKHUVDJHGHU/HLVWXQJVPRWLYDWLRQDOVDXFKIUGLHOlQJVVFKQLWWOL
FKH9RUKHUVDJHGHUEHUXIOLFKHQ:HLWHUELOGXQJVPRWLYDWLRQHLQHQEHGHXWHQGHQ(LQ
IOXVVKDW'LH/HKUHU6FKOHU%H]LHKXQJKLQJHJHQYHUPDJEHLGHQPlQQOLFKHQ
*\PQDVLDVWHQOHGLJOLFKHLQHQTXHUVFKQLWWOLFKHQ(LQIOXVVJHOWHQG]XPDFKHQ'LH
LQVJHVDPWHDXIJHNOlUWH9DULDQ]GHUEHUXIOLFKHQ:HLWHUELOGXQJVPRWLYDWLRQYRQ
LQ$EELOGXQJIHWWKHUYRUJHKREHQZLUGDOVRDXVLQGLUHNWZLUNHQGHQVR]LDOHQ
DOVDXFKDXVPRWLYDWLRQDOHQ$VSHNWHQLP-XJHQGDOWHUEHVWLPPW
,Q$EELOGXQJLVWGDVJOHLFKH0RGHOOIUGLHPlQQOLFKHQ+DXSWVFKOHUEHUHFKQHW
ZRUGHQ'HUHLQJHNUHLVWH3IDGYRQ/HLVWXQJVPRWLYDWLRQPLW-XQGEHUXIOLFKH
:HLWHUELOGXQJVPRWLYDWLRQPLW-LVWQLFKWVLJQLILNDQWHULVWGHQQRFKLP0RGHOO
EHODVVHQZRUGHQZHLOVRHLQJXWHU9HUJOHLFK]XUREHUHQ$EELOGXQJHUVLFKWOLFK
LVW(V]HLJWVLFK DOVRGDVVGLH%H]LHKXQJHQ]XGHQ(OWHUQXQG]XP /HKUHUSRVLWLY
DXIGLH/HLVWXQJVPRWLYDWLRQLP-XJHQGDOWHUMHGRFKQXUQRFKZHQLJOlQJVVFKQLWWOLFK
DXI GLH :HLWHUELOGXQJVPRWLYDWLRQ LP (UZDFKVHQHQDOWHU ZLUNHQ 'DVV GDV 0RGHOO
WURW]JOWLJHU)LWZHUWHNQDSSDOVQLFKWJOWLJHUNOlUWZHUGHQPXVV]HLJWVLFKLQGHQ
QLFKWVLJQLILNDQWHQ3IDGHQYRQXQGHLQJHNUHLVWH=LIIHUQ
(UJHEQLVVH
=XU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJGXUFKVR]LDOH(LQJHEXQGHQKHLW
D
D
UHGHQZHQQHWZVFKLHIJHODXIHQLVW
D
YLHOYHUVWlQGQLV
(OWHUQ.LQG
%H]LHKXQJ
PLW-
QHKPHQ5FNVLFKWHUZDUWHQGDVVHOEHYRQPLU U
*HIKOGDVV/HKUHUPLFKJHUQP|JHQ
U
JODXEHGDVV/3QLFKWYLHOYRQPLUKDOWHQU
U
%HLGHQPHLVWHQ/HKUHUVWHKHLFKJXWGD
/HLVWXQJV
PRWLYDWLRQ
PLW-
/HKUHU6FKOHU
%H]LHKXQJ
PLW-
W
VLFKDQVWUHQJHQIU6FKXOH
$XVGDXHUEHLVFKXOLVFKHQ$XIJ
%HUXIOLFKH
:HLWHUELOGXQJV
PRWLYDWLRQPLW-
$EELOGXQJ
R
HKUJHL]LJVHLQ
R
9HU]LFKWDXI)UHL]HLW
O
DP$EHQGOHUQHQ
O
6WUlXEHQJHJHQEHU:HLWHUELOGXQJU
0RGHOVSHILFDWLRQ
FKLVTXDUH GI SYDOXH JIL DJIL DLF UPVHD SFORVH R
O
V
6WUXNWXUJOHLFKXQJVPRGHOO]XU%HVWLPPXQJGHUEHUXIOLFKHQ:HLWHUELOGXQJVPRWLYDWLRQGXUFKGLH(OWHUQ.LQG
%H]LHKXQJXQGGLH/HKUHU6FKOHU%H]LHKXQJPLW9HUZHQGXQJGHU0RGHUDWRUYDULDEOH/HLVWXQJVPRWLYDWLRQPLW
-DKUHQEHLPlQQOLFKHQ+DXSWVFKOHUQQ ±XQJOWLJDXIJUXQGQLFKWVLJQLILNDQWHU3IDGHXQG
:HQQLQGLHVHPRELJHQ0RGHOO$EELOGXQJQXQQRFKGLHUHODWLYH/HLVWXQJVSR
VLWLRQ DOV PDQLIHVWH 9DULDEOH HLQJHIJW ZLUG GDQQ EOHLEW GDV 0RGHOO ZHLWHUKLQ XQ
JOWLJ (UVWDXQOLFKHUZHLVH ]HLJW VLFK DEHU GHU 3IDG GHU UHODWLYHQ /HLVWXQJVSRVLWLRQ
PLWDXIGLH:HLWHUELOGXQJVPRWLYDWLRQPLW-DKUHQPLWGHPK|FKVWHQ:HUWYRQ
XQGJOHLFK]HLWLJIlOOWGLHPRWLYDWLRQDOH6WDELOLWlWEHUGHQ/lQJVVFKQLWWDXI
'LHVH EHVFKULHEHQH $EELOGXQJ LVW DQ GLHVHU 6WHOOH ZHJHQ GHU 8QJOWLJNHLW GHU )LW
,QGL]HVQLFKWDXIJHIKUWXQGEHILQGHWVLFKLP$QKDQJEHL$EELOGXQJ'HU(LQ
IOXVVGHU/HLVWXQJVPRWLYDWLRQPLW-DKUHQLVWDOVREHLGHQPlQQOLFKHQ+DXSWVFK
OHUQ NHLQ JXWHU 9RUKHUVDJHZHUW IU GLH :HLWHUELOGXQJVPRWLYDWLRQ LP (UZDFKVHQDO
WHU GLH UHODWLYH /HLVWXQJVSRVLWLRQ PLW -DKUHQ GDJHJHQ VFKHLQW DEHU HLQH
OlQJVVFKQLWWOLFKH:LUNXQJ]XKDEHQ
:HQQQXQLPIROJHQGHQ0RGHOOQLFKWGLH/HLVWXQJVPRWLYDWLRQLP$OWHUYRQ-DK
UHQ VRQGHUQ MHQH LP $OWHU YRQ -DKUHQ EHL GHQ HKHPDOLJHQ PlQQOLFKHQ +DXSW
VFKOHUQ YHUZHQGHW ZLUG ]HLJW VLFK HLQ EHVVHUHV DEHU LPPHU QRFK XQJOWLJHV 0R
GHOO 'LH 6FKLFKWYDULDEOH XQG GLH /HLVWXQJVSRVLWLRQ VLQG HEHQIDOOV DXIJHQRPPHQ
ZRUGHQZLHHVVLFKDXVGHQNRUUHODWLYHQ%HUHFKQXQJHQLPYRUGHUHQ7HLOHPSILHKOW
'DV *HVDPWPRGHOO HUUHLFKW ]ZDU NHLQH VLJQLILNDQWHQ )LWPD‰H MHGRFK ]HLJW HV GLH
8QWHUVFKLHGH ]XU *UXSSH GHU HKHPDOLJHQ PlQQOLFKHQ *\PQDVLDVWHQ VHKU GHXWOLFK
DXI 'LH HLQJH]HLFKQHWHQ 3IDGH VLQG PLW $XVQDKPH GHV HLQJHNUHLVWHQ (OWHUQ
.LQG%H]LHKXQJLQ$EELOGXQJDOOHVLJQLILNDQWS
(UJHEQLVVH
=XU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJGXUFKVR]LDOH(LQJHEXQGHQKHLW
D
D
D
UHGHQZHQQHWZVFKLHIJHODXIHQLVW
YLHO9HUVWlQGQLV
(OWHUQ.LQG
%H]LHKXQJ
PLW-
QHKPHQ5FNVLFKWHUZDUWHQGDVVHOEHYRQPLU /HLVWXQJV
PRWLYDWLRQ
PLW-
*HIKOGDVV/HKUHUPLFKJHUQP|JHQ
U
JODXEHGDVV/3QLFKWYLHOYRQPLUKDOWHQU
U
%HLGHQPHLVWHQ/HKUHUVWHKHLFKJXWGD
U
/HKUHU6FKOHU
%H]LHKXQJ
PLW-
0RGHOVSHILFDWLRQ
FKLVTXDUH GI SYDOXH JIL DJIL DLF UPVHD SFORVH $EELOGXQJ
R
$XVGDXHUEHLVFKXOLVFKHQ$XIJ
R
HKUJHL]LJVHLQ
R
%HUXIOLFKH
:HLWHUELOGXQJV
PRWLYDWLRQPLW-
VLFKDQVWUHQJHQIU6FKXOH
UHO/HLVWXQJVSRVLWLRQLQ.O
W
9HU]LFKWDXI)UHL]HLW
O
DP$EHQGOHUQHQ
O
6WUlXEHQJHJHQEHU:HLWHUELOGXQJU
6FKLFKW
O
V
1RFKXQJOWLJHV6WUXNWXUJOHLFKXQJVPRGHOO]XU%HVWLPPXQJGHUEHUXIOLFKHQ:HLWHUELOGXQJVPRWLYDWLRQGXUFKGLH
VR]LDOH6FKLFKWGLH(OWHUQ.LQG%H]LHKXQJXQGGLH/HKUHU6FKOHU%H]LHKXQJPLW9HUZHQGXQJGHU0RGHUDWRUYD
ULDEOH/HLVWXQJVPRWLYDWLRQPLW-DKUHQEHLPlQQOLFKHQ+DXSWVFKOHUQQ XPNUHLVWH=LIIHULVWQLFKWVLJ
QLILNDQW
'LH K|FKVWH 9RUKHUVDJHNUDIW HLQHU EHUXIOLFKHQ :HLWHUELOGXQJVPRWLYDWLRQ HUKlOW LQ
GLHVHPJHVDPWKDIWQRFKXQJOWLJHQ0RGHOOGLHVR]LDOH6FKLFKWGHU(OWHUQ'K
MH K|KHU GLH 6FKLFKW GHV (OWHUQKDXVHV LP -XJHQGDOWHU ZDU GHVWR PRWLYLHUWHU ]HLJW
VLFKGHUHKHPDOLJH+DXSWVFKOHULQGHUEHUXIOLFKHQ:HLWHUELOGXQJ(VN|QQWHLQWHU
SUHWLHUWZHUGHQGDVVHUTXDVLGHQ K|KHUHQ6WDWXVLQVHLQHP(OWHUQKDXVYHUJOLFKHQ
PLWVHLQHP+DXSWVFKXODEVFKOXVVHEHQIDOOVHUUHLFKHQP|FKWHXQGLQVRIHUQZHLWHUELO
GXQJVPRWLYLHUWLVW'LH/HLVWXQJVPRWLYDWLRQLP$OWHUYRQ-DKUHQLVWKLHU]XGHP
VWLFKKDOWLJHU DOV MHQH LP $OWHU YRQ -DKUHQ (EHQIDOOV LQWHUHVVDQW LVW GHU =XVDP
PHQKDQJ]ZLVFKHQ/HKUHU6FKOHU%H]LHKXQJXQGUHODWLYHU/HLVWXQJVSRVLWLRQ8QG
OHW]WHUH PDQLIHVWH 9DULDEOH ZLUNW IHUQHU VLJQLILNDQW DXI GLH EHUXIOLFKH 0RWLYDWLRQ
%LVMHW]WVWDQGHQGLHVR]LDOHQ.RQWH[WHDOV%HVWLPPXQJVIDNWRUHQGHU/HLVWXQJVPRWL
YDWLRQLP=HQWUXP*HPl‰GHPLQWHUDNWLRQLVWLVFKHQ$QVDW]OHLVWHWDEHUDXFKGLHMX
JHQGOLFKH3HUVRQVHOEVWHLQHQHLJHQHQ%HLWUDJ]XLKUHU6R]LDOLVDWLRQ$XV7DEHOOH
V.DSZLUGHUVLFKWOLFKGDVVGLHÄVFKXOLVFKH1RUPYHUOHW]XQJ³]XGHQMHQLJHQ
PRWLYDWLRQDOHQ 6NDOHQ JHK|UW GLH PLW GHU /HLVWXQJVPRWLYDWLRQ DP K|FKVWHQ NRUUH
OLHUHQ:HQQGLHVH9DULDEOHPLWGHPJHQDQQWHQWKHRUHWLVFKHQ+LQWHUJUXQGDOVODWHQ
WHV.RQVWUXNWLQ GDV6WUXNWXUJOHLFKXQJVPRGHOODXIJHQRPPHQZLUGNDQQGDVRELJH
QLFKW VLJQLILNDQWH 0RGHOO YJO $EELOGXQJ LQ HLQ VLJQLILNDQWHV 0RGHOO XPJH
ZDQGHOWZHUGHQYJO$EELOGXQJ
(UJHEQLVVH
=XU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJGXUFKVR]LDOH(LQJHEXQGHQKHLW
D
D
UHGHQZHQQHWZVFKLHIJHODXIHQLVW
D
YLHO9HUVWlQGQLV
6FKXOLVFKH
1RUPYHUOHW]XQJ
(OWHUQ.LQG
%H]LHKXQJ
PLW-
/HLVWXQJV
PRWLYDWLRQ
PLW-
U
JODXEHGDVV/3QLFKWYLHOYRQPLUKDOWHQU
U
%HLGHQPHLVWHQ/HKUHUVWHKHLFKJXWGD
/HKUHU6FKOHU
%H]LHKXQJ
PLW-
0RGHOVSHILFDWLRQ
FKLVTXDUH GI SYDOXH JIL DJIL DLF UPVHD SFORVH $EELOGXQJ
J
R
$XVGDXHUEHLVFKXOLVFKHQ$XIJ
R
HKUJHL]LJVHLQ
R
9HU]LFKWDXI)UHL]HLW
O
DP$EHQGOHUQHQ
O
6WUlXEHQJHJHQEHU:HLWHUELOGXQJU
6FKLFKW
VLFKDQVWUHQJHQIU6FKXOH
%HUXIOLFKH
:HLWHUELOGXQJV
PRWLYDWLRQPLW-
W
UHO/HLVWXQJVSRVLWLRQLQ.O
J
/HKUHUIUHFKH$QWZRUWHQJHEHQ
*HIKOGDVV/HKUHUPLFKJHUQP|JHQ
J
6DFKHQNDSXWWPDFKHQDQGHU6FKXOH
QHKPHQ5FNVLFKWHUZDUWHQGDVVHOEHYRQPLU U
/HKUHUDEVLFKWOLFKlUJHUQ
O
V
6WUXNWXUJOHLFKXQJVPRGHOO]XU%HVWLPPXQJGHUEHUXIOLFKHQ:HLWHUELOGXQJVPRWLYDWLRQGXUFKGLHÄVFKXOLVFKH1RUP
YHUOHW]XQJ³GLHVR]LDOH6FKLFKWGLH(OWHUQ.LQG%H]LHKXQJXQGGLH/HKUHU6FKOHU%H]LHKXQJPLW9HUZHQGXQJ
GHU0HGLDWLRQVYDULDEOHQ/HLVWXQJVPRWLYDWLRQPLW-DKUHQEHLPlQQOLFKHQ+DXSWVFKOHUQDOOH3IDGHVLJQLILNDQW
SQ 'LH /HLVWXQJVPRWLYDWLRQ LP -XJHQGDOWHU NDQQ GXUFK GLH %H]LHKXQJHQ ]X (OWHUQ
XQG]XGHQ/HKUHUQXQG PLWWHOVHLJHQHPQRUPYHUOHW]HQGHQ9HUKDOWHQ]XDXI
JHNOlUWZHUGHQ'LHEHUXIOLFKH:HLWHUELOGXQJVPRWLYDWLRQNDQQ]XHUNOlUWZHU
GHQQLFKWDOVZHVHQWOLFKH)ROJHGHUVR]LDOHQ(LQELQGXQJLP(OWHUQKDXVXQGEHLGHQ
/HKUHUQQLFKWVLJQLILNDQWH3IDGHZHOFKHKLHUQLFKWHLQJH]HLFKQHWVLQGVRQGHUQYRU
DOOHP GXUFK GDV 1RUPYHUOHW]XQJVYHUKDOWHQ ZHOFKHV GHU -XJHQGOLFKH DOV HLJHQHU
%HLWUDJVHLQHU6R]LDOLVDWLRQHLQEULQJW'DEHLJLOWZLHVFKRQLQNRUUHODWLYHQ%H
UHFKQXQJHQIHVWJHVWHOOWHLQDXIGHQHUVWHQ$QEOLFNSDUDGR[HU(IIHNW-HZHQLJHUVLFK
PlQQOLFKH+DXSWVFKOHUPLW-DKUHQQRUPEH]RJHQYHUKDOWHQKDEHQGHVWRZHLWHU
ELOGXQJVPRWLYLHUWHU ]HLJHQ VLH VLFK LP $OWHU YRQ -DKUHQ ,P -XJHQGDOWHU ZDU HV
QRFKHLQHQHJDWLYH%H]LHKXQJ0HKUQRUPYHUOHW]HQGHV9HUKDOWHQZDUPLWHLQHUWLH
IHUHQ/HLVWXQJVPRWLYDWLRQYHUEXQGHQ2IIHQEDUKDQGHOWHVVLFKKLHUXPHLQHQ
UHOHYDQWHQ /DQJ]HLWHIIHNW GHU GXUFK JHOLQJHQGH %H]LHKXQJHQ ]X %H]XJVSHUVRQHQ
EHUHLQH6SDQQHYRQ-DKUHQOHLVWXQJVVR]LDOLVLHUHQGXQGGDPLWNRPSHQVDWRULVFK
ZLUNWZDV6'7NRQIRUPJHGHXWHWZHUGHQN|QQWH
'LHVR]LDOH6FKLFKWGHV(OWHUQKDXVHVXQGGLHUHODWLYH/HLVWXQJVSRVLWLRQLP$OWHUYRQ
-DKUHQVLQGLPRELJHQ0RGHOOHEHQIDOOVYRQ,QWHUHVVH2IIHQEDUELOGHQVLFKHKH
'DV5HJUHVVLRQVJHZLFKWYRQ]ZLVFKHQGHPODWHQWHQ)DNWRUXQGGHUPDQLIHVWHQ9DULDEOHÄYLHO9HU
VWlQGQLV³IlOOWNQDSSXQWHUGHPJHIRUGHUWHQ:HUWYRQDXVYJOKLHU]XDXFKGDVLQ$EELOGXQJDEJH
ELOGHWH0RGHOOQDFK=LQQHFNHU*HRUJ6ZRULQHEHQIDOOV5HJUHVVLRQVJHZLFKWHXQWHU
HQWKDOWHQVLQG
(UJHEQLVVH
=XU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJGXUFKVR]LDOH(LQJHEXQGHQKHLW
PDOLJH PlQQOLFKH +DXSWVFKOHU LP (UZDFKVHQHQDOWHU XPVR PHKU ZHLWHU MH VR]LDO
K|KHULKU(OWHUQKDXVLP-XJHQGDOWHUHLQ]XVWXIHQZDU'LHVHU6FKLFKWHIIHNW]HLJWVLFK
QXU EHL GHQ PlQQOLFKHQ +DXSWVFKOHUQ KLQJHJHQ QLFKW EHL GHQ PlQQOLFKHQ *\P
QDVLDVWHQ 8QG IU HKHPDOLJH +DXSWVFKOHU LVW HV I|UGHUOLFKZHQQ VLH VLFKNRPSH
WHQWIKOHQXQGVHLHVQXUGDGXUFKGDVVVLH]XGHQEHVWHQGHU.ODVVHJHK|UHQ
'DVJHVDPWHRELJH0RGHOO$EELOGXQJGUIWHLQVHLQHU.RPSOH[LWlWZRKOHKHU
7HQGHQ]HQ]HLJHQ]XPDOGHU0RGHOOILWJILDJILEHVVHUDXVIDOOHQN|QQWHXQGDXFK
HLQHNOHLQH6WLFKSUREHYRUOLHJWIU3UREDQGHQNRQQWHGDV.RQVWUXNWEHUXIOLFKH
:HLWHUELOGXQJVPRWLYDWLRQYHUZHQGHWZHUGHQ$XIJUXQGGHUYRUKHULJHQVFKULWWZHL
VHQNRUUHODWLYHQXQGUHJUHVVLRQVDQDO\WLVFKHQ%HUHFKQXQJHQGUIWHQDEHUGLHHLQJH
]HLFKQHWHQ3IDGHLKUH%HUHFKWLJXQJKDEHQ±DXFKXQWHUGHUWKHRUHWLVFKHQ3HUVSHNWL
YHGHU6'7
=XVDPPHQIDVVXQJXQGEHUJUHLIHQGH=XVDPPHQKlQJH
0LWWHOVGHUUHJUHVVLRQVXQGVWUXNWXUJOHLFKXQJVDQDO\WLVFKHQ%HUHFKQXQJHQLQ.DSL
WHO NDQQ ]XVDPPHQIDVVHQG IHVWJHKDOWHQ ZHUGHQ GDVV GLH EHUXIOLFKH :HLWHUELO
GXQJVPRWLYDWLRQ GHU PlQQOLFKHQ *\PQDVLDVWHQ DP VWLPPLJVWHQ PLW GHU 6'7 EH
VWLPPWZHUGHQNDQQ:lKUHQGHVEHLGLHVHQHLQHNHWWHQDUWLJH:LUNXQJJLEWGLHPLW
WHOV(OWHUQ.LQG%H]LHKXQJXQG/HKUHU6FKOHU%H]LHKXQJEHUGLH/HLVWXQJVPRWL
YDWLRQ LP $OWHU YRQ -DKUHQ GLH VSlWHUH :HLWHUELOGXQJVPRWLYDWLRQ YHUXUVDFKHQG
PLWEHVWLPPWGUIWHHVEHLGHQHKHPDOLJHQPlQQOLFKHQ+DXSWVFKOHUQYRUDOOHPGLH
%LOGXQJVVFKLFKW GHU (OWHUQ GLH VFKXOLVFKH 1RUPYHUOHW]XQJ XQG GLH /HLVWXQJVSRVL
WLRQLQGHU.ODVVHVHLQZHOFKHGLH$XVSUlJXQJLKUHUEHUXIOLFKHQ:HLWHUELOGXQJVPR
WLYDWLRQPLW-DKUHQEHVWLPPHQ
,P*UXQGVDW]GDUIDXIJUXQGGHU$XVIKUXQJHQLQ.DSLWHOELVGLH+\SRWKHVH
HLQHUVFKXOIRUPVSH]LILVFKHQ6R]LDOLVDWLRQEH]JOLFKGHU/HUQXQG/HLVWXQJVPRWLYD
WLRQVHQWZLFNOXQJEHUHLQHQ-DKUHGDXHUQGHQ/lQJVVFKQLWWDXIUHFKWHUKDOWHQEOHL
EHQ
:LHEHUHLWVHLQJDQJVHUZlKQWZRUGHQLVWVROOGLHVHVFKXOIRUPVSH]LILVFKH6R]LDOLVD
WLRQDXFKDQKDQGYRQ.RUUHODWLRQHQ]ZLVFKHQGHQ=XIULHGHQKHLWHQEHUEHGHXWVDPH
/HEHQVEHUHLFKH XQG GHQ KLHU YHUZHQGHWHQ 9DULDEOHQ ZHLWHU JHVWW]W ZHUGHQ YJO
7DEHOOH 'LHVH XQWHUVFKLHGOLFKHQ VLJQLILNDQWHQ =XVDPPHQKlQJH VLQG YRQ
H[SORUDWLYHP&KDUDNWHUVLHWUDJHQDEHUHEHQIDOOV]XU6WW]XQJGHU7KHVHQDFKHLQHU
VFKXOIRUPVSH]LILVFKHQ6R]LDOLVDWLRQGHU/HLVWXQJVPRWLYDWLRQEHL
(UJHEQLVVH
7DEHOOH
=XU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJGXUFKVR]LDOH(LQJHEXQGHQKHLW
.RUUHODWLRQHQ]ZLVFKHQDXVJHZlKOWHQ9DULDEOHQGHV-XJHQGDOWHUVXQG9DULDEOHQ]XU=XIULHGHQKHLWLP(UZDFKVH
QHQDOWHUEHL0lQQHUQVFKXOIRUPVSH]LILVFK
(KHPPlQQOLFKH*\PQDVLDVWHQ
!Q!
-XJHQG $UEHLWV
]HLW’
VWHOOH
%HUXI
(KHPPlQQOLFKH+DXSWVFKOHU
!Q!
=XIULHGHQKHLWPLW«
/HEHQ -XJHQG $UEHLWV
LQVJH
]HLW’
VWHOOH
VDPW
N6FKLFKW
N(OWHUQVWDWXVQHLQMD
[UHO/HLVWXQJVSRVLWLRQLQ.O
\HLJHQHVPRQDWO1HWWRHLQNRPPHQ
VI:RKOIKOHQ]X+DXVH
VI(.%H]D*UR‰VNDOD,WHPV
VI(OWHUQ%H]LHKXQJ’
VD:RKOIKOHQLQ6FKXOH
VD$QRQ\PLWlWDQGHU6FKXOH
VD/36%H]LHKXQJ
VD,QWHJUDWLRQ3HHUV
P/HLVWXQJVPRWLYDWLRQ
P/HLVWXQJVPRWLYDWLRQ
%/0%HUXIO/HLVWXQJVPRWLYDWLRQ
%:0%HUXIO:HLWHUELOGXQJVPRWLYDWLRQ
%6:%HUXIO6HOEVWZLUNVDPNHLW
6FKDWWLHUWU:HUWH•’UHWURVSHNWLYHUKREHQ]ZHLVHLWLJJHWHVWHWOLVWZHLVHEHUHFKQHW
%HUXI
/HEHQ
LQVJH
VDPW
'LH =XVDPPHQKlQJH ]ZLVFKHQ 9DULDEOHQ LP -XJHQGDOWHU XQG ZHVHQWOLFKHQ =XIULH
GHQKHLWHQ EHU ZLFKWLJH /HEHQVEHUHLFKH ]HLJHQ VLFK EHL HKHPDOLJHQ PlQQOLFKHQ
*\PQDVLDVWHQLQ DQGHUHU)RUPDOVEHLHKHPDOLJHQ PlQQOLFKHQ +DXSWVFKOHUQYJO
7DEHOOH %HL EHLGHQ *UXSSHQ JLEW HV VLJQLILNDQWH =XVDPPHQKlQJH ]ZLVFKHQ
GHP:RKOIKOHQ]XKDXVHXQGGHU=XIULHGHQKHLWPLWGHUHUOHEWHQ-XJHQG]HLW]XYHU
]HLFKQHQ%HLGHQHKHPDOLJHQPlQQOLFKHQ*\PQDVLDVWHQ]HLJHQVLFK]XVlW]OLFKDXFK
VLJQLILNDQWH (IIHNWH ]XU *HVDPW]XIULHGHQKHLW PLW GHP %HUXI XQG GHP HLJHQHQ /H
EHQ(EHQIDOOVYHUPDJEHLGLHVHU*UXSSHDXFKGLHHKHPDOLJH(OWHUQ.LQG%H]LHKXQJ
HLQHQVLJQLILNDQWHQ=XVDPPHQKDQJDXIGLH/HEHQV]XIULHGHQKHLWPLW-DKUHQKHU
]XVWHOOHQ %HL GHQ PlQQOLFKHQ +DXSWVFKOHUQ LVW GLHV QLFKW GHU )DOO ,QWHUHVVDQW LVW
DXFK GDVV GLH 9DWHU0XWWHU%H]LHKXQJ (OWHUQEH]LHKXQJ EHL EHLGHQ *UXSSHQ IU
VLJQLILNDQWH =XVDPPHQKlQJH ELV LQV (UZDFKVHQHQDOWHU VRUJW EHL GHQ PlQQOLFKHQ
*\PQDVLDVWHQDEHUPLWK|KHUHQ:HUWHQXQGLQNRQVLVWHQWHUHU:HLVH
'HUSDUDGR[H(IIHNWEH]JOLFK6FKXONOLPDGDVVGLHYRQPlQQOLFKHQ+DXSWVFKOHUQ
HUOHEWH $QRQ\PLWlW DQ GHU 6FKXOH VSlWHU PLW HLQHU JU|‰HUHQ $UEHLWVVWHOOH XQG %H
UXIV]XIULHGHQKHLW]XVDPPHQKlQJWHUVFKHLQWDXFKKLHUHLQPDOPHKU'HULQYHUVH=X
VDPPHQKDQJ]ZLVFKHQ/HLVWXQJVPRWLYDWLRQPLW-DKUHQXQGGHU=XIULHGHQKHLWPLW
GHU$UEHLWVVWHOOHPLW-DKUHQLVWLQlKQOLFKHU:HLVH]XYHUVWHKHQ
,QVJHVDPW EHWUDFKWHW VWHOOW PDQ IHVW GDVV GLH =XVDPPHQKlQJH ]ZLVFKHQ VR]LDOHU
(LQJHEXQGHQKHLW ]XKDXVH PLW -DKUHQ XQG GHU %HUXIV XQG /HEHQV]XIULHGHQKHLW
PLW-DKUHQVLFKEHLPlQQOLFKHQ*\PQDVLDVWHQQDFKKDOWLJHU]HLJHQDOVEHLPlQQOL
FKHQ+DXSWVFKOHUQ'LHVLVWLP6LQQHGHV%HIXQGVYRQ+D]DQXQG6KDYHU]X
VHKHQGLHQDFKJHZLHVHQKDEHQGDVVVLFKHUJHEXQGHQH3HUVRQHQ]XIULHGHQHUPLWLK
UHU$UEHLWVVWHOOHXQGLKUHQ.ROOHJHQVLQG
(UJHEQLVVH
=XU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJGXUFKVR]LDOH(LQJHEXQGHQKHLW
8PJHNHKUW NRUUHOLHUW EHL GHQ PlQQOLFKHQ +DXSWVFKOHUQ EHLVSLHOVZHLVH GLH PLW -DKUHQHUOHEWH,QWHJUDWLRQLQGLH3HHUJURXSVLJQLILNDQWPLWGHU-XJHQG]HLW]XIULHGHQ
KHLW XQG /HEHQV]XIULHGHQKHLW PLW -DKUHQ ZDV EHL GHQ HKHPDOLJHQ PlQQOLFKHQ
*\PQDVLDVWHQQLFKWIHVW]XVWHOOHQLVW'LHVN|QQWHDXIHLQHQZHLWHUHQNRPSHQVDWRUL
VFKHQ3UR]HVVKLQGHXWHQ0lQQOLFKH+DXSWVFKOHUVXFKHQGLHVR]LDOH(LQJHEXQGHQ
KHLWYLHOOHLFKWYHUPHKUWLQGHU3HHUJURXS
=XVDPPHQIDVVXQJXQG'LVNXVVLRQ
.DSLWHOEH]RJHQH=XVDPPHQIDVVXQJHQ
=XVDPPHQIDVVXQJXQG'LVNXVVLRQ
.DSLWHOEH]RJHQH=XVDPPHQIDVVXQJHQ
=X.DSLWHO0RWLYDWLRQDOH3HUV|QOLFKNHLWVPHUNPDOHXQG.RQWUROOYDULDEOHQLP
-XJHQGDOWHU
(V JLEW XQWHUVFKLHGOLFKH 9HUODXIVNXUYHQ GHU /HLVWXQJVPRWLYDWLRQ LP -XJHQGDOWHU
IHVW]XVWHOOHQMHQDFK6FKXOW\SXQG*HVFKOHFKW
%HL GHQ ,QWHUNRUUHODWLRQHQ ]ZLVFKHQ PRWLYDWLRQDOHQ 3HUV|QOLFKNHLWVPHUNPDOHQ LP
-XJHQGDOWHUIlOOWIROJHQGHU%HIXQGDXI'LH/HLVWXQJVPRWLYDWLRQKlQJWPLWDOOHQDQ
GHUHQ9DULDEOHQVLJQLILNDQW]XVDPPHQ
'LH /HLVWXQJVSRVLWLRQ LQ GHU .ODVVH KDW HLQH UHOHYDQWH %HGHXWXQJ IU GLH 8QWHUVX
FKXQJGHU/HLVWXQJVPRWLYDWLRQ
'HU HLJHQH SHUVRQDOH (LQIOXVV LP 6LQQH GHV KDQGOXQJVWKHRUHWLVFKHQ 0RGHOOV ZLUG
EHU GDV 5DXFKHQ XQG GLH VFKXOLVFKH 1RUPYHUOHW]XQJ DXI GLH HLJHQH /HLVWXQJV
PRWLYDWLRQ DXVJHZLHVHQ DXFK ZHQQ *HVFKOHFKW 6FKXOIRUP XQG /HLVWXQJVSRVLWLRQ
NRQWUROOLHUWZHUGHQ
=X.DSLWHO0RWLYDWLRQDOH3HUV|QOLFKNHLWVPHUNPDOHXQG.RQWUROOYDULDEOHQLP
(UZDFKVHQHQDOWHU
=ZLVFKHQ0lQQHUQXQG)UDXHQXQG]ZLVFKHQ0lQQHUQYRQ+DXSWVFKXOHQXQGYRQ
*\PQDVLHQ JLEW HV ZHVHQWOLFKH 8QWHUVFKLHGH LQ GHU 0RWLYDWLRQ LP (UZDFKVHQHQDO
WHUYRUDOOHPLQGHUEHUXIOLFKHQ:HLWHUELOGXQJVPRWLYDWLRQ
'LH UHODWLYH /HLVWXQJVSRVLWLRQ PLW -DKUHQ LVW DXFK IU GLH EHUXIOLFKH :HLWHUELO
GXQJVPRWLYDWLRQGHV(UZDFKVHQHQDOWHUVUHOHYDQW(EHQVREHGHXWVDPLVWGHUK|FKVWH
EHUXIOLFKH$XVELOGXQJVDEVFKOXVV'LHVHEHLGHQ9DULDEOHQVLQGGHVKDOELP:HLWHUHQ
DOVNRQWUROOLHUHQGH9DULDEOHQYHUZHQGHWZRUGHQ
:lKUHQGEHLGHQHKHPDOLJHQPlQQOLFKHQ*\PQDVLDVWHQSUDNWLVFKNHLQH.RQWUROOYD
ULDEOHQ GLH EHUXIOLFKH 0RWLYDWLRQVZHUWH EHHLQIOXVVHQ VLQG HV EHL GHQ HKHPDOLJHQ
PlQQOLFKHQ +DXSWVFKOHUQ GLH VR]LDOH 6FKLFKW GLH UHODWLYH /HLVWXQJVSRVLWLRQ XQG
GHUEHUXIOLFKH$XVELOGXQJVDEVFKOXVVZHOFKHVLJQLILNDQWPLWGHU:HLWHUELOGXQJVPR
WLYDWLRQ]XVDPPHQKlQJHQ'LHVVSULFKWIUHLQHNRQWH[WVSH]LILVFKH/HLVWXQJVVR]LDOL
VDWLRQ
=X.DSLWHO=XUIDPLOLlUHQVR]LDOHQ(LQJHEXQGHQKHLWLP-XJHQGDOWHU
:lKUHQGHVEHLGHU/HLVWXQJVPRWLYDWLRQLP-XJHQGDOWHUHLQHQ$EZlUWVWUHQG
]XEHREDFKWHQJLEWYHUOlXIWGLH(OWHUQ.LQG%H]LHKXQJNXUYOLQHDUHVLVWDOVRZLH
GHUHLQ$XIZlUWVWUHQG]XEHREDFKWHQ'HU%H]LHKXQJVZHUWPLW-DKUHQVFKHLQWLQ
HWZDZLHGHUGHQ:HUWLP$OWHUYRQ-DKUHQDQ]XQHKPHQ(U]LHKXQJVVWLOXQG(O
WHUQ.LQG%H]LHKXQJVLQG]XGHPDEKlQJLJYRQGHU6FKXOIRUP-HK|KHUGHUVFKXOL
VFKH 6WDWXV GHVWREHVVHU GLH %H]LHKXQJ 6SHDUPDQ¶V 5KR S XQG GHVWR
ZHQLJHULQNRQVLVWHQWLVWGLH(U]LHKXQJ]XKDXVH6SHDUPDQ¶V5KRS
=XVDPPHQIDVVXQJXQG'LVNXVVLRQ
.DSLWHOEH]RJHQH=XVDPPHQIDVVXQJHQ
=X.DSLWHO6R]LDOH%H]LHKXQJHQXQGPRWLYDWLRQDOH3HUV|QOLFKNHLWVPHUNPDOH
LP-XJHQGDOWHU
=ZLVFKHQ IDPLOLlUHQ VR]LDOHQ XQG PRWLYDWLRQDOHQ 9DULDEOHQ VLQG WKHRULHNRQIRUPH
=XVDPPHQKlQJHIHVW]XVWHOOHQ'LH(OWHUQ.LQG%H]LHKXQJVYDULDEOHQZHLVHQK|FKV
WH :HUWH ]XU /HLVWXQJVPRWLYDWLRQ DXI 1HJDWLYH .RUUHODWLRQHQ VLQG EHL 5HLEHUHLHQ
LQNRQVLVWHQWHP (U]LHKXQJVVWLO XQG EHL GHU :DKO HLQHU DX‰HUIDPLOLlUHQ 9HUWUDXHQV
SHUVRQIHVW]XVWHOOHQ
'LH (OWHUQ.LQG%H]LHKXQJV9DULDEOHQ :RKOIKOHQ ]XKDXVH HLQH JXWH (OWHUQ
.LQG%H]LHKXQJXQGHLQNRQVLVWHQWHU(U]LHKXQJVVWLOEOHLEHQDXFKGDQQVLJQLILNDQW
]XU9DULDEOHQ/HLVWXQJVPRWLYDWLRQZHQQGHU6FKXOW\SGDV*HVFKOHFKWXQGGLHUHOD
WLYH/HLVWXQJVSRVLWLRQNRQWUROOLHUWZHUGHQ
=X.DSLWHO=XUDX‰HUIDPLOLlUHQVR]LDOHQ(LQJHEXQGHQKHLWLP-XJHQGDOWHU
:lKUHQGGLHÄ9HUWUDXHQ]XP/HKUHU³.XUYHlKQOLFKGHU.XUYHZLHEHLGHU(OWHUQ
.LQG%H]LHKXQJ YHUOlXIW LP $OWHU YRQ -DKUHQ ]HLJW VLFK ZLHGHU HLQ $XIZlUWV
WUHQG ]HLJW VLFK EHL GHU /HKUHU6FKOHU%H]LHKXQJ NHLQH VROFKH 7HQGHQ] -HGRFK
]HLJWVLFKYRUDOOHPHLQHVFKXOIRUPVSH]LILVFKH7HQGHQ]-XJHQGOLFKHGHV*\PQDVL
XPVIKOHQVLFKYRQLKUHQ/HKUHUQPHKUZHUWJHVFKlW]WW S
=X.DSLWHO$X‰HUIDPLOLlUHVR]LDOH%H]LHKXQJHQXQGPRWLYDWLRQDOH3HUV|QOLFK
NHLWVPHUNPDOHLP-XJHQGDOWHU
'LH PHLVWHQ DX‰HUIDPLOLlUHQ 9DULDEOHQ ]XU VR]LDOHQ (LQJHEXQGHQKHLW ZHLVHQ HLQHQ
VLJQLILNDQWHQ=XVDPPHQKDQJ]XGHQPRWLYDWLRQDOHQ9DULDEOHQDXI1XUZHQLJHHU
UHLFKHQ HLQHQ .RUUHODWLRQVZHUW YRQ U :RKOIKOHQ LQ GHU 6FKXOH /HKUHU
6FKOHU%H]LHKXQJXQG9HUWUDXHQ]XP/HKUHU
*HPl‰ GHU 3DUWLDONRUUHODWLRQ XQWHU .RQWUROOH GHU UHODWLYHQ /HLVWXQJVSRVLWLRQ *H
VFKOHFKWXQG6FKXOW\SHUZHLVHQVLFKIROJHQGH9DULDEOHQZLFKWLJIUGLH/HLVWXQJV
PRWLYDWLRQ:RKOIKOHQLQGHU6FKXOHXQG/HKUHU6FKOHU%H]LHKXQJ
=X.DSLWHO3DUWLDONRUUHODWLYH%HUHFKQXQJHQLP4XHUVFKQLWWXQGNXU]HQ/lQJV
VFKQLWWGHV-XJHQGDOWHUV
,P 4XHUVFKQLWW JLEW HV EHL DOOHQ YLHU *UXSSHQ PLQGHVWHQV HLQHQ VLJQLILNDQWHQ =X
VDPPHQKDQJ ]ZLVFKHQ HLQHU (OWHUQ.LQG%H]LHKXQJVVNDOD XQG GHU /HLVWXQJVPRWL
YDWLRQ PLW -DKUHQ XQDEKlQJLJ YRQ GHU /HLVWXQJ ,P NXU]HQ /lQJVVFKQLWW LVW HV
DXIIDOOHQGGDVVQXUQRFKEHLGHQHKHPDOLJHQ.QDEHQGHV*\PQDVLXPVGXUFKZHJV
KRFKVLJQLILNDQWH (IIHNWH VR]LDOHU (LQJHEXQGHQKHLW LP $OWHU YRQ -DKUHQ DXI GLH
/HLVWXQJVPRWLYDWLRQLP$OWHUYRQ-DKUHQIHVW]XVWHOOHQVLQG
,P 4XHUVFKQLWW LVW GLH %HGHXWXQJ GHU VR]LDOHQ (LQJHEXQGHQKHLW LQ GHU 6FKXOH
:RKOIKOHQ 9HUWUDXHQ XQG %H]LHKXQJ EHL DOOHQ YLHU *UXSSHQ QDFKZHLVEDU ,P
NXU]HQ =ZHL-DKUHV/lQJVVFKQLWW ]HLJHQ VLFK ZLHGHUXP QXU QRFK EHL GHQ PlQQOL
FKHQ*\PQDVLDVWHQVLJQLILNDQWH:HUWH:RKOIKOHQ/HKUHU6FKOHU%H]LHKXQJDXI
GLH/HLVWXQJVPRWLYDWLRQ
=XVDPPHQIDVVXQJXQG'LVNXVVLRQ
.DSLWHOEH]RJHQH=XVDPPHQIDVVXQJHQ
=X.DSLWHO5HJUHVVLRQVDQDO\WLVFKH%HUHFKQXQJHQ
,P 4XHUVFKQLWW N|QQHQ EHL DOOHQ YLHU *UXSSHQ 5HJUHVVLRQVPRGHOOH JHIXQGHQ ZHU
GHQZHOFKHGLH/HLVWXQJVPRWLYDWLRQVLJQLILNDQWDXINOlUHQN|QQHQREZRKOQLFKWDOOH
%HWDZHUWHVLJQLILNDQWVLQGEHLGHQPlQQOLFKHQ*\PQDVLDVWHQHUJLEWVLFKHLQ5 ,P NXU]HQ /lQJVVFKQLWW ]HLJW VLFK EHL GHQ PlQQOLFKHQ *\PQDVLDVWHQ GDV
NRQVLVWHQWHVWH 0RGHOO 'LH /HLVWXQJVPRWLYDWLRQ NDQQ GXUFK IDPLOLlUH XQG DX‰HUID
PLOLlUHVR]LDOH.RQWH[WH]XDXIJHNOlUWZHUGHQHVVLQGDEHUQLFKWDOOH%HWDZHU
WHVLJQLILNDQW
=X.DSLWHO6WUXNWXUJOHLFKXQJVPRGHOO%HUHFKQXQJHQ
0LW HLQHP 6WUXNWXUJOHLFKXQJVPRGHOO NDQQ XQWHU 9HUZHQGXQJ DOOHU 3UREDQGHQ JH
]HLJW ZHUGHQ GDVV HLQ PHVVIHKOHUEHUHLQLJWHU (IIHNW GHU (OWHUQ.LQG XQG /HKUHU
6FKOHU%H]LHKXQJDXIGLH/HLVWXQJVPRWLYDWLRQOlQJVVFKQLWWOLFKQDFKJHZLHVHQZHU
GHQ NDQQ $XINOlUXQJ GHU DEKlQJLJHQ 9DULDEOH /HLVWXQJVPRWLYDWLRQ PLW -DKUHQ'LHIDPLOLlUHQXQGVFKXOLVFKHQ%H]LHKXQJVHLQIOVVHVLQGHWZDJOHLFKJUR‰
,QGHQGLIIHUHQ]LHUWHQ%HUHFKQXQJHQ]HLJWVLFKGDVVMHQDFK6FKXOIRUPDXFKXQWHU
VFKLHGOLFK KRKH 5HJUHVVLRQVJHZLFKWH 3IDGH DXI GLH /HLVWXQJVPRWLYDWLRQ ZLUNHQ
GLH*HVDPWPRGHOOHZHUGHQDEHUQLFKWDQJHQRPPHQ%HVRQGHUVDXIIDOOHQGVLQGGLH
PlQQOLFKHQ +DXSWVFKOHU EHL ,KQHQ VSLHOW GLH :HUWVFKlW]XQJ XQG %H]LHKXQJ GHV
/HKUHUV HLQH YHUJOHLFKVZHLVH JU|‰HUH 5ROOH DOV EHL GHQ PlQQOLFKHQ *\PQDVLDVWHQ
'LH+\SRWKHVHQDFKHLQHU6FKXOIRUPXQGJHVFKOHFKWVVSH]LILVFKXQWHUVFKLHGOLFKDXV
JHSUlJWHQ 9HUXUVDFKXQJ GHU /HLVWXQJVPRWLYDWLRQ ZLUG DXIUHFKW HUKDOWHQ (LQ JOWL
JHV0RGHOOLVWTXHUDOVDXFKOlQJVVFKQLWWOLFKQXUEHLGHQPlQQOLFKHQ*\PQDVLDVWHQ
LGHQWLIL]LHUEDU
=X.DSLWHO.RUUHODWLYH%HUHFKQXQJHQ]XUhEHUVLFKW
(VLVWVRZRKONRUUHODWLYDOVDXFKSDUWLDONRUUHODWLYXQWHU.RQWUROOHGHU/HLVWXQJVSR
VLWLRQ HLQ VLJQLILNDQWHU =XVDPPHQKDQJ ]ZLVFKHQ GHU (OWHUQ.LQG%H]LHKXQJ XQG
GHQ GUHL PRWLYDWLRQDOHQ 3HUV|QOLFKNHLWVPHUNPDOHQ -DKUH VSlWHU QDFK]XZHLVHQ
0LW U S ]HLJW GLH .XU]VNDOD 9HUVWlQGQLV XQG 9RUELOGZLUNXQJ GHQ
JU|‰WHQ:HUWXQWHUGHQYHUVFKLHGHQHQ(OWHUQ.LQG%H]LHKXQJV6NDOHQ'DULQLVWGLH
9HUVWlQGQLV DOV DXFK GLH (UZDUWXQJVGLPHQVLRQ LP 6LQQH GHV DXWRULWDWLYHQ (U]LH
KXQJVVWLOVYRUKDQGHQ]%,WHP0HLQH(OWHUQQHKPHQ5FNVLFKWDXIPLFKXQGHU
ZDUWHQGDVJOHLFKHYRQPLU
:LHGHUXPDPK|FKVWHQVFKOlJWGLHVH(OWHUQ.LQG%H]LHKXQJVVNDODEHLGHQHKHPD
OLJHQ -XJHQGOLFKHQ GHV *\PQDVLXPV DXI GLH EHUXIOLFKH :HLWHUELOGXQJVPRWLYDWLRQ
DXV NRUUHODWLY XQGSDUWLDONRUUHODWLY ZlKUHQGEHL GHQ DQGHUHQ XQWHUVXFKWHQ *UXS
SHQZHQLJNODUH3URILOHIHVWJHVWHOOWZHUGHQN|QQHQ
=X.DSLWHO5HJUHVVLRQVDQDO\WLVFKH%HUHFKQXQJHQ3UlGLNWLRQPRWLYDWLRQDOHU
3HUV|QOLFKNHLWVPHUNPDOHLP(UZDFKVHQHQDOWHU
%HL GHQ PlQQOLFKHQ +DXSWVFKOHUQ NDQQ GLH EHUXIOLFKH :HLWHUELOGXQJVPRWLYDWLRQ
PLWWHOV GHQ 9DULDEOHQ %HJDEXQJVHLQVFKlW]XQJ XQG $QRQ\PLWlW LQ GHU 6FKXOH ]X
XQGQXUGXUFKHUVWHUH]XDXIJHNOlUWZHUGHQ%HLGHQPlQQOLFKHQ*\PQDVL
=XVDPPHQIDVVXQJXQG'LVNXVVLRQ
.DSLWHOEH]RJHQH=XVDPPHQIDVVXQJHQ
DVWHQ OlVVW VLFK GLH :HLWHUELOGXQJVPRWLYDWLRQ GXUFK GLH 4XDOLWlW GHU (OWHUQ.LQG
%H]LHKXQJXQGGXUFKGLHGHU9DWHU0XWWHU%H]LHKXQJ]XHUNOlUHQ
=X.DSLWHO6WUXNWXUJOHLFKXQJVPRGHOO%HUHFKQXQJHQ
,QVJHVDPWNDQQVRZRKOIUDOOH3UREDQGHQDOVDXFKQXUIUGLH*UXSSHGHUPlQQOL
FKHQ *\PQDVLDVWHQ NHLQ JOWLJHV 6WUXNWXUJOHLFKXQJVPRGHOO JHIXQGHQ ZHUGHQ GDV
GLH EHUXIOLFKH :HLWHUELOGXQJVPRWLYDWLRQ GXUFK GLH (OWHUQ.LQG XQG GLH /HKUHU
6FKOHU%H]LHKXQJ LP -XJHQGDOWHU VLJQLILNDQW DXINOlUHQ NDQQ (V ZLUG YHUPXWHW
GDVVGLH$XIQDKPHGHU/HLVWXQJVPRWLYDWLRQGHV-XJHQGDOWHUVDOVPRGHULHUHQGH9D
ULDEOHGDV0RGHOOYHUEHVVHUQNDQQ
=X.DSLWHO6WDELOLWlWLP=ZHL-DKUHV/lQJVVFKQLWWLP-XJHQGDOWHU
'LH6WDELOLWlW]ZLVFKHQGHU/HLVWXQJVPRWLYDWLRQPLW-DKUHQXQGGHUPLW-DKUHQ
LVWEHUDOOH3UREDQGHQKLQZHJU S(VILQGHQVLFKEHLGHQ*\PQDVLDVWHQ
ZHVHQWOLFK K|KHUH 6WDELOLWlWHQ DOV EHL GHQ -XJHQGOLFKHQ GHU +DXSWVFKXOH :HLO GHU
)RNXVDXIGHQ0lQQHUQOLHJWVLQGGLHVHDXVJHZLHVHQ'LH/HLVWXQJVPRWLYDWLRQVVWD
ELOLWlWGHUPlQQOLFKHQ*\PQDVLDVWHQEHWUlJWSE]ZSEHLVWD
WLVWLVFKHU.RQWUROOHGHU/HLVWXQJVSRVLWLRQ
=X.DSLWHO6WDELOLWlWLP-DKUHV/lQJVVFKQLWW%/0XQG%:0
6RZRKO GLH /HLVWXQJVPRWLYDWLRQ PLW XQG PLW -DKUHQ ]HLJHQ XQWHU .RQWUROOH
GHU /HLVWXQJVSRVLWLRQ XQG GHV K|FKVWHQ EHUXIOLFKHQ $XVELOGXQJVDEVFKOXVVHV HLQHQ
=XVDPPHQKDQJYRQ]XUEHUXIOLFKHQ:HLWHUELOGXQJVPRWLYDWLRQ± EHUDOOH3UR
EDQGHQEHUHFKQHW(LQHQQRFKK|KHUHQ:HUW]HLJWVLFKLQGHU.RUUHODWLRQ]ZLVFKHQ
GHU/HLVWXQJVPRWLYDWLRQPLW-DKUHQXQGGHUEHUXIOLFKHQ/HLVWXQJVPRWLYDWLRQPLW
-DKUHQXQGGHUVFKXOLVFKHQ/HLVWXQJVDQJVWXQGGHUEHUXIOLFKHQ6HOEVWZLUN
VDPNHLW-DKUHVSlWHU,QWHUHVVDQWLVWDXFKGDVVGDV,QWHUHVVHGHV.LQGHVLQ
GHU:DKUQHKPXQJGHU(OWHUQNHLQHQOlQJVVFKQLWWOLFKHQ(IIHNWDXIZHLVW
:lKUHQG DOVR EHL GHU JHVDPWHQ 6WLFKSUREH ]ZLVFKHQ /HLVWXQJVPRWLYDWLRQ PLW E]Z PLW -DKUHQ XQG GHU EHUXIOLFKHQ :HLWHUELOGXQJVPRWLYDWLRQ %:0 PLW -DKUHQVLJQLILNDQWH6WDELOLWlWHQYRQMHU IHVWJHVWHOOWZHUGHQN|QQHQIDOOHQGLHVH
6WDELOLWlWHQEHLGHQPlQQOLFKHQHKHPDOLJHQ*\PQDVLDVWHQPLWE]ZDXVDOVR
LQVJHVDPW ]ZHLPDO JU|‰HU GLH .RQWUROOYDULDEOHQ UHODWLYH /HLVWXQJVSRVLWLRQ XQG
K|FKVWHU EHUXIOLFKHU $XVELOGXQJVDEVFKOXVV ZXUGHQ ZLHGHUXP DXVSDUWLDOLVLHUW %HL
LKQHQ JLEW HV DP PHLVWHQ .RQVLVWHQ] 6RPLWEOHLEW GLH GXUFK VR]LDOH (LQJHEXQGHQ
KHLWYHUXUVDFKWH/HLVWXQJVPRWLYDWLRQELVLQV(UZDFKVHQHQDOWHULQ)RUPGHU:HLWHU
ELOGXQJVPRWLYDWLRQ QDFKZHLVEDU %HL PlQQOLFKHQ +DXSWVFKOHUQ GDJHJHQ JLEW HV
NHLQHGLHVEH]JOLFKHVLJQLILNDQWH6WDELOLWlW
%HLGHQHKHPDOLJHQPlQQOLFKHQ*\PQDVLDVWHQNDQQGLH:HLWHUELOGXQJVEHUHLWVFKDIW
LQHLQHU5HJUHVVLRQVDQDO\VH]XGXUFKGLH/HLVWXQJVPRWLYDWLRQXQGGLH9DULDEOH
Ä(OWHUQ.LQG.RQVHQV EH]JOLFK ÃZLH EHQHKPHQ¶³ LP $OWHU YRQ -DKUHQ DXIJH
NOlUWZHUGHQ
=XVDPPHQIDVVXQJXQG'LVNXVVLRQ
.DSLWHOEH]RJHQH=XVDPPHQIDVVXQJHQ
'DV6WUXNWXUJOHLFKXQJVPRGHOOLQGHPGLH/HLVWXQJVPRWLYDWLRQPLW-DKUHQGLHEH
UXIOLFKH:HLWHUELOGXQJVPRWLYDWLRQPLW-DKUHQYRUKHUVDJWLVWEHLGHQHKHPDOLJHQ
PlQQOLFKHQ*\PQDVLDVWHQVLJQLILNDQW'DVVHOEH0RGHOOLVWEHUGLHJHVDPWH6WLFK
SUREHEHUHFKQHWXQJOWLJ$XFKGLHVHLQ%HOHJGDVVGLH PlQQOLFKHQ *\PQDVLDVWHQ
HLQH EHVRQGHUH 6WDELOLWlW ]HLJHQ XQG LQVRIHUQ YRQ HLQHU VFKXOIRUPVSH]LILVFKHQ 6R
]LDOLVDWLRQJHVSURFKHQZHUGHQNDQQ
=X.DSLWHO=XUhEHUVLFKW0LWWHOZHUWVYHUJOHLFKHXQG.RUUHODWLRQVEHUHFKQXQ
JHQ
0lQQOLFKH+DXSWVFKOHUVFKlW]HQJHJHQEHUGHQPlQQOLFKHQ*\PQDVLDVWHQGLHVR
]LDOH (LQJHEXQGHQKHLW LP (OWHUQKDXV XQG LP 6FKXOKDXV XQG GLH %HJDEXQJVZDKU
QHKPXQJYRQ6HLWHQGHU(OWHUQVLJQLILNDQWWLHIHUHLQXQGOHJHQHLQVLJQLILNDQWDXVJH
SUlJWHUHV VFKXOLVFKHV 1RUPYHUOHW]XQJVYHUKDOWHQ DQ GHQ 7DJ %HVRQGHUV EHL GLHVHQ
-XQJHQ ]HLJW VLFK HLQ HUVWDXQOLFKHU %HIXQG 'HU TXHUVFKQLWWOLFKH =XVDPPHQKDQJ
]ZLVFKHQGHU/HKUHU6FKOHU%H]LHKXQJXQGGHUUHODWLYHQ/HLVWXQJVSRVLWLRQGHU-X
JHQGOLFKHQ LQQHUKDOE GHU .ODVVH LVW PLW U ZHVHQWOLFK K|KHU DOV GHU 3DUWLDO
=XVDPPHQKDQJ/HLVWXQJNRQWUROOLHUW]ZLVFKHQGHU/HKUHU6FKOHU%H]LHKXQJXQG
GHU/HLVWXQJVPRWLYDWLRQPLWU :HQQ HLQH HU]LHKHULVFKH )XQNWLRQ LP 6LQQH GHU 6R]LDOLVDWLRQ EHUKDXSW DXVJHEW
ZHUGHQVROOLVWHVDQJH]HLJWGLH$QELQGXQJGHU%H]LHKXQJ:HUWVFKlW]XQJXQG$Q
HUNHQQXQJ YRU DOOHP DXI GLH /HLVWXQJVEHUHLWVFKDIW XQG PRWLYDWLRQ GHV -XJHQGOL
FKHQDEHUQLFKW DXIGHVVHQHLJHQWOLFKH/HLVWXQJ]XEH]LHKHQ,P9HUJOHLFK]XGHQ
PlQQOLFKHQ *\PQDVLDVWHQ ]HLJW VLFK GLHV EHL GHQ PlQQOLFKHQ +DXSWVFKOHUQ SURE
OHPDWLVFK 3lGDJRJLVFK JHVHKHQ VROOWHQ GLH .RUUHODWLRQVZHUWH /HKUHU6FKOHU
%H]LHKXQJ ]X /HLVWXQJVSRVLWLRQ XQG /HKUHU6FKOHU%H]LHKXQJ ]X /HLVWXQJV
PRWLYDWLRQHLJHQWOLFKJHUDGHXPJHNHKUWDXVIDOOHQ
)UHLQHOlQJHUIULVWLJVWDELOH/HLVWXQJVEHUHLWVFKDIWLP6LQQHHLQHUHUIROJUHLFKHQ6R
]LDOLVDWLRQ VROOWHQ /HKUHU YRU DOOHP GLH $UEHLWVKDOWXQJ GHU 6FKOHU ZHUWVFKlW]HQG
YHUVWlUNHQVWDWWYRUVFKQHOODXILKUH/HLVWXQJVSRVLWLRQLQVHOHNWLRQLHUHQGHU:HLVH]X
IRNXVVLHUHQXQGLKUH%H]LHKXQJGDQDFKDXV]XULFKWHQ8QWHUGHU6'73HUVSHNWLYHLVW
GLH/HKUHU6FKOHU%H]LHKXQJHLQHZHVHQWOLFKH.RPSRQHQWHIUGLH)|UGHUXQJGHU
/HUQXQG/HLVWXQJVPRWLYDWLRQXQGVLHVROOWHP|JOLFKVWXQDEKlQJLJYRQGHUHIIHNWL
YHQ /HLVWXQJVHUEULQJXQJ VHLQ GDPLW VRZRKO JXWH DOV DXFK VFKZlFKHUH 6FKOHU GD
YRQSURILWLHUHQN|QQHQ+LHUDXVNDQQHLQHHLJHQWOLFKH%H]LHKXQJVGLGDNWLNJHIROJHUW
ZHUGHQYJO0LOOHU
.RUUHODWLYHOlQJVVFKQLWWOLFKH%HUHFKQXQJHQ]HLJHQLQGHUhEHUVLFKWGDVVGLHEHUXI
OLFKH0RWLYDWLRQYRQHKHPDOLJHQPlQQOLFKHQ+DXSWVFKOHUQYRUDOOHPPLWVFKLFKW
EH]RJHQHQXQGEHJDEXQJVUHOHYDQWHQ9DULDEOHQGHU-XJHQG]HLW]XVDPPHQKlQJHQ
=X.DSLWHO5HJUHVVLRQVDQDO\WLVFKH%HUHFKQXQJHQ
'LHEHUXIOLFKH:HLWHUELOGXQJVPRWLYDWLRQGHUPlQQOLFKHQ*\PQDVLDVWHQOlVVWVLFK]X
GXUFKLKUH(OWHUQ.LQG%H]LHKXQJXQGHWZD]XGXUFKLKUH/HLVWXQJVPRWLYD
=XVDPPHQIDVVXQJXQG'LVNXVVLRQ
.DSLWHOEH]RJHQH=XVDPPHQIDVVXQJHQ
WLRQ PLW-DKUHQHUNOlUHQLP*HJHQVDW]]XUJHVDPWHQ6WLFKSUREHEHLGHUHVQXU
JHUDGHE]ZVLQGLP6FKQLWWDOVRGUHLPDOZHQLJHU
=X.DSLWHO9DULDQ]DQDO\WLVFKH%HUHFKQXQJHQ
%HL GHQ HKHPDOLJHQ PlQQOLFKHQ *\PQDVLDVWHQ ZLUG PLWWHOV HLQHU GUHLIDNWRULHOOHQ
9DULDQ]DQDO\VH QDFKJHZLHVHQ GDVV VRZRKO GLH %H]LHKXQJ ]X GHQ (OWHUQ DOV DXFK
MHQH]XP/HKUHU]XVDPPHQPLWGHU/HLVWXQJVPRWLYDWLRQLP$OWHUYRQ-DKUHQHL
QHQ,QWHUDNWLRQVHIIHNWDXIGLHVSlWHUHEHUXIOLFKH:HLWHUELOGXQJVPRWLYDWLRQDXVEHQ
=XGHPZLUGHLQGUHLIDFKHU,QWHUDNWLRQVHIIHNWYRQEHLGHQ%H]LHKXQJHQXQGGHU/HLV
WXQJVPRWLYDWLRQ PLW DXI GLH EHUXIOLFKH :HLWHUELOGXQJVPRWLYDWLRQ DXVJHZLHVHQ
GLH *HVDPWPRGHOODXINOlUXQJ EHWUlJW 'DV )D]LW ODXWHW /HLVWXQJVVR]LDOLVDWLRQ
LP -XJHQGDOWHU HUIROJW EHU JXWH %H]LHKXQJHQ 'LHVH VR HQWVWDQGHQH /HLVWXQJVKDO
WXQJZLUNWVLFKVWDELOLVLHUHQGDXIGLHEHUXIOLFKH:HLWHUELOGXQJVPRWLYDWLRQDXV'HU
IDPLOLlUHXQGGHUVFKXOLVFKH.RQWH[WN|QQHQDOVRPLWGHUYRP-XJHQGOLFKHQJH]HLJ
WHQ /HLVWXQJVPRWLYDWLRQ LP $OWHU YRQ -DKUHQ ]XVDPPHQ HLQH SRVLWLYH :LUNXQJ
DXI GLH 0RWLYDWLRQ LP $OWHU YRQ -DKUHQ DXVEHQ 'LHVH GUHL (OHPHQWH ZLUNHQ
PLWHLQDQGHUYHUVWlUNHQG
=X.DSLWHO6WUXNWXUJOHLFKXQJVPRGHOO%HUHFKQXQJHQ
0LWWHOV6WUXNWXUJOHLFKXQJVPRGHOOHQNDQQJH]HLJWZHUGHQGDVVGLH%H]LHKXQJHQ]X
(OWHUQ XQG /HKUHUQ EHL GHQ PlQQOLFKHQ *\PQDVLDVWHQ IU GLH /HLVWXQJVPRWLYDWLRQ
TXHUVFKQLWWOLFKDOVDXFKIUGLHEHUXIOLFKH:HLWHUELOGXQJVPRWLYDWLRQOlQJVVFKQLWWOLFK
DOVYHUXUVDFKHQG]XLQWHUSUHWLHUHQVLQGGHUHUNOlUWH9DULDQ]DQWHLOEHWUlJW'LH
(OWHUQ.LQG%H]LHKXQJ ZLUNW VRJDU VLJQLILNDQW GLUHNW DXI GLH EHUXIOLFKH :HLWHUELO
GXQJVPRWLYDWLRQ LP *HJHQVDW] ]XU /HKUHU6FKOHU%H]LHKXQJ GLH EHL GHU /HLV
WXQJVPRWLYDWLRQVVR]LDOLVDWLRQ YRU DOOHP LP -XJHQGDOWHU LKUH :LFKWLJNHLW KDW ZlK
UHQGVLHQLFKWPHKUGLUHNWDXIGLH0RWLYDWLRQLP(UZDFKVHQHQDOWHUZLUNW
%HLGHQPlQQOLFKHQ+DXSWVFKOHUQGUIWHIUGLH%HVWLPPXQJGHUEHUXIOLFKHQ:HL
WHUELOGXQJVPRWLYDWLRQ GLH VR]LDOH 6FKLFKW LKUHU (OWHUQ LKU QRUPDEZHLFKHQGHV 9HU
KDOWHQLKUH/HLVWXQJVPRWLYDWLRQXQGGLH4XDOLWlWGHU%H]LHKXQJYRUDOOHP]XP/HK
UHU EHVWLPPHQG VHLQ (UVWDXQOLFK LVW GDVV VRZRKO GLH (OWHUQ.LQG%H]LHKXQJ DOV
DXFKGLH/HKUHU6FKOHU%H]LHKXQJNHLQHGLUHNWHQVLJQLILNDQWHQ:LUNXQJHQDXIGLH
EHUXIOLFKH:HLWHUELOGXQJVPRWLYDWLRQDXVEHQZLHGDVEHLGHQPlQQOLFKHQ*\PQD
VLDVWHQ GHU )DOO LVW 'DIU NRUUHOLHUW DEHU OHW]WHUH PLW GHU VFKXOLVFKHQ 1RUPYHUOHW
]XQJGHV-XJHQGOLFKHQXQGGHUUHODWLYHQ/HLVWXQJVSRVLWLRQ-HPHKUGHU-XJHQGOLFKH
QHJDWLYH 9HUKDOWHQVZHLVHQ ]HLJW GHVWR ZHQLJHU JXW LVW GLH %H]LHKXQJ ]XP /HKUHU
'LH JXWH %H]LHKXQJ ]XP /HKUHU ZLUNW LQ GLUHNWHU :HLVH I|UGHUOLFK DXI GLH /HLV
WXQJVPRWLYDWLRQ (V LVW ZDKUVFKHLQOLFK GLH DXWRQRPH (QWVFKHLGXQJ GHV -XJHQGOL
FKHQJHJHQ6FKXOQRUPHQ]XYHUVWR‰HQXQGVRDOV.RQVHTXHQ]ZHQLJHUJXWH%H]LH
KXQJHQ ]X GHQ /HKUHUQ ]X KDEHQ 'XUFK GLHVH JHPDFKWH -XJHQGHUIDKUXQJ NRPPW
GHUMXQJH(UZDFKVHQHDEHU P|JOLFKHUZHLVH ]X HLQHU (LQVLFKW -H PHKU GHU6FKOHU
PLW-DKUHQVFKXOLVFKH1RUPHQYHUOHW]WGHVWRJU|‰HULVWVHLQH:HLWHUELOGXQJVPR
WLYDWLRQ LP $OWHU YRQ -DKUHQ HUZlKQWH SDUDGR[H (IIHNW 'DV 9RU]HLFKHQ KDW
=XVDPPHQIDVVXQJXQG'LVNXVVLRQ
,QWHUSUHWDWLRQXQG'LVNXVVLRQ
JHZHFKVHOW (V NDQQ DOVR GDYRQ DXVJHJDQJHQ ZHUGHQ GDVV HKHPDOLJH 6FKOHU GHU
+DXSWVFKXOH ZHOFKH LP $OWHU YRQ -DKUHQ VFKXOLVFKH 1RUPHQ YHUOHW]WHQ GXUFK
GLHVH (UIDKUXQJ ÄNOJHU³ JHZRUGHQ VLQG XQG LKU /HLVWXQJVYHUKDOWHQ LP (UZDFKVH
QHQDOWHUNRPSOHWWlQGHUQE]ZÄHWZDVQDFKKROHQ³
'LHVHU DXI GHQ HUVWHQ %OLFN SDUDGR[H (IIHNW lQGHUW GLH 6WDELOLWlW ]ZLVFKHQ /HLV
WXQJVPRWLYDWLRQ PLW -DKUHQ XQG EHUXIOLFKHU :HLWHUELOGXQJVPRWLYDWLRQ LQVRIHUQ
DOVVLFKGLHVHQXQPLWHLQHPVLJQLILNDQWHQ%HWDJHZLFKWYRQ]HLJWXQGHWZDlKQ
OLFKJUR‰ZLHEHLGHQPlQQOLFKHQ*\PQDVLDVWHQLVW:LUKDEHQDOVRGUHL:LUNXQJV
PHFKDQLVPHQ HLQH GXUFK VR]LDOH (LQJHEXQGHQKHLW XQG 1RUPYHUKDOWHQ YHUXUVDFKWH
/HLVWXQJVPRWLYDWLRQLP-XJHQGDOWHUZHOFKHHLQH6WDELOLWlWELVLQV(UZDFKVHQHQDOWHU
DXVO|VW HLQ QRUPDEZHLFKHQGHV 9HUKDOWHQ LP -XJHQGDOWHU ZHOFKHV VSlWHU GXUFK HL
QHQ(LQVLFKWVSUR]HVV]XKDQGHQHLQHUJU|‰HUHQ:HLWHUELOGXQJVPRWLYDWLRQZLUNWXQG
GLH=XJHK|ULJNHLW]XHLQHUVR]LDOHQ6FKLFKWXQG]XHLQHU/HLVWXQJVJUXSSHLQQHUKDOE
GHU .ODVVH ZHOFKH HEHQIDOOV DOV 0RWRU GHU EHUXIOLFKHQ :HLWHUELOGXQJVPRWLYDWLRQ
ZLUNW
'LHVHUNRPSOH[H%HIXQGLQHLQHP0RGHOOGDVPLWHLQHUNOHLQHQ$Q]DKO3UREDQGHQ
Q EHUHFKQHWZXUGHXQGLQGHPGLH)LWPD‰H]XIULHGHQVWHOOHQGDEHUQLFKWRS
WLPDODXVIDOOHQNDQQQXUDOV7KHVHIRUPXOLHUWZHUGHQ]XPDOLP7KHRULHNDSLWHONHL
QHGLHVEH]JOLFKHQNRPSOH[HQ(UNHQQWQLVVHDXIJH]HLJWZXUGHQ9LHOHVVSULFKWDEHU
GDIU GLH ,QWHUSUHWDWLRQ DXIUHFKW ]X HUKDOWHQ *XWH %H]LHKXQJHQ I|UGHUQ LP 4XHU
VFKQLWW QRUPEH]RJHQHV 9HUKDOWHQ XQG QRUPDEZHLFKHQGHV 9HUKDOWHQ ORKQW VLFK DXI
'DXHUQLFKWZDV-XJHQGOLFKHLQGHU%HUXIVZHOWZDKUVFKHLQOLFKJHOHUQWXQGYHUVWDQ
GHQKDEHQ
=X.DSLWHO=XVDPPHQIDVVXQJ
'LH XQWHUVFKLHGOLFKH 6R]LDOLVDWLRQ GHU HKHPDOLJHQ PlQQOLFKHQ +DXSWVFKOHU XQG
PlQQOLFKHQ*\PQDVLDVWHQ]HLJWVLFKDXFKLQGHQ=XVDPPHQKlQJHQEHUGLHDOOJH
PHLQH=XIULHGHQKHLWHQ EHU ZHVHQWOLFKH /HEHQVEHUHLFKH 'LH VR]LDOH (LQJHEXQGHQ
KHLW NRUUHOLHUW EHL HKHPDOLJHQ PlQQOLFKHQ *\PQDVLDVWHQ K|KHU DOV EHL PlQQOLFKHQ
+DXSWVFKOHUQPLWGHQ-XJHQG]HLW$UEHLWVVWHOOH%HUXIVXQG/HEHQV]XIULHGHQKHL
WHQ(EHQVRLVWHVEHLGHQ=XVDPPHQKlQJHQ]ZLVFKHQGHQEHUXIOLFKHQ0RWLYDWLRQV
ZHUWHQXQGGHQ$UEHLWV%HUXIVXQG/HEHQV]XIULHGHQKHLWHQ
,QWHUSUHWDWLRQXQG'LVNXVVLRQ
1DFKGHPGLH(UJHEQLVVH]XVDPPHQJHIDVVWVLQGVROOLQGLHVHP.DSLWHOQXQGLH,Q
WHUSUHWDWLRQ GHU HUKDOWHQHQ (UJHEQLVVH YROO]RJHQ ZHUGHQ 6LH RULHQWLHUW VLFK DQ GHQ
]XYRUDXIJHVWHOOWHQ+\SRWKHVHQV.DSXQGVWUXNWXULHUWVLFKLQYLHU7KHPHQEH
UHLFKH
0RWLYDWLRQDOH3HUV|QOLFKNHLWVPHUNPDOHXQG.RQWUROOYDULDEOHQ
6R]LDOH(LQJHEXQGHQKHLWXQGPRWLYDWLRQDOH3HUV|QOLFKNHLWVPHUNPDOHLP-XJHQG
DOWHU
=XVDPPHQIDVVXQJXQG'LVNXVVLRQ
,QWHUSUHWDWLRQXQG'LVNXVVLRQ
6R]LDOH(LQJHEXQGHQKHLWLP-XJHQGDOWHUXQGPRWLYDWLRQDOH3HUV|QOLFKNHLWVPHUN
PDOHLP(UZDFKVHQDOWHU
=XU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJ6WDELOLWlWXQGGLIIHUHQWLHOOH6R]LDOLVDWLRQV
EHGLQJXQJHQ
$0RWLYDWLRQDOH3HUV|QOLFKNHLWVPHUNPDOHXQG.RQWUROOYDULDEOHQ
'LHHUVWH+\SRWKHVHODXWHWH
+=ZLVFKHQ.RQWUROOYDULDEOHQXQGGHQPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHQ
JLEW HV VLJQLILNDQWH =XVDPPHQKlQJH VRZRKO LP -XJHQGDOWHU DOV DXFK LP (U
ZDFKVHQHQDOWHUXQGHEHQVRLQGLIIHUHQWLHOOHU+LQVLFKWV.DSE]Z
*HPl‰GHQ(UJHEQLVVHQEOHLEWGLHDOOJHPHLQ IRUPXOLHUWH+\SRWKHVHDXIUHFKWHU
KDOWHQ(VN|QQHQIROJHQGH7HLOK\SRWKHVHQEHVWlWLJWZHUGHQ
+ ,P-XJHQGDOWHU,PIUKHQ-XJHQGDOWHUVRUJWGLHUHODWLYH/HLVWXQJVSRVLWLRQLQ
GHU .ODVVH LQQHUKDOE GHU .RQWUROOYDULDEOHQ IU DXIIDOOHQGH VLJQLILNDQWH (I
IHNWHDXIGLH/HLVWXQJVPRWLYDWLRQLP-XJHQGDOWHU
+ ,P (UZDFKVHQHQDOWHU 'LH EHUXIOLFKH :HLWHUELOGXQJVPRWLYDWLRQ LVW DP
VWlUNVWHQ DEKlQJLJ YRQ GHQ .RQWUROOYDULDEOHQ 6RZRKO GLH 6FKXOIRUP GLH
UHODWLYH /HLVWXQJVSRVLWLRQ DOV DXFK GHU VFKXOLVFKH XQG EHUXIOLFKH $XVELO
GXQJVDEVFKOXVVEHVWLPPHQGLH+|KHGHUEHUXIOLFKHQ:HLWHUELOGXQJVPRWLYD
WLRQLP(UZDFKVHQHQDOWHU
+ ,Q GLIIHUHQWLHOOHU +LQVLFKW 'LH .RQWUROOYDULDEOHQ VLQG YD EHL GHQ PlQQOL
FKHQ+DXSWVFKOHUQVHKUEHGHXWVDP
%6R]LDOH (LQJHEXQGHQKHLW XQG PRWLYDWLRQDOH 3HUV|QOLFKNHLWVPHUNPDOH LP
-XJHQGDOWHU
$QGLHVHU6WHOOHNDQQDXIGLHHUVWH]ZHLWHXQGGULWWH)UDJHVWHOOXQJV.DSJH
DQWZRUWHWZHUGHQ6LHZHUGHQGXUFKGLH+\SRWKHVH++XQG+XQGGXUFKLKUH
8QWHUK\SRWKHVHQ++XVZEHDQWZRUWHW
+ 'LHVR]LDOH(LQJHEXQGHQKHLWLQGHU)DPLOLHZLUNWVLFKSRVLWLYDXIGLHPRWLYDWL
RQDOHQ3HUV|QOLFKNHLWVPHUNPDOHXQGLQVEHVRQGHUHDXIGLH/HLVWXQJVPRWLYDWLRQ
LP-XJHQGDOWHUDXVVRZRKOTXHUVFKQLWWOLFKDOVDXFKOlQJVVFKQLWWOLFK(VLVWGLH
(OWHUQ.LQG%H]LHKXQJ GLH LQQHUKDOE GHU IDPLOLlUHQ 9DULDEOHQ GHU VR]LDOHQ
(LQJHEXQGHQKHLW IU K|FKVWH =XVDPPHQKlQJH ]XU /HLVWXQJVPRWLYDWLRQ VRUJW
V.DSE]Z
+ 'HU HUVWH 7HLO GHU +\SRWKHVH ZLUG NODU EHVWlWLJW (LQH (OWHUQ.LQG
%H]LHKXQJZLUNWVLFKSRVLWLYDXIGLHPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPD
OHXQGLQVEHVRQGHUHDXIGLH/HLVWXQJVPRWLYDWLRQLP-XJHQGDOWHUDXVVRZRKO
TXHUVFKQLWWOLFK DOV DXFK OlQJVVFKQLWWOLFK 8QDEKlQJLJ YRP *HVFKOHFKW
6FKXOW\S XQG GHU /HLVWXQJVSRVLWLRQ EHVWHKW HLQH SRVLWLYHU =XVDPPHQKDQJ
]ZLVFKHQ (OWHUQ.LQG%H]LHKXQJ XQG /HLVWXQJVPRWLYDWLRQ YRQ U TXHUVFKQLWWOLFKXQGYRQU OlQJVVFKQLWWOLFK
=XVDPPHQIDVVXQJXQG'LVNXVVLRQ
,QWHUSUHWDWLRQXQG'LVNXVVLRQ
+ 8QDEKlQJLJYRP*HVFKOHFKW6FKXOW\SXQGGHU/HLVWXQJVSRVLWLRQLVWHVGLH
(OWHUQ.LQG%H]LHKXQJE]ZGHU(U]LHKXQJVVWLOZHOFKHLQQHUKDOEGHU9DUL
DEOHQ GHU VR]LDOHQ (LQJHEXQGHQKHLW IU K|FKVWH =XVDPPHQKlQJH ]XU /HLV
WXQJVPRWLYDWLRQ XQG DQGHUHQ PRWLYDWLRQDOHQ 3HUV|QOLFKNHLWVPHUNPDOHQ
VRUJW'DV:RKOIKOHQ]XKDXVHXQGGDV9HUWUDXHQVYHUKlOWQLVGUIHQLQGLH
VHP 6LQQH HEHQIDOOV DOV 5HSUlVHQWDQWHQ YRQ VR]LDOHU (LQJHEXQGHQKHLW EH
]HLFKQHWZHUGHQ
+ 'LHDX‰HUIDPLOLlUHVR]LDOH(LQJHEXQGHQKHLW/HKUHU6FKOHU%H]LHKXQJ,QWHJ
UDWLRQLQ.ODVVH«ZLUNWVLFKSRVLWLYDXIGLHPRWLYDWLRQDOHQ3HUV|QOLFKNHLWV
PHUNPDOH XQG LQVEHVRQGHUH DXI GLH /HLVWXQJVPRWLYDWLRQ LP -XJHQGDOWHU DXV
VRZRKO TXHUVFKQLWWOLFK DOV DXFK OlQJVVFKQLWWOLFK (V LVW GLH /HKUHU6FKOHU
%H]LHKXQJGLHLQQHUKDOEGHUDX‰HUIDPLOLlUHQ9DULDEOHQGHUVR]LDOHQ(LQJHEXQ
GHQKHLWIUK|FKVWH=XVDPPHQKlQJH]XU/HLVWXQJVPRWLYDWLRQVRUJWV.DS
E]Z
+ $XFK KLHU NDQQ ZLHGHUXP GHU HUVWH 7HLO GHU +\SRWKHVH EHVWlWLJW ZHUGHQ
(V EHVWHKW HLQ SRVLWLYHU =XVDPPHQKDQJ ]ZLVFKHQ /HKUHU6FKOHU%H
]LHKXQJXQG/HLVWXQJVPRWLYDWLRQYRQU TXHUVFKQLWWOLFKXQGYRQU OlQJVVFKQLWWOLFK XQDEKlQJLJ YRP *HVFKOHFKW 6FKXOW\S XQG GHU /HLV
WXQJVSRVLWLRQ VLQG GLH :HUWH QRFK U XQG U DXI VLJQLILNDQWHP1L
YHDX
+ (V LVW GLH /HKUHU6FKOHU%H]LHKXQJ GLH IU KRKH =XVDPPHQKlQJH ]ZL
VFKHQVR]LDOHU(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQVRUJW'DV(LQ]HOL
WHPÄ:RKOIKOHQLQGHU6FKXOH³LVWDEHULQVHLQHU%HGHXWXQJQRFKHQWVFKHL
GHQGHU0LWU TXHUVFKQLWWOLFKXQGU OlQJVVFKQLWWOLFKVWHKWHVLQ
QHUKDOE GHU DX‰HUIDPLOLlU GHILQLHUWHQ 9DULDEOHQ GHU VR]LDOHQ (LQJHEXQGHQ
KHLWDQHUVWHU6WHOOHIUGLH)|UGHUXQJGHU/HLVWXQJVPRWLYDWLRQ
+ (V JLEW GLIIHUHQWLHOOH :LUNXQJV]XVDPPHQKlQJH ]ZLVFKHQ GHU IDPLOLlUHQ XQG
DX‰HUIDPLOLlUHQVR]LDOHQ(LQJHEXQGHQKHLWXQGGHU/HLVWXQJVPRWLYDWLRQLPIU
KHQ-XJHQGDOWHU]XYHU]HLFKQHQ%HLGHQPlQQOLFKHQ*\PQDVLDVWHQVLQGGLH(I
IHNWHDPJU|‰WHQV.DSE]Z
+ ,P*HJHQVDW]]XGHQPlQQOLFKHQ*\PQDVLDVWHQJLEWHVEHLGHQPlQQOLFKHQ
+DXSWVFKOHUQXQWHUGHQ9DULDEOHQGHUIDPLOLlUHQVR]LDOHQ(LQJHEXQGHQ
KHLWQXUHLQHGLHNQDSSVLJQLILNDQWDXIGHP1LYHDXDXI/HLVWXQJVPRWL
YDWLRQOlQJVVFKQLWWOLFKGXUFKVFKOlJW%HLGHQDX‰HUIDPLOLlUHQ9DULDEOHQ
GHUVR]LDOHQ(LQJHEXQGHQKHLWVLQGHVOHGLJOLFK]ZHL
+ 6RZRKO HLQH SRVLWLYH (OWHUQ.LQG%H]LHKXQJ HLQH JXWH /HKUHU6FKOHU
%H]LHKXQJ DOV DXFK GDV :RKOIKOHQ ]XKDXVH XQG LQ GHU 6FKXOH LVW VSH]LHOO
EHLGHQPlQQOLFKHQ*\PQDVLDVWHQIUHLQHKRKH/HLVWXQJVPRWLYDWLRQLP-X
JHQGDOWHU YHUDQWZRUWOLFK 'LH OlQJVVFKQLWWOLFKHQ .RUUHODWLRQHQ VLQG LP *H
JHQVDW] ]X MHQHQ YRQ -XJHQGOLFKHQ GHU +DXSWVFKXOH XQG YRQ ZHLEOLFKHQ
*\PQDVLDVWHQ VLJQLILNDQW ,Q HLQHU PXOWLSOHQ 5HJUHVVLRQVDQDO\VH N|QQHQ
LQVJHVDPW GHU /HLVWXQJVPRWLYDWLRQEHL GHQ PlQQOLFKHQ *\PQDVLDVWHQ
=XVDPPHQIDVVXQJXQG'LVNXVVLRQ
,QWHUSUHWDWLRQXQG'LVNXVVLRQ
GXUFK (OWHUQ.LQG XQG /HKUHU6FKOHU%H]LHKXQJ XQG GLH UHODWLYH /HLV
WXQJVSRVLWLRQLQGHU.ODVVHDXIJHNOlUWZHUGHQ'HU$XINOlUXQJVEHLWUDJLVWLQ
HLQHP 6WUXNWXUJOHLFKXQJVPRGHOO RKQH GLH UHODWLYH /HLVWXQJVSRVLWLRQ HEHQ
IDOOV
&6R]LDOH (LQJHEXQGHQKHLW LP -XJHQGDOWHU XQG PRWLYDWLRQDOH 3HUV|QOLFKNHLWV
PHUNPDOHLP(UZDFKVHQDOWHU
+LHUZHUGHQGLH)UDJHVWHOOXQJHQXQGEHDQWZRUWHWV.DS(VKDQGHOWVLFK
QXQXPJUR‰HOlQJVVFKQLWWOLFKH:LUNXQJHQYRPIUKHQ-XJHQGDOWHUDXIGDV(UZDFK
VHQHQDOWHU
,QZLHIHUQ ZLUNW VLFK GLH /HLVWXQJVPRWLYDWLRQ LPIUKHQ-XJHQGDOWHU DXI GLHEH
UXIOLFKH /HLVWXQJVPRWLYDWLRQ XQG GLH :HLWHUELOGXQJVPRWLYDWLRQ LP IUKHQ (U
ZDFKVHQHQDOWHU-DKUHVSlWHUDXV6WDELOLWlWVSUIXQJ"
,QZLHIHUQ ZLUNHQ VLFK GLH IDPLOLlUHQ XQG DX‰HUIDPLOLlUHQ VR]LDOHQ %H]LHKXQJHQ
LQWHUDNWLRQDOLPIUKHQ-XJHQGDOWHUGLUHNWXQGEHUGLH/HLVWXQJVPRWLYDWLRQLP
-XJHQGDOWHU LQGLUHNW DXI GLH EHUXIOLFKH /HLVWXQJVPRWLYDWLRQ XQG GLH :HLWHUELO
GXQJVPRWLYDWLRQLPIUKHQ(UZDFKVHQHQDOWHU-DKUHVSlWHUDXV"
$OV $QWZRUWHQ N|QQHQ IROJHQGH +\SRWKHVHQ XQG 8QWHUK\SRWKHVHQ EHVWlWLJW E]Z
WHLOEHVWlWLJWZHUGHQ
+ (V JLEW VRZRKO JHQHUHOOH DOV DXFK GLIIHUHQWLHOOH :LUNXQJV]XVDPPHQKlQJH GHU
IDPLOLlUHQXQGDX‰HUIDPLOLlUHQVR]LDOHQ(LQJHEXQGHQKHLWLPIUKHQ-XJHQGDOWHU
DXIGLHEHUXIOLFKH/HLVWXQJVXQG:HLWHUELOGXQJVPRWLYDWLRQLPIUKHQ(UZDFK
VHQHQDOWHU-DKUHVSlWHUIHVW]XVWHOOHQV.DSE]Z
+ (V LVW ZLHGHUXP GLH (OWHUQ.LQG%H]LHKXQJ LP IUKHQ -XJHQGDOWHU ZHOFKH
VLFKELVLQV(UZDFKVHQHQDOWHUDXVZLUNWLQGHPVLHPLWGHUEHUXIOLFKHQ:HL
WHUELOGXQJVPRWLYDWLRQLP$OWHUYRQ-DKUHQ]XU XQG]XU VLJQL
ILNDQW NRUUHOLHUW ]ZHLWH =LIIHU HQWVSULFKW GHU %HUHFKQXQJ XQWHU .RQWUROOH
GXUFK*HVFKOHFKW6FKXOIRUPXQG/HLVWXQJVSRVLWLRQLP-XJHQGDOWHU
+ 8QDEKlQJLJ YRQ GHU UHODWLYHQ /HLVWXQJVSRVLWLRQ LP -XJHQGDOWHU DOV DXFK
YRPEHUXIOLFKHQ$XVELOGXQJVDEVFKOXVVLP(UZDFKVHQHQDOWHUVRUJHQEHLGHQ
HKHPDOLJHQPlQQOLFKHQ+DXSWVFKOHUQGLHZDKUJHQRPPHQH%HJDEXQJVHLQ
VFKlW]XQJU XQGGLH$QRQ\PLWlWLQGHU6FKXOHU IUDXIIDOOHQGH
GLIIHUHQWLHOOH (IIHNWH ]XKDQGHQ GHU EHUXIOLFKHQ :HLWHUELOGXQJVPRWLYDWLRQ
%HLGHQ HKHPDOLJHQ PlQQOLFKHQ *\PQDVLDVWHQ ZLUNHQ VLFK GLH ]DKOUHLFKHQ
9DULDEOHQ GHU VR]LDOHQ (LQJHEXQGHQKHLW YD (OWHUQ.LQG%H]LHKXQJ XQG
:RKOIKOHQ ]XKDXVH LP *HJHQVDW] ]X GHQ DQGHUHQ *UXSSHQ -XJHQGOLFKH
GHU+DXSWVFKXOHXQG0lGFKHQGHV*\PQDVLXPVVLJQLILNDQWSRVLWLYDXIGLH
:HLWHUELOGXQJVPRWLYDWLRQ LP (UZDFKVHQHQDOWHU DXV 'HU ZDKUJHQRPPHQH
HUZDUWHWH6FKXODEVFKOXVVYRQ6HLWHQGHU(OWHUQZLUNWVLFKGLHVEH]JOLFKQH
JDWLY DXV U ZDV LP 6LQQH GHU 6'7 VWLPPLJ LVW XQG GXUFK GHQ -X
JHQGOLFKHQDOV$XWRQRPLHHLQVFKUlQNXQJZDKUJHQRPPHQZHUGHQNDQQ
=XVDPPHQIDVVXQJXQG'LVNXVVLRQ
,QWHUSUHWDWLRQXQG'LVNXVVLRQ
'=XU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJ6WDELOLWlWXQGGLIIHUHQWLHOOH6R]LDOLVDWLRQV
EHGLQJXQJHQ
+LHUJHKWHVXPGLH6WDELOLWlWVSUIXQJYRQ/HLVWXQJVPRWLYDWLRQLP=ZHL-DKUHVDOV
DXFKLP-DKUHV/lQJVVFKQLWW
+=ZLVFKHQ GHU /HLVWXQJVPRWLYDWLRQ LP IUKHQ -XJHQGDOWHU XQG GHU EHUXIOLFKHQ
/HLVWXQJVXQG:HLWHUELOGXQJVPRWLYDWLRQLPIUKHQ(UZDFKVHQHQDOWHU-DK
UH VSlWHU LVW HLQH 6WDELOLWlW IHVW]XVWHOOHQ 'LHVH IlOOW VRZRKO JHVFKOHFKWV DOV
DXFKVFKXOIRUPVSH]LILVFKDXVV.DSE]Z
+ 6RZRKOGLH/HLVWXQJVPRWLYDWLRQ PLW-DKUHQDOVDXFKMHQH PLW-DKUHQ
NRUUHOLHUHQVLJQLILNDQWPLWGHQGUHLPRWLYDWLRQDOHQ.RQVWUXNWHQGHV(UZDFK
VHQHQDOWHUV%/0%:0%6:'DVDOOJHPHLQH,QWHUHVVH(LQ]HOLWHPDOV
LQWULQVLVFKH0RWLYDWLRQVRUJWQLFKWIUVLJQLILNDQWH=XVDPPHQKlQJH(EHQVR
]HLJWVLFKDXFKGLH6HOEVWZLUNVDPNHLWVHUZDUWXQJGLHVEH]JOLFKQLFKWVLJQLIL
NDQW
+ ,P *HJHQVDW] ]X GHQ DQGHUHQ JHVFKOHFKWV XQG VFKXOIRUPVSH]LILVFKHQ
*UXSSHQ]HLJHQVLFKEHLGHQPlQQOLFKHQ*\PQDVLDVWHQGLHK|FKVWHQ.RUUH
ODWLRQVZHUWH GHU /HLVWXQJVPRWLYDWLRQ XQG ZHLWHUHQ PRWLYDWLRQDOHQ 3HUV|Q
OLFKNHLWVPHUNPDOHQ]XUOlQJVVFKQLWWOLFKHQ:LUNXQJDXIGLHEHUXIOLFKH:HL
WHUELOGXQJVPRWLYDWLRQXQG]ZDUXQDEKlQJLJYRQGHUUHODWLYHQ/HLVWXQJVSR
VLWLRQLQGHU.ODVVHXQGYRPEHUXIOLFKHQ$XVELOGXQJVDEVFKOXVV
+'LHIDPLOLlUHXQGDX‰HUIDPLOLlUHVR]LDOH(LQJHEXQGHQKHLWLPIUKHQ-XJHQGDO
WHUZLUNWVLFKGLUHNWXQGEHUGLH/HLVWXQJVPRWLYDWLRQLP-XJHQGDOWHULQGLUHNW
DXI GLH EHUXIOLFKH /HLVWXQJVPRWLYDWLRQ XQG GLH :HLWHUELOGXQJVEHUHLWVFKDIW LP
(UZDFKVHQHQDOWHU -DKUH VSlWHU DXV 'LH :LUNXQJ GHU VR]LDOHQ (LQJHEXQ
GHQKHLWJHPl‰GHU6HOEVWEHVWLPPXQJVWKHRULH]XU)|UGHUXQJGHU0RWLYDWLRQLVW
EHU -DKUH KLQZHJ QDFKZHLVEDU DEHU MH QDFK )RNXV DXFK XQWHUVFKLHGOLFK
ZLUNVDPYJO.DSE]Z
+ 'LHRELJH+\SRWKHVHNDQQEHVWlWLJWZHUGHQDOOHUGLQJVQXUEH]RJHQDXIGLH
EHUXIOLFKH :HLWHUELOGXQJVPRWLYDWLRQ XQG QLFKW DXI GLH EHUXIOLFKH /HLV
WXQJVPRWLYDWLRQ XQG ]ZHLWHQV EH]RJHQ DXI GLH *UXSSH YRQ HKHPDOLJHQ
PlQQOLFKHQ *\PQDVLDVWHQ ,P *HJHQVDW] ]X GHQ DQGHUHQ JHVFKOHFKWV XQG
VFKXOIRUPVSH]LILVFKHQ*UXSSHQHUJLEWVLFKEHLGHQ HKHPDOLJHQ PlQQOLFKHQ
*\PQDVLDVWHQ HLQ JOWLJHV 6WUXNWXUJOHLFKXQJVPRGHOO GDV GLH EHUXIOLFKH
:HLWHUELOGXQJVPRWLYDWLRQ GXUFK GLH /HLVWXQJVPRWLYDWLRQ LP -XJHQGDOWHU
XQG GXUFK GLH YRUDQ JHVFKDOWHWHQ )DNWRUHQ GHU (OWHUQ.LQG%H]LHKXQJ XQG
/HKUHU6FKOHU%H]LHKXQJGLUHNWXQGLQGLUHNWYRUKHUVDJHQN|QQHQ
+ %HL HKHPDOLJHQ PlQQOLFKHQ +DXSWVFKOHUQ VLQG .RQWUROOYDULDEOHQ ZLH VR
]LDOH6FKLFKWUHODWLYH/HLVWXQJVSRVLWLRQGHU1RWHQGXUFKVFKQLWWXQGHEHQVR
GHUEHUXIOLFKH$XVELOGXQJVDEVFKOXVVYRQ]HQWUDOHU%HGHXWXQJIUGLH+|KH
GHU EHUXIOLFKHQ :HLWHUELOGXQJVPRWLYDWLRQ LP (UZDFKVHQHQDOWHU ,Q HLQHP
QLFKW Y|OOLJ DEJHVLFKHUWHQ 6WUXNWXUJOHLFKXQJVPRGHOO VRUJW GLH ODWHQWH 9DUL
DEOH³VFKXOLVFKH1RUPYHUOHW]XQJ³IUHLQEHUUDVFKHQGHV/HLVWXQJVPRWLYD
=XVDPPHQIDVVXQJXQG'LVNXVVLRQ
,QWHUSUHWDWLRQXQG'LVNXVVLRQ
WLRQV6R]LDOLVDWLRQVELOGEHLGHPGLH6WDELOLWlW]ZLVFKHQGHU/HLVWXQJVPRWL
YDWLRQPLW-DKUHQXQGGHUEHUXIOLFKHQ:HLWHUELOGXQJVPRWLYDWLRQDXIHLQ
5HJUHVVLRQVJHZLFKWYRQNRPPW
%LODQ]LHUHQGNDQQIHVWJHKDOWHQZHUGHQGDVVGLHJHPl‰6'7XQWHUVXFKWHGXUFKVR
]LDOH(LQJHEXQGHQKHLWYHUXUVDFKWHH[WULQVLVFKH/HLVWXQJVPRWLYDWLRQIUGLHOlQJHU
IULVWLJH PRWLYDWLRQDOH(QWZLFNOXQJLP(UZDFKVHQHQDOWHUEHGHXWVDPLVWVSH]LHOOIU
GLH *UXSSH GHU HKHPDOLJHQ PlQQOLFKHQ *\PQDVLDVWHQ (EHQIDOOV NDQQ IU GLHVH
*UXSSH GHU (LQIOXVV GHV (OWHUQKDXVHV JHJHQEHU GHP GHU 6FKXOH ]% /HKUHU
6FKOHU%H]LHKXQJ DOV EHGHXWVDPHU IU GLH /HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJ EH
WUDFKWHWZHUGHQ
'DPLWHUKlUWHWVLFKGLH9HUPXWXQJGDVVHVLP/HEHQVODXIHLQHVFKXOIRUPXQGJH
VFKOHFKWVEH]RJHQH6R]LDOLVDWLRQEH]RJHQDXIGLH/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJ
JLEW1LFKWQXUVLQGGLH6WDELOLWlWHQ]ZLVFKHQ/HLVWXQJVPRWLYDWLRQLPIUKHQ-X
JHQGDOWHUXQG:HLWHUELOGXQJVPRWLYDWLRQLP(UZDFKVHQHQDOWHUEHLGHQPlQQOLFKHQ
*\PQDVLDVWHQK|KHUDOVEHLGHQPlQQOLFKHQ+DXSWVFKOHUQDXFKWUDJHQGLHLP-X
JHQGDOWHUZDKUJHQRPPHQHQVR]LDOHQ(LQELQGXQJHQXQG%H]LHKXQJHQEHLHUVWHUHQ
PHKUDOVEHL]ZHLWHUHQGD]XEHLGDVVGHU,QWHUQDOLVLHUXQJVSUR]HVVYRQOHUQXQGOHLV
WXQJVEH]RJHQHP9HUKDOWHQLQWHQVLYHUYRUDQVFKUHLWHW,QZHOFKHU)RUPPDQDOVRLQ
GLH6FKXOHJHKWKDWHLQH$XVZLUNXQJDXIPRWLYDWLRQVUHOHYDQWHXQGDOOJHPHLQH3HU
V|QOLFKNHLWVPHUNPDOH=XGLHVHP6FKOXVVNRPPWDXFK:LH]RUHN6LHEHOHJW
PLWLKUHQ$XVIKUXQJHQGLH6R]LDOLVDWLRQVZLUNXQJYRQ6FKXOHIUGLHVR]LDOH2UJD
QLVDWLRQYRQ%LRJUDILHQ'LH6FKXOHOlVVWVLFKGHP]XIROJHDOV6WUXNWXULQVWDQ]XQWHU
VFKLHGOLFKHU$QHUNHQQXQJVSUREOHPDWLNHQFKDUDNWHULVLHUHQZHOFKHHLQH:HLFKHQ
VWHOOXQJVIXQNWLRQIUGHQZHLWHUHQ/HEHQVODXIGDUVWHOOW'LHVHUGLIIHUHQWLHOOH)|U
GHUHIIHNWYRQ6FKXOIRUPHQLVWVFKRQOlQJHUEHNDQQWYJO:HQGHOHU.LQGHU
JOHLFKHU%HJDEXQJGLHQDFKGHPYLHUWHQ*UXQGVFKXOMDKUHQWZHGHUGLH+DXSWVFKXOH
RGHUGDV*\PQDVLXPEHVXFKHQ]HLJHQQDFK]ZHL-DKUHQVHKUXQWHUVFKLHGOLFKH/HLV
WXQJHQ*\PQDVLDVWHQVFKQHLGHQGHXWOLFKEHVVHUDEDOV+DXSWVFKOHU'LHVHU(IIHNW
LVWVRZRKOLQGHU+DPEXUJHU6WXGLHYJO/HKPDQQ3HHN*lQVIXVV+XVIHOGW
DOVDXFKLP8PIHOGGHU,*/86WXGLHYJO%RV+RUQEHUJ$UQROG)DXVW
)ULHG/DQNHV6FKZLSSHUW9DOWLQQDFKJHZLHVHQZRUGHQ$XFK)HQG
EKlOWIHVWGDVVGLH9HURUWXQJLP%LOGXQJVV\VWHPXQGYRUDOOHPGLH6FKXOQR
*HPl‰3HNUXQ6GHUPLWTXHUVFKQLWWOLFKHQ'DWHQGLH/HLVWXQJVHPRWLRQHQZLH6FKXOIUHXGH
XQG DQJVW LQ $EKlQJLJNHLW YRQ /HLVWXQJVGUXFN SRVLWLYHU 9HUVWlUNXQJ EHL (UIROJ XQG 8QWHUVWW]XQJ XQG
%HVWUDIXQJEHL0LVVHUIROJXQWHUVXFKWHN|QQHQEH]JOLFKGHU9HUKDOWHQVZHLVHQGHUEHLGHQ6R]LDOLVDWLRQVLQ
VWDQ]HQ(OWHUQXQG/HKUHUJOHLFKI|UPLJHXQGHWZDJOHLFKKRKH.RUUHODWLRQHQIHVWJHVWHOOWZHUGHQ
,QHLQHUIDOOEH]RJHQHQ'LVNXVVLRQEHUGLH6FKXOHDOV6R]LDOLVDWLRQVLQVWDQ]]HLJW:LH]RUHNZLH
0LFKDHO:DJQHUV.DPSIXP:HUWVFKlW]XQJXQG$QHUNHQQXQJEHUVHLQH/HLVWXQJGXUFKVHLQH%H]XJV
SHUVRQHQXQGGLH*OHLFKDOWULJHQ]XVHLQHPELRJUDILVFKHQ7KHPDZLUG(VZLUGVHKUNRQNUHWJHVFKLOGHUW
ZLHVLFKGLH:HUWVFKlW]XQJLQ$EKlQJLJNHLWGHUHUEUDFKWHQ/HLVWXQJLPVFKXOLVFKHQVRZLHIDPLOLlUHQ.RQ
WH[WEHLPMXQJHQ(UZDFKVHQHQPDQLIHVWLHUW'LH6WXGLH]HLJWZHOFKH:LUNXQJHQ6FKXOHUIDKUXQJHQKDEHQ
N|QQHQXQGZHLVWVRPLWZHVHQWOLFKH(LQIOXVVIDNWRUHQGHU6FKXOHDXIGLHVR]LDOH2UJDQLVDWLRQGHU%LRJUDILH
DXV
=XVDPPHQIDVVXQJXQG'LVNXVVLRQ
,QWHUSUHWDWLRQXQG'LVNXVVLRQ
WHQZHOFKHVLFKPHLVWHQVDQGHUVR]LDOHQ%H]XJVQRUP.ODVVHRULHQWLHUHQHLQHQHQW
VFKHLGHQGHQODXIEDKQEH]RJHQHQ(LQIOXVVKDEHQYJO6'DPLWHUZHLVWVLFKGLH
VFKXOIRUPDEKlQJLJH6R]LDOLVDWLRQEH]RJHQDXIGLH(QWZLFNOXQJGHU/HLVWXQJVPRWL
YDWLRQLP(UZDFKVHQHQDOWHUDOVXQWHUPDXHUW
8QWHU 9HUZHQGXQJ GHV $QVDW]HV GHU 6HOEVWEHVWLPPXQJVWKHRULH 6'7 LVW PLW GHQ
YRUOLHJHQGHQ /LI('DWHQ EHOHJW ZRUGHQ GDVV GLH GXUFK VR]LDOH $QHUNHQQXQJ XQG
(LQJHEXQGHQKHLWPRWLYLHUWHH[WULQVLVFKHDEHUVHOEVWEHVWLPPWH/HLVWXQJVPRWLYDWLRQ
LP-XJHQGDOWHUEHLPlQQOLFKHQ*\PQDVLDVWHQEHUGLH/HEHQVVSDQQHYRQ-DKUHQ
ZLUNVDP XQG VLJQLILNDQW QDFKZHLVEDU EOHLEW 'HU 3UR]HVV GHU ,QWHUQDOLVLHUXQJ YRQ
:HUWHQ XQG OHLVWXQJVEH]RJHQHQ hEHU]HXJXQJHQ KDW VLFK NRQWLQXLHUOLFK ZHLWHUHQW
ZLFNHOW6R]LDOH%H]LHKXQJHQI|UGHUQDOVRQLFKWQXUHLQHJDQ]KHLWOLFKHDIIHNWLYXQG
VR]LDOHPRWLRQDOH 3HUV|QOLFKNHLWVELOGXQJ VRQGHUQ ZLUNHQ PRWLYDWLRQVI|UGHUQG XQG
VRPLWOlQJVVFKQLWWOLFKJHVHKHQOHLVWXQJVUHOHYDQW'HU%HZHLVGHUOlQJVVFKQLWWOLFKHQ
:LUNVDPNHLW GHU VR]LDOHQ 8PZHOW DXI HPRWLRQDOH XQG OHW]WOLFK NRJQLWLYH )DNWRUHQ
LVWVRPLW±ZHQQDXFKQXUEH]RJHQDXIHLQHJHZLVVHQ6FKXOIRUP±HUEUDFKW
'LH%HGHXWXQJGHU/HLVWXQJVPRWLYDWLRQLP$OWHUYRQ-DKUHQ±DOVR]X%HJLQQGHU
3XEHUWlW ± OlVVW VLFK ELV LQV (UZDFKVHQHQDOWHU LQ GHP 6LQQH QDFKZHLVHQ DOV GLHVH
(LQVDW]EHUHLWVFKDIW GXUFK ZDKUJHQRPPHQH IXQNWLRQLHUHQGH %H]LHKXQJHQ ZHUWJH
VFKlW]W ZLUG 'LHVHU 3UR]HVV ZLUNW EHU -DKUH KLQZHJ OHLVWXQJVPRWLYDWLRQV
VR]LDOLVLHUHQGXQGVWDELOLVLHUHQG
=XYRUYRQDX‰HQKHUDQJHWUDJHQH)RUGHUXQJHQZHUGHQEHUJHOLQJHQGH%H]LHKXQJHQ
]X YHULQQHUOLFKWHQ +DOWXQJHQ XQG (LQVWHOOXQJHQ YHUDUEHLWHW VR GDVV VLFK EHU GHQ
/HEHQVODXIEHWUDFKWHW GDV OHEHQVODQJH /HUQHQ LP $OWHU YRQ -DKUHQ DOV VHOEVWEH
VWLPPWH0RWLYDWLRQVIRUP]HLJWGHUHQ8UVDFKHQOHW]WOLFKDXFKLQGHUVR]LDOHQ(LQ
JHEXQGHQKHLWLP.LQGHVXQGIUKHQ-XJHQGDOWHUOLHJHQ
)UGLH(QWZLFNOXQJHLQHUOlQJHUIULVWLJZLUNVDPEOHLEHQGHQVHOEVWEHVWLPPWHQ/HUQ
XQG /HLVWXQJVPRWLYDWLRQ LVW HV ]HQWUDO GDVV GHP QDWUOLFKHQ 6WUHEHQ HLQHV MHGHQ
0HQVFKHQ VLFK EHU GLH DNWLYH $XVHLQDQGHUVHW]XQJ PLW GHU 8PZHOW ZHLWHU]XHQW
ZLFNHOQXQGGLHHLJHQHQ)lKLJNHLWHQXQG6HOEVWHUNHQQWQLVVHLQGDV6HOEVWNRQ]HSW]X
LQWHJULHUHQ HQWVSURFKHQ ZLUG LQGHP GLH JUXQGOHJHQGHQ %HGUIQLVVH QDFK $XWRQR
PLH.RPSHWHQ]JHIKOXQGVR]LDOHU(LQELQGXQJEHIULHGLJWZHUGHQXQGGHU,QWHUQDOL
VLHUXQJVSUR]HVVYRQ:HUWHQHUP|JOLFKWZLUG
)D]LWXQGSlGDJRJLVFKH6FKOXVVIROJHUXQJHQ
5HOHYDQ]GHU%H]LHKXQJIUGHPRWLYLHUHQGHV9HUKDOWHQ
)D]LWXQGSlGDJRJLVFKH6FKOXVVIROJHUXQJHQ
5HOHYDQ]GHU%H]LHKXQJIUGHPRWLYLHUHQGHV9HUKDOWHQ
:LH %DXHU D 6 JHPl‰ VHLQHQ 8QWHUVXFKXQJHQ IHVWKlOW JHOWHQ 'HPRWLYD
WLRQXQG'HVWUXNWLYLWlWQHEVW]XJUR‰HQ.ODVVHQDOV+DXSWEHODVWXQJVIDNWRUYRQ/HK
UHUQ $XFK +RIHU EHOHJW GDVV XPIDQJUHLFKH 6WXGLHQ EHL /HKUHUQ ]XP
6FKOXVV NDPHQ GDVV GLH +DXSWXUVDFKHQ YRQ 6WUHVV EHL /HKUHUQ YRU DOOHP JHULQJH
0RWLYDWLRQ XQG 8QGLV]LSOLQLHUWKHLW GHU 6FKOHU VLQG YJO 6 .DVVLV ZLHGHUXPZHLVWQDFKGDVV'LV]LSOLQSUREOHPHYRQ-XJHQGOLFKHQXDGXUFKQHJDWLYH
%H]LHKXQJHQ ]X /HKUHUQ XQG 0LWVFKOHUQ HQWVWHKHQ (V ]HLJW VLFK KLHU DOVR HLQ
.UHLVODXISUR]HVV
:DUXPVWHOOWVLFKDEHU'HPRWLYDWLRQEHLHLQ]HOQHQ*UXSSHQYRQ6FKOHUQHLQ"(LQ
ZHVHQWOLFKHU*UXQGN|QQWHVHLQGDVV]XU(QWWlXVFKXQJEHUHLQHQQLFKWJHJOFNWHQ
6FKXOIRUP:HFKVHOGLHRIWXQEHZXVVWPLWJHWHLOWHQÄ%HZHUWXQJHQ³GHU%H]XJVSHUVR
QHQEHLP.LQG-XJHQGOLFKHQPRWLYDWLRQVPl‰LJHQ6FKDGHQDQULFKWHQ'LHVNDQQVLFK
LQ )RUP GHV DOOJHPHLQHQ VR]LDOHQ .RQWDNWHV RGHU GHV PDQJHOQGHQ ,QWHUHVVHV GHU
%H]XJVSHUVRQHQ ]HLJHQ ZDV VLFK LQ GLHVHU ZLFKWLJHQ (QWZLFNOXQJVSKDVH DOV VHKU
UHOHYDQWIUGHQOlQJHUIULVWLJHQ/HEHQVODXIHUZHLVWZLHKLHUJH]HLJWZXUGHÄ1HXUR
ELRORJLVFKJHVHKHQNDQQHVRKQH%H]LHKXQJNHLQH0RWLYDWLRQJHEHQ³%DXHUE
6 +ROOHU XQG +XUUHOPDQQ KDEHQ VFKRQ GDUDXI KLQJHZLHVHQ Ä0LW GHU
*HIlKUGXQJGHUVFKXOLVFKHQ/DXIEDKQSHUVSHNWLYHLVWDOVRDXFKLPPHUHLQH*HIlKU
GXQJ GHU VR]LDOHQ %H]LHKXQJHQ ]X GHQ (OWHUQ YHUEXQGHQ ZHLO GLHVH %H]LHKXQJHQ
VWDUNEHUGLHVFKXOLVFKH/HLVWXQJVSRVLWLRQPLWGHILQLHUWZHUGHQ³6$XVGLH
VHU2SWLNLVWHVQDFKYROO]LHKEDUGDVVGLH(OWHUQ.LQG%H]LHKXQJHQEHL*\PQDVLDV
WHQDPEHVWHQEHL5HDOVFKOHUQDP]ZHLWEHVWHQXQGEHL+DXSWVFKOHUQDPVFKOHFK
WHVWHQVLQG
'LH4XDOLWlWGHU%H]LHKXQJHQYRQ6FKOHUQGHUXQG.ODVVH]XLKUHQ(OWHUQXQG
/HKUHUQ NDQQ QDFK 5\DQ HW DO LP 5DKPHQ GHU 6HOEVWEHVWLPPXQJVWKHRULH
6'7DOVVLJQLILNDQWHU3UlGLNWRUIUYHUVFKLHGHQH.ULWHULHQGHUVFKXOLVFKHQ/HLV
WXQJVIlKLJNHLW DQJHVHKHQ ZHUGHQ =XGHP VWHKW GLH ZDKUJHQRPPHQH %H]LHKXQJV
TXDOLWlWHUZLHVHQHUPD‰HQLQHLQHUHQJHQ:HFKVHOZLUNXQJ]XU(LQVFKlW]XQJGHU$X
WRQRPLHXQWHUVWW]XQJGXUFK(OWHUQXQG/HKUHUXQGLKUHUHUOHEWHQSHUV|QOLFKHQ$Q
WHLOQDKPH6FKOHUEHLGHQHQGLHVHU=XVDPPHQKDQJQLFKWEHVWDQGKDWWHQKlXILJHU
GDV*HIKOGDVVGLH(UZDFKVHQHQIUVLHNHLQ(QJDJHPHQWDXIEULQJHQRGHUVLHYHU
JOHLFKVZHLVHVWDUNNRQWUROOLHUHQ
:LHLQ)X‰QRWHHLQJDQJVHUZlKQWZHUGHQIU/HKUHULQQHQXQG/HKUHUXQGIU6FKOHULQQHQXQG6FK
OHU GLH IXQNWLRQDOEH]RJHQHQ )RUPHQ /HKUHU E]Z 6FKOHU JHEUDXFKW ZHLO GHU $XVGUXFN Ä/HKUHU6FKOHU
%H]LHKXQJ³GHUEHVRQGHUVYLHOH0DOHYHUZHQGHWZLUGQXUVHKUXPVWlQGOLFKPLWEHLGHQ*HVFKOHFKWVIRUPHQ
EHVFKULHEHQZHUGHQNDQQ6HOEVWYHUVWlQGOLFKVLQGLPPHUEHLGH*HVFKOHFKWHUJHPHLQW
6HOEVWYHUVWlQGOLFKVLQGGDEHLDXFKZHLWHUH)DNWRUHQ]XEHDFKWHQZLH]%GHU(U]LHKXQJVVWLOGHU(OWHUQ
%HLGHUHUVWHQ1HQQXQJLQGLHVHP.DSLWHODXFKLQDXVJHVFKULHEHQHU)RUPDXIJHIKUW
)D]LWXQGSlGDJRJLVFKH6FKOXVVIROJHUXQJHQ
.XOLVVHQOHUQHQXQG'HNRQWH[WXDOLVLHUXQJ
(V VLQG DOVR YRU DOOHP GLH VR]LDOHQ %H]LHKXQJHQ XQG GLH $QHUNHQQXQJ YRQ 6HLWHQ
GHU%H]XJVSHUVRQHQ(OWHUQXQG/HKUHUQZHOFKHHLQHJUR‰H%HGHXWXQJIUGDVOHLV
WXQJVEH]RJHQH 9HUKDOWHQ LQ GHU 6FKXOH XQG DXFK IU GDV (UZDFKVHQHQDOWHU KDEHQ
GLH %H]LHKXQJHQ ]X GHQ 3HHUV ZLUNHQ ± VRZRKO EHL 5\DQ HW DO DOV DXFK LQ
YRUOLHJHQGHU8QWHUVXFKXQJ±DOOHUGLQJVQLFKWLQGLHVHU:HLVH
'LH%H]LHKXQJ]X%H]XJVSHUVRQHQJLOWQLFKWQXUDOV.HUQEHJULIIUXQGXPGLH/HUQ
XQG /HLVWXQJVPRWLYDWLRQVI|UGHUXQJ XQG GHUHQ $XIUHFKWHUKDOWXQJ VRQGHUQ VLH LVW
DXFK IU GHQ 6R]LDOLVDWLRQVSUR]HVV YHUDQWZRUWOLFK hEHU %H]LHKXQJHQ ZHUGHQ (LQ
VWHOOXQJHQ XQG :HUWKDOWXQJHQ LP ,QGLYLGXXP DXIJHEDXW XQG YHULQQHUOLFKW :HOFKH
)DNWRUHQGHPRWLYLHUHQ]XKDXVHXQGLQGHU6FKXOHLP:HLWHUHQ",P)ROJHQGHQZHU
GHQHLQLJHUHOHYDQWH$VSHNWHNXU]XPULVVHQ
.XOLVVHQOHUQHQXQG'HNRQWH[WXDOLVLHUXQJ
6FKXOHÄYHUXQVWDOWHW³
'LH LQ GHQ /HKUSOlQHQ IHVWJHKDOWHQH )RUGHUXQJ QDFK DXVJHJOLFKHQHU %HUFNVLFKWL
JXQJ GHU 6DFK 6HOEVW XQG 6R]LDONRPSHWHQ] ZLUG KHXWH QLFKW KLQWHUIUDJW 'DPLW
VROOGHUJDQ]KHLWOLFKHQ3HUV|QOLFKNHLWVHQWZLFNOXQJ5HFKQXQJJHWUDJHQXQGQLFKWQXU
DXI /HLVWXQJ IRNXVVLHUW ZHUGHQ 'LH :LUNXQJ GHV %LOGXQJVV\VWHPV DXI GLH 3HUV|Q
OLFKNHLW LVW DEHU DEKlQJLJ YRP IDPLOLlUHQ 8PJDQJ PLW /HLVWXQJ XQG 6FKXOHUIROJ
Ä,QVEHVRQGHUH GLH *HVWDOWXQJ XQG 9HUDUEHLWXQJ YRQ 6FKXOHUIROJ LP (OWHUQKDXV JH
ZLQQW HLQHQ ]HQWUDOHQ 6WHOOHQZHUW LQ GHU $QDO\VH YRQ :LUNXQJHQ GHV %LOGXQJVV\V
WHPVDXIGLH+XPDQHQWZLFNOXQJ³6ZLH)HQGXQG6W|FNOLIHVWKDOWHQ
6LHIUDJHQVLFKREGDV%LOGXQJVV\VWHPLQVHLQHU*HVWDOWQLFKWWHQGHQ]LHOOÄNRQNXU
UHQ]RULHQWLHUWH 3HUV|QOLFKNHLWVPHUNPDOH GHV KHUDQZDFKVHQGHQ 0HQVFKHQ VHOHNWLY
EHYRU]XJW XQG GDPLW HLQH DXI VR]LDOH =XJHK|ULJNHLW DQJHOHJWH )RUP GHV
0HQVFKVHLQVYHUXQVWDOWHW³6I
'LHVHU DXI GLH 3HUV|QOLFKNHLW EH]RJHQH QHJDWLYH (IIHNW GHV %LOGXQJVV\VWHPV NDQQ
QRFK GXUFK HLQHQ QHJDWLYHQ NRJQLWLYHQ $VSHNW HUZHLWHUW ZHUGHQ V IROJHQGHU $E
VFKQLWW ± ZHQQ HV GDUXP JHKW ]X XQWHUVXFKHQ ZDV GDV 6FKXOV\VWHP EHL 6FKOHUQ
EHZLUNW
.XOLVVHQOHUQHQ
*HQHUHOO GUIWH GLH =ZDQJVPRWLYDWLRQ VLFK DQVWUHQJHQ XP QLFKW ]X YHUVDJHQ GHU
*HIDKUYRQQHJDWLYHQ5FNPHOGXQJHQRGHUHLQHU9HUVHW]XQJ]XHQWJHKHQDXIDOOHQ
6FKXOVWXIHQIU/HUQHUGLHKlXILJVWH0RWLYDWLRQGDUVWHOOHQ6FKXOHLVWDOVRYRUDOOHP
JHSUlJWYRQH[WULQVLVFKHUQLFKWVHOEVWEHVWLPPWHU0RWLYDWLRQ1DFK:HLQHU
IKUWDEHUH[WULQVLVFKH0RWLYDWLRQHKHU]XREHUIOlFKOLFKHU,QIRUPDWLRQVYHUDUEHLWXQJ
YHUJOLFKHQPLWLQWULQVLVFKHUYJO6I/HKWLQHQVSULFKWLQGLHVHP=XVDP
PHQKDQJYRP.XOLVVHQOHUQHQ
'LH8QWHUVXFKXQJHQ]XU4XDOLWlWGHVVFKXOLVFKHQ/HUQHQVZHLVHQGDUDXIKLQ
GDVV VRJDU 6FKOHU PLW JXWHQ =HQVXUHQ XQG =HXJQLVVHQ ]XP 7HLO EHU VHKU
REHUIOlFKOLFKH XQG IUDJPHQWDULVFKH .HQQWQLVVH YHUIJHQ GLH RIW DXFK PLW
)D]LWXQGSlGDJRJLVFKH6FKOXVVIROJHUXQJHQ
)RUGHUXQJQDFKPRWLYDWLRQVI|UGHUQGHQ8PZHOWHQ
0LVVYHUVWlQGQLVVHQPLVFRQFHSWLRQVYHUEXQGHQVLQG(LQH)RUPGHV/HUQHQV
GLH ZLU .XOLVVHQOHUQHQ
QHQQHQ VFKHLQW IU GLH 6FKXOLQVWLWXWLRQ W\SLVFK ]X
VHLQ>«@'LHVHV
.XOLVVHQOHUQHQ
«>]HLJW@GDVV«GLHVR]LDOH2UJDQLVDWLRQ
GHU 6FKXOH XQG GLH YRUKHUUVFKHQGHQ SlGDJRJLVFKHQ .RQYHQWLRQHQ QLFKW JH
HLJQHWVLQG6FKOHU]XGLIIHUHQ]LHUWHUHP'HQNHQXQG]XP$XIEDXJXWRUJDQL
VLHUWHU:LVVHQVVWUXNWXUHQDQ]XUHJHQ6
'HQ6FKOHUQZLUGGLHJHQHUHOOH$XIIDVVXQJYHUPLWWHOWVR/HKWLQHQZHLWHUGDVVGDV
=LHO GHU 6FKXODUEHLW GDULQ EHVWHKH VLFK HJDO PLW ZHOFKHQ 0LWWHOQ XP JXWH 1RWHQ
XQGQLFKWXPGDV9HUVWHKHQ]XEHPKHQHEG,QVJHVDPWN|QQWHGLH%LODQ]JH]R
JHQ ZHUGHQ GDVV VFKXOLVFKHV /HUQHQ ± HQWJHJHQ GHQ SlGDJRJLVFKHQ $EVLFKWHQ LQ
/HKUSOlQHQ XQG YRQ /HKUHUQ ± KDXSWVlFKOLFK HLQHP DXI .RQNXUUHQ] EDVLHUHQGHP
XQG NRJQLWLY XQJHQJHQGHP Ä.XOLVVHQOHUQHQ³ JOHLFKNRPPW XQG VRPLW YRU DOOHP
H[WULQVLVFKHU1DWXULVW
9HUWU|VWHQDXIVSlWHU=XU'HNRQWH[WXDOLVLHUXQJGHV/HUQHQV
'D]X NRPPW GDVV GDV /HUQHQ LQ GHU 6FKXOH JUXQGVlW]OLFK ÄGHNRQWH[WXDOLVLHUW³ LVW
5\DQ XQG 3RZHOVRQ ZHLVHQ GDUDXI KLQ GDVV .XOWXUYHUPLWWOXQJ XQG /HUQHQ
VHLW-DKUKXQGHUWHQHLQJHEHWWHWZDULQVR]LDOHQ6HWWLQJVXQGSHUV|QOLFKHQ%H]LHKXQ
JHQLQGHQHQGLH$NWLYLWlWHQGHU.LQGHULQHLQHPIUVLHVLQQYROOHQ/HEHQVNRQWH[W
VWDQGHQ'LH'HNRQWH[WXDOLVLHUXQJGHV/HUQHQVZLHZLUHVKHXWHLQGHQ6FKXOHQPLW
-DKUJDQJVNODVVHQSULQ]LSXQGHQWVSUHFKHQGHPNRPSHWLWLYHP&KDUDNWHUDQWUHIIHQVR
GLH$XWRUHQZHLWHUOlVVWHUNHQQHQGDVVGLH.LQGHUNHLQHIHVWHQ%H]LHKXQJHQPHKU
]XU $UEHLWVZHOW XQG GHU VR]LDOHQ:HOW GHU (UZDFKVHQHQ KDEHQ /HUQHQ LVW VR QLFKW
PHKU LP LQWHUSHUVRQDOHQ (UZDFKVHQHQ.LQG.RQWH[W HLQJHEHWWHW ZDV LQ IUKHUHQ
=HLWHQHLQHHUIROJUHLFKH,QWHUQDOLVLHUXQJYRQ:HUWHQVLFKHUWH6FKOHUPVVHQEHU
-DKUHKLQZHJ6DFKHQOHUQHQGLHIUVLHLP0RPHQWNHLQHZLUNOLFKH%HGHXWXQJKD
EHQ
'LH (UZDFKVHQHQ YHUWU|VWHQ VLH DXI VSlWHU GDVV VLH GLHVHV DQJHHLJQHWH ± PLW HLQHU
+DOEZHUWV]HLWEHKDIWHWH±:LVVHQGDQQHLQPDOVSlWHUEUDXFKHQN|QQHQ'DV/HUQHQ
LVWDXVGHPVR]LDOHQ.RQWH[WKHUDXVJHULVVHQZRUGHQZHOFKHUIUGLHQ|WLJHLQWULQVL
VFKHXQGVHOEVWEHVWLPPWH0RWLYDWLRQVRUJWH'LH7KHVHGHUJHQDQQWHQ$XWRUHQODX
WHWDOVRGDVVGLH LQWHUSHUVRQDOHQ)DNWRUHQZHOFKHLQGHUPHQVFKOLFKHQ*HVFKLFKWH
IUGDV/HUQHQVRPlFKWLJZDUHQLP6FKXOV\VWHPNHLQHQDXVUHLFKHQGHQ6WHOOHQZHUW
KDEHQ6I'LH%HVWlWLJXQJGHU6'7LQGLYHUVHQXQGLQGHUYRUOLHJHQGHQ6WXGLH
]HLJWGDVV VLFK %HPKXQJHQXP HLQH%H]LHKXQJVI|UGHUXQJSRVLWLYDXIGDV/HUQHQ
DXVZLUNHQ
1XQVROOHQVROFKHEH]LHKXQJVI|UGHUQGH9RUVFKOlJHYRUJHVWHOOWZHUGHQ
)RUGHUXQJQDFKPRWLYDWLRQVI|UGHUQGHQ8PZHOWHQ
:LHVROOWHQ8PZHOWHQJHVWDOWHWVHLQGDPLWHVP|JOLFKVW]XZHQLJGHPRWLYLHUHQGHQ
9HUKDOWHQVZHLVHQ YRQ .LQGHUQ XQG -XJHQGOLFKHQ NRPPW XQG OHEHQVODQJHV /HUQHQ
SUDNWL]LHUWZLUG"
)D]LWXQGSlGDJRJLVFKH6FKOXVVIROJHUXQJHQ
)RUGHUXQJQDFKPRWLYDWLRQVI|UGHUQGHQ8PZHOWHQ
+DOWJHEHQGHDXIGDV/HEHQYRUEHUHLWHQGHVR]LDOH8PZHOWHQVFKDIIHQ
%HIXQGHDXVGHP-DKU]HLJHQGDVV'HXWVFKODQGYHUJOLFKHQPLWDQGHUHQHXUR
SlLVFKHQ6WDDWHQEH]JOLFKYHUOlVVOLFKHQ/HEHQVXPZHOWHQQXU0LWWHOPD‰HLQQLPPW
0HKUDOVGLH+lOIWHGHUMlKULJHQ'HXWVFKHQVDJHQGDVVLKUH(OWHUQNDXP=HLWKD
EHQVLFKPLWLKQHQ]XXQWHUKDOWHQV.DS
0RWLYDWLRQVI|UGHUQGH8PZHOWHQVROOWHQVR]LDOXQGKDOWJHEHQGVHLQ,PDQJORDPHUL
NDQLVFKHQ5DXPZLUGYRQÄ&DULQJ6FKRROV³JHVSURFKHQZREHVRQGHUVDXIGDV0L
OLHXGHU6FKOHUVFKDIWHLQJHJDQJHQZLUG'LH(U]LHKXQJVUHDOLWlWHQLQGHQ(OWHUQKlX
VHUQZHUGHQDOVREHUFNVLFKWLJWLQGHPGHU8QWHUULFKWXQGGDVVFKXOLVFKH/HEHQSR
VLWLYYHUVWlUNHQGXQGÄQDFKVR]LDOLVLHUHQG³RUJDQLVLHUWLVW+lXILJVLQGHV*DQ]WDJHV
VFKXOHQLQGHQHQ*HIKOHGHV$XIJHKREHQVHLQVYHUPLWWHOWZHUGHQN|QQHQ
9RQ+HQWLJKlOWIHVWGDVVGLH9HUKlOWQLVVHDQGHXWVFKHQ6FKXOHQLQHUVFKUH
FNHQGHU:HLVHLPPHUQRFK PLWGHPEHUHLQVWLPPHQZDVHUEHUHLWVYRU-DKUHQ
EHVFKULHEHQ KDW 6FKXOHQ VHLHQ NHLQH 6FKXOHQ IU /HEHQ XQG (UIDKUXQJ VRQGHUQ
%HZDKUDQVWDOWHQRGHU&RROLQJ2XW,QVWLWXWLRQHQ%HLPOHW]WHUHQPHLQWHUYRUDOOHP
+DXSWVFKXOHQGHQHQGLH$XIJDEH]XNRPPWGLH]XYRUGXUFKGHQJHVHOOVFKDIWOLFKHQ
'UXFN LQWHQVLY KRFK JHVFKUDXEWHQ (UZDUWXQJHQ EHL GHQ .LQGHUQ-XJHQGOLFKHQ LP
5DKPHQGHU6HOHNWLRQLQGLH6HNXQGDUVFKXOH,QXQZLHGHUÄDENKOHQ³]XODVVHQ(U
YHUZHLVW DXI GHQ %HJULII 5HVWVFKXOH $XFK ZUGH GLH 6FKXOH GLH -XJHQGOLFKHQ LP
$OOJHPHLQHQ NHQQWQLVUHLFK DEHU HUIDKUXQJVDUP XQG HUZDUWXQJVYROO DEHU RULHQWLH
UXQJVORVHQWODVVHQ'LH6FKXOHQHKPH]XZHQLJ]XU.HQQWQLVGDVV/HEHQVSUREOHPH
GLH/HUQSUREOHPHEHUODJHUQ
%DXHU E IRUGHUW LQVEHVRQGHUH *DQ]WDJHVVFKXOHQ IU 'HXWVFKODQG 6FKXOHQ
ZHOFKHQLFKWDOVÄ2UWHGHV*UDXHQV³6VRQGHUQDOVÄ7UHLEKlXVHUGHU=XNXQIW³
6 IXQNWLRQLHUHQ 6FKXOHQ DQ GHQHQ VR]LDOH %H]LHKXQJHQ JHOHEW ZHUGHQ (U
YHUZHLVWHEHQIDOOVDXIYRQ+HQWLJV)RUGHUXQJÄYRQGHUQW]OLFKHQ(UIDKUXQJQW]
OLFK]XVHLQ³GDVV6SRUW0XVLN7DQ]7KHDWHUJHUDGHLQ*DQ]WDJHVVFKXOHQQLFKW]X
NXU]NRPPHQGUIHQ'LHJUR‰H&KDQFHGHU*DQ]WDJHVVFKXOHEHVWHKHJHQDXLQGHU
0|JOLFKNHLW PLW HLQHP $QJHERW VROFKHU VWDUN DXVJHZHLWHWHU .XUVH XQG 9HUDQVWDO
WXQJHQ ± YRU]XJVZHLVH QDFKPLWWDJV ± 6FKXOHQ ]X HLQHP Ä/HEHQVUDXP³ ZHUGHQ ]X
ODVVHQZRÄ/XVWDXI/HEHQ³JHZHFNWZLUGYJO6I'DEHLVHLGLH9HUQHW]XQJ
PLW6SRUWXQG0XVLNYHUHLQHQDQ]XVWUHEHQ8QGDXFKGHU.RQWDNWPLWGRUWDQVlVVL
JHQ HU]LHKXQJV XQG MXJHQGSV\FKRORJLVFKHQ %HUDWXQJVVWHOOHQ PLW 6R]LDODUEHLW XQG
*HZDOWSUlYHQWLRQZUGH6LQQPDFKHQYJO6II
'LH6FKXOHPVVHDOVR$XWRQRPLHI|UGHUQXQGKDOWJHEHQGH/HEHQVZHOWVHLQ=XGLH
VHP6FKOXVVNRPPWDXFK:LDWHU(UEHWRQWYRUDOOHPGLHEHZXVVWH3HUV|Q
OLFKNHLWVHQWZLFNOXQJ LQ(UJlQ]XQJ ]XP (OWHUQKDXVYRQ .LQGHUQ XQG -XJHQGOLFKHQ
ZHOFKH GXUFK NODUH 9HUKDOWHQVUHJHOQ XQG 6FKXOULWXDOH HLQHU KDOWJHEHQGHQ 6FKXOH
JHI|UGHUWZLUGYJO6II
%DXHUESURSDJLHUWGDVVGHXWVFKH6FKXOHQVRZRKODXIHLQ%QGQLV]ZLVFKHQ
6FKOHUQXQG/HKUHUQDOVDXFKDXIHLQHV]ZLVFKHQ6FKXOHXQG(OWHUQKDXVDQJHZLH
)D]LWXQGSlGDJRJLVFKH6FKOXVVIROJHUXQJHQ
)RUGHUXQJQDFKPRWLYDWLRQVI|UGHUQGHQ8PZHOWHQ
VHQVLQGZHQQVLHHUIROJUHLFKZLUNHQZROOHQZLHGDVPDQFKHURUWVLQGHQ86$E
OLFKLVWYJO6,FKGHQNHGDVVJHUDGHLQVFKZLHULJHQ(U]LHKXQJVPLOLHXVGLHVH
HLQ]XIRUGHUQGHQ 6FKXOYHUWUlJH ]ZLVFKHQ (OWHUQ 6FKXOH XQG .LQG LP 6LQQH HLQHU
3UlYHQWLRQJHJHQ'HPRWLYDWLRQ$JJUHVVLRQXQGVFKXOLVFKH/HLVWXQJVYHUZHLJHUXQJ
VHKUHIIHNWLYZlUHQ'LH0|JOLFKNHLWEHLP6FKXOHLQWULWWVRIUKDQDOOH(OWHUQ]XJH
ODQJHQ VROOWH XQEHGLQJW JHQXW]W ZHUGHQ XP DOOIlOOLJ Q|WLJH 1DFKVR]LDOLVDWLRQ XQG
HU]LHKXQJ]XLQLWLDOLVLHUHQ
*DQ]KHLWOLFKHV/HUQHQVWDWWÄ%HOHKUW:HUGHQ³
,Q 6FKXOHQ VROO ZHQLJHU GDV Ä%HOHKUW:HUGHQ³ DOV YLHOPHKU GDV JDQ]KHLWOLFKH /HU
QHQ DOV ]HQWUDOH )RUGHUXQJ LP 6LQQH GHV .RJQLWLYLVPXV XQG GHV .RQVWUXNWLYLVPXV
DQJHVWUHEWZHUGHQ'HQNHQ)KOHQ:ROOHQ+DQGHOQXQG9HUKDOWHQVLQGGDEHLGLH
]HQWUDOHQ%HJULIIH'HU0HQVFKVWHKWGHU8PZHOWDOVHLQVLFKVHOEVWRUJDQLVLHUHQGHV
6\VWHPJHJHQEHU'RFKHUZLUGDXFKYRQGHU$X‰HQZHOWYRQGHUVR]LDOHQ8PZHOW
GHU )DPLOLH RGHU GHU 6FKXOH LQ VHLQHU (QWZLFNOXQJ DQJHVWR‰HQ PLW )RUGHUXQJHQ
6WUXNWXUHQ $QUHJXQJHQ 3UREOHPVWHOOXQJHQ JHOHEWHQ 9HUKDOWHQVYRUELOGHUQ XQG GL
GDNWLVFKSlGDJRJLVFKHQ/HUQVLWXDWLRQHQYJO:LDWHU6II'HU0HQVFKLVW
DOVR QLFKW GDV 3URGXNW VHLQHU /HEHQVXPVWlQGH VRQGHUQ VWHWV DXFK $NWHXU VHLQHU
(QWZLFNOXQJ VD .DS (U VROO GXUFK GLH VR]LDOH XQG KDOWJHEHQGH VFKXOLVFKH
/HEHQVZHOW ZLVVHQVGXUVWLJ JHPDFKW ZHUGHQ ,Q GLHVHP .RQWH[W ZLUNHQ GDQQ KRKH
/HLVWXQJVHUZDUWXQJHQ DXFK QLFKW QHJDWLY 'LH %HUHLWVFKDIW ]XP JDQ]KHLWOLFKHQ OH
EHQVODQJHQ /HUQHQ GDV DXIJUXQG GHU DEQHKPHQGHQ +DOEZHUWV]HLW YRQ :LVVHQ DQ
%HGHXWXQJJHZRQQHQKDWZLUGYRUDOOHPGXUFKGLH6R]LDOLVDWLRQYRQ:HUWHQLQJH
OLQJHQGHQ%H]LHKXQJHQJHI|UGHUWZLHYRUOLHJHQGH8QWHUVXFKXQJJH]HLJWKDW
(LQEH]LHKXQJGHU6FKOHULQLKUHQ%LOGXQJVSUR]HVV
:lKUHQG GLH 6R]LDOLVDWLRQ IUKHU XQG LQ WUDGLWLRQHOOHQ *HVHOOVFKDIWHQ DOV HLQIDFKH
hEHUWUDJXQJGHUNXOWXUHOOHQ9RUVWHOOXQJYRQGHUlOWHUHQDXIGLHMQJHUH*HQHUDWLRQ
]XYHUVWHKHQZDUKDWGLHKHXWLJH3OXUDOLVLHUXQJGHU6R]LDOLVDWLRQVNRQWH[WH]XU.RQ
VHTXHQ]GDVVGLHVHHLQIDFKHhEHUWUDJXQJQLFKWPHKUUHLEXQJVORVIXQNWLRQLHUW
*LOOIUDJWVLFKLQGLHVHP=XVDPPHQKDQJHLQHUVHLWVZHOFKH(U]LHKXQJV]LHOH
KHXWHLP9RUGHUJUXQGVWHKHQXQGDQGHUHUVHLWVPLWZHOFKHQ0D‰QDKPHQVROFKHDQ
JHPHVVHQH (U]LHKXQJ XQG %LOGXQJ HUUHLFKW ZHUGHQ NDQQ YJO 6 II ,Q $QOHK
QXQJDQGLHGUHLSULQ]LSLHOOHQ5HDNWLRQVP|JOLFKNHLWHQYRQ+LUVFKPDQQÄOR\
DOLW\H[LWRUYRLFH³±]XGHXWVFK)ROJHEHUHLWVFKDIW$XVVWLHJRGHU:LGHUVSUXFKLP
6LQQHYRQ6WLPPUHFKW±YHUVXFKWHU]XHU|UWHUQZLHGDVGHXWVFKH%LOGXQJVZHVHQLQ
GHQ QlFKVWHQ -DKUHQ JHVWDOWHW ZHUGHQ N|QQWH (U IROJHUW EH]JOLFK GHU (U]LHKXQJV
]LHOHGDVVGDV6HW]HQDXIGLH)ROJHEHUHLWVFKDIW5HDNWLRQGHU6FKOHUZDKUVFKHLQOLFK
QLFKW HUIROJUHLFK VHLQ ZUGH 'LH /DLVVH]IDLUH+DOWXQJ EHL 3lGDJRJHQ XQG (OWHUQ
([LW5HDNWLRQZUGHEHLYLHOHQ6FKOHUQVHLQHU0HLQXQJQDFKHEHQIDOOVEHGHXWHQ
GDVVVLHVLFKYRUDOOHQ$QVWUHQJXQJHQGLH%LOGXQJPLWVLFKEULQJHQVROOWHÄHUIROJ
UHLFK³GUFNHQXQGIDVWJDUQLFKWVOHUQHQZUGHQZDKUVFKHLQOLFKQRFKZHQLJHUDOV
ZHQQGLH6FKXOHHLQHUJHUDGOLQLJHQXQGVHKUNRQVHUYDWLYHQ/HUQDQVWDOWJOHLFKNlPH
(U IDYRULVLHUW GDKHU GLH GULWWH 5HDNWLRQVDUW Ä6WLPPUHFKW³ YRLFH E]Z GLH (LQPL
)D]LWXQGSlGDJRJLVFKH6FKOXVVIROJHUXQJHQ
0RWLYDWLRQVI|UGHUXQJ]XKDXVH
VFKXQJGHU6FKOHUYJO6'LHHUZDUWHWH(LQPLVFKXQJXQG(LQEH]LHKXQJGHU
6FKOHULQLKUHQHLJHQHQ%LOGXQJVSUR]HVVN|QQWHDQKDQGYRQJU|‰HUHQ3URMHNWHQJH
OLQJHQZHOFKHGLHOHEHQVUHOHYDQWHQ)UDJHQGHU.LQGHUXQG-XJHQGOLFKHQPLWEHUFN
VLFKWLJHQXQGLKUH9HUDQWZRUWXQJHEHQIDOOVHLQIRUGHUQZUGH
%LOGXQJVDQVWUHQJXQJHQN|QQWHQDXIGLHVH:HLVHZHQLJHUDXI.RQNXUUHQ]LQQHUKDOE
GHU VR]LDOHQ %H]XJVQRUP XQG YLHOPHKU XQWHU GHU HLJHQHQ LQGLYLGXHOOHQ /HLVWXQJV
QRUPEHJUQGHWXQGJHVWDOWHWVHLQ
0RWLYDWLRQVI|UGHUXQJ]XKDXVH
'LH 0LWZLUNXQJ GHU (OWHUQ DQ GHU %LOGXQJVDUEHLW IU GDV YRUVFKXOLVFKH $OWHU LVW LQ
'HXWVFKODQGJHVHW]OLFKYHUDQNHUW]%9RUVFKULIWHQ]XU(LQULFKWXQJYRQ(OWHUQEHL
UlWHQ YJO 0LQVHO 6 (U]LHKHULVFKH XQG OHUQXQWHUVWW]HQGH )RUGHUXQ
JHQJHJHQEHUGHQ(OWHUQVLQGDOVRLP$OOJHPHLQHQOHJLWLP
'LH 6FKXOH GDUI LQ GLHVHP 6LQQH GLH (OWHUQ LPPHU PDO ZLHGHU GDUDXI DXIPHUNVDP
PDFKHQGDVVVLFK(U]LHKXQJXQG%H]LHKXQJORKQHQ,P:LVVHQGDVVHVNHLQHIHK
OHUIUHLH(U]LHKXQJJLEWVROOGHVgIWHUHQDXIGHQDXWRULWDWLYHQ(U]LHKXQJVVWLOV.DS
KLQJHZLHVHQ ZHUGHQ GHU LP 6LQQH HLQHU JDQ]KHLWOLFKHQ XQG SRVLWLYHQ (QW
ZLFNOXQJEHL.LQGHUQXQG-XJHQGOLFKHQZLUNW:LFKWLJLVWPHLQHU0HLQXQJQDFKD
EHU GDVV QHEVW GHU $XIUHFKWHUKDOWXQJ YRQ JHOLQJHQGHQ %H]LHKXQJHQ QLFKW DXI GLH
NODUHQ (UZDUWXQJHQ YHU]LFKWHW ZLUG (LQ LP DXWRULWDWLYHQ 6LQQH YHUVWDQGHQHV Ä3D
UHQWLQJ³ZLHHVGLH$PHULNDQHUQHQQHQVHW]WDXI%H]LHKXQJXQGNODUH(UZDUWXQJHQ
YRQ6HLWHQGHU(OWHUQ%HLPDXWRULWDWLYHQ(U]LHKXQJVVWLOJHEHQGLH(OWHUQGLH/HLW
SODQNHQ YRU VLHQHKPHQ GLH LKQHQ YRQ GHQ .LQGHUQ ]XJHVFKULHEHQH )KUXQJVUROOH
ZDKU 'HU JULHFKLVFK JHSUlJWH %HJULII 3lGDJRJLN ± DOV Ä)KUHQ GHV .QDEHQ³ E]Z
GHV.LQGHVEHUVHW]W±SURSDJLHUWLQVHLQHUXUVSUQJOLFKHQ%HGHXWXQJHEHQIDOOVGLH
VHQ)KUXQJVDQVSUXFK$XFK%DXHUESIOLFKWHWGLHVHU)RUGHUXQJEHL'LH%H
]LHKXQJ ]XP .LQG NDQQ QLHPDOV V\PPHWULVFK DOVR JOHLFKEHUHFKWLJW VHLQ %H]XJV
SHUVRQHQGLH.LQGHUSHUPDQHQWIUDJHQZDVVLHWXQZROOHQXQGGDEHLNHLQHHLJHQHQ
9RUVFKOlJHHLQEULQJHQEHUIRUGHUQVLHYJO6
5HGGLQJ LGHQWLIL]LHUW IROJHQGH YLHU )HOGHU GLH ]XKDXVH VFKXOLVFKHQ 3UREOH
PHQHQWJHJHQZLUNHQ'LH(OWHUQVROOHQHLQHDQUHJXQJVUHLFKH8PZHOWVFKDIIHQ
GLHGXUFK*HVSUlFKHJHPHLQVDPH$NWLYLWlWHQ%HUHLWVWHOOXQJHLQHVUXKLJHQ3ODW]HV
]XP/HVHQXQG/HUQHQXQGGXUFKGLH2UJDQLVDWLRQYRQDX‰HUVFKXOLVFKHQ)UHL]HLWDN
WLYLWlWHQ .LUFKH6SRUW 0XVLN HKUHQDPWOLFKH 7lWLJNHLW « JHSUlJWLVW 6LH VROOHQ
5HJHOQ5RXWLQHQ6FKODIHQV(VVHQV6SLHOXQG+DXVDXIJDEHQ]HLWHQXQG5LWX
DOHLQLKUHQ)DPLOLHQDOOWDJEULQJHQ'DV/HUQHQVROOWHLP9HUJOHLFK]XDQGHUHQ$N
WLYLWlWHQ )HUQVHKHQ HLQHQ DQJHPHVVHQHQ 6WHOOHQZHUW HUKDOWHQ GLH )UHL]HLW PLW
)UHXQGHQXQG6SLHOHQ(UKROHQGDUIDEHUHEHQIDOOVQLFKW]XNXU]NRPPHQ'LH/HLV
*HPl‰ HLQHP ,QVWUXPHQW YRQ 5HLW]OH :LQNOH0HW]JHU 6WHLQKDXVHQ GDV YRQ 1RDFN HLQJHVHW]WZXUGH]HLJWVLFKHLQDXWRULWDWLYHU(U]LHKXQJVVWLOZLHIROJW0\0RWKHU)DWKHU«
0RVWO\EHKDYHVLQDSHHUOLNHHQJDJHGPDQQHULQLQWHUDFWLRQVZLWKPH
3UDLVHVPHLI,KDYHGRQHVRPHWKLQJZHOO
&RPIRUWVPHLI,KDYHDSUREOHPKDVFOHDUUXOHVDQGH[SHFWDWLRQV
)D]LWXQGSlGDJRJLVFKH6FKOXVVIROJHUXQJHQ
0RWLYDWLRQVI|UGHUXQJLQGHU6FKXOH
WXQJVHUZDUWXQJHQ VROOWHQUHDOLVWLVFK XQG PLW HPRWLRQDOHU ZLHSUDNWLVFKHU /HUQ
XQWHUVWW]XQJJHNRSSHOWVHLQ:HQLJHUGLH1RWHQDOVYLHOPHKUGLH/HUQJHZRKQKHLWHQ
VROOWHQLP0LWWHOSXQNWGHU(OWHUQ.LQG,QWHUDNWLRQVWHKHQ8QGVFKOLH‰OLFKVROOWH
GLH.RPPXQLNDWLRQ]ZLVFKHQ(OWHUQKDXVXQG6FKXOHXPIDVVHQGXQGHQJVHLQ
$XIJUXQG GHU (UJHEQLVVH GHU HKHPDOLJHQ PlQQOLFKHQ +DXSWVFKOHU LQ GHU YRUOLH
JHQGHQ$UEHLWGUIHQGLH/HLVWXQJVDQHUNHQQXQJHQLQVEHVRQGHUHEHLHKHUVFKZlFKH
UHQ6FKOHUQ]XKDXVHQLFKW]XNXU]NRPPHQ.LQGHUXQG-XJHQGOLFKHEUDXFKHQ%HV
WlWLJXQJHQ XQG /RE /HUQHQ DP (UIROJ LVW EHL GLHVHU *UXSSH ZHVHQWOLFK HIIHNWLYHU
DOV/HUQHQDP0LVVHUIROJ:LOGXQG+RIHUIDVVHQ]XVDPPHQGDVVYRUDOOHP
OHLVWXQJVVFKZlFKHUH 6FKOHU DXI ]X KRKH (UZDUWXQJHQ PLW (LQEXVVHQ GHV SV\FKL
VFKHQ %HILQGHQV UHDJLHUHQ XQG GDVV GLHVH ÄYRQ HLQHU ÃGRVLHUWHQ¶ XQGTXDOLWDWLY DQ
VSUXFKVYROOHQ +DXVDXIJDEHQEHWUHXXQJ GHU(OWHUQSURILWLHUHQ GLH GXUFK HLQH DXVJH
SUlJWH 3UR]HVVRULHQWLHUXQJ XQG $XWRQRPLHXQWHUVWW]XQJ JHNHQQ]HLFKQHW LVW³ 6
0RWLYDWLRQVI|UGHUXQJLQGHU6FKXOH
(OWHUQ.RRSHUDWLRQ
*HPl‰ 3HNUXQ EHGDUI GLH .RRSHUDWLRQ ]ZLVFKHQ (OWHUQKDXV XQG 6FKXOH LQ
'HXWVFKODQGGHU9HUEHVVHUXQJÄ%HPKXQJHQXPHLQHVROFKH=XVDPPHQDUEHLWZl
UHQVRZRKOIUHLQH)|UGHUXQJGHULQGLYLGXHOOHQ(QWZLFNOXQJYRQ.LQGHUQXQG-X
JHQGOLFKHQZLHIUGLHRIIHQNXQGLJQRWZHQGLJH6WHLJHUXQJGHU%LOGXQJVSURGXNWLYL
WlW XQVHUHU *HVHOOVFKDIW YRQ ]HQWUDOHU %HGHXWXQJ³ 6 $XFK QDFK %DXHU
E VROOWHQ 6FKXOHQ LQ 'HXWVFKODQG HLQH VROFKH .RRSHUDWLRQ HLQIRUGHUQ 'HQQ
GLHVFKXOLVFKH0RWLYDWLRQYRQ.LQGHUQZLUGGDQQQDFKKDOWLJJHVW|UWZHQQVLFKGLH
%H]XJVSHUVRQHQ VHOEVW JHJHQ VFKXOLVFKH )RUGHUXQJHQ VWHOOHQ ZHQQ VLH GHP .LQG
GDV*HIKOJHEHQHVJHJHQGLH/HKUHUEHVFKW]HQ]XPVVHQRGHUZHQQVLHJUXQG
VlW]OLFKH 9RUEHKDOWH JHJHQEHU GHU 6FKXOH RIIHQNXQGLJ ]HLJHQ YJO 6 9LHO
OHLFKWWULIIWPDQVROFKHHOWHUOLFKHQ9HUKDOWHQVZHLVHQDXFKGDUXPDQZHLO(OWHUQLP
*HJHQVDW]]XDQGHUHQ/lQGHUQZLH0LQVHOIHVWKlOWLQ'HXWVFKODQGQXUVHO
WHQGLH*HOHJHQKHLWKDEHQVLFKDPSlGDJRJLVFKHQ*HVFKHKHQLQGHU6FKXOHDNWLY]X
EHWHLOLJHQYJO6
(LQ SULQ]LSLHOOHV (OWHUQ.LQG6FKXOH%QGQLV NDQQ EHU HLQHQ 6FKXOYHUWUDJ HLQJH
O|VW ZHUGHQ =% VROOWHQ (OWHUQ DQ 6FKXOWDJHQ PLW LKUHP .LQG PLQGHVWHQV HLQPDO
WlJOLFKEHUVFKXOLVFKH%HODQJHVSUHFKHQZLHHVLKPHUJDQJHQLVWZDVHVEHVFKlI
WLJWXVZXQGPLQGHVWHQVHLQPDOSUR6FKXODOOWDJPLWGHP.LQGJHPHLQVDPHVVHQ
6ROFKHXQGDQGHUH(OHPHQWHZUGHQQDFK%DXHUELP6FKXOYHUWUDJ]ZLVFKHQ
6FKXOHXQG(OWHUQKDXVVWHKHQYJO6(OWHUQNRPPWDXFKGLH$XIJDEH]XLKUH
.LQGHUYRUQHJDWLYHQ5HL]HQDQJHPHVVHQ]XVFKW]HQVHLHVYRUEHUPl‰LJHP9L
GHR)HUQVHKRGHU,QWHUQHWJHEUDXFK1XUGLH.RRSHUDWLRQ]ZLVFKHQ(OWHUQKDXVXQG
6FKXOHDOVRHLQÄ=LHKHQDPJOHLFKHQ6WULFN³GDYRQELQLFKEHU]HXJWNDQQLQVEH
VRQGHUHEHLVR]LDOEHQDFKWHLOLJWHQ.LQGHUQVFKXOLVFKHQ(UIROJP|JOLFKPDFKHQ
)D]LWXQGSlGDJRJLVFKH6FKOXVVIROJHUXQJHQ
0RWLYDWLRQVI|UGHUXQJLQGHU6FKXOH
6HOEVWEHVWLPPXQJ$XWRQRPLH
'DV*HIKOYRQ0LWEHVWLPPXQJLVWLP6LQQHGHU6'7VHKUZHVHQWOLFKIUGLHVFKX
OLVFKH 0RWLYDWLRQ $XFK KLHU NDQQ DXI GHQ DXWRULWDWLYHQ (U]LHKXQJVVWLO YHUZLHVHQ
ZHUGHQ'HU/HKUHUQLPPWVHLQH)KUXQJVUROOHEHZXVVWXQGSRVLWLYZDKU,Q/HKU
/HUQ3UR]HVVHQZLHLP.RQ]HSWGHVÄ&RJQLWLYH$SSUHQWLFHVKLS³&ROOLQV%URZQ
1HZPDQZLUGGHP6FKOHU]XQHKPHQG9HUDQWZRUWXQJXQG6WHXHUXQJVIXQN
WLRQ DEJHJHEHQ 'HU /HKUHU LVW GDQQ ]HLWZHLVH LQ GHU 5ROOH GHV &RDFK $XFK EHLP
VR]LDOHQ8PJDQJXQGGHU$XIVWHOOXQJYRQ9HUKDOWHQVUHJHOQVROOHQGLH6FKOHUPLW
HLQEH]RJHQ ZHUGHQ ,QVEHVRQGHUH EHL VHKU VFKXOGLVWDQ]LHUWHQ XQG OHLVWXQJVYHUZHL
JHUQGHQ6FKOHUQLVWGDV*HIKOYRQ0LWEHVWLPPXQJXQGHUKDOWHQHU9HUDQWZRUWXQJ
VHKU ZLFKWLJ $XFK ZHQQ YLHOH -XJHQGOLFKH GHQ %H]XJVSHUVRQHQ (OWHUQ ZLH /HK
UHUQ GDV *HIKO JHEHQ VLH DP ZHQLJVWHQ ]X EUDXFKHQ EHQ|WLJHQ VLH VLH PHLVWHQV
DPGULQJHQGVWHQZLH3URI)HQGLQHLQHU9RUOHVXQJ]XP-XJHQGDOWHUHLQPDOVDJWH
.LQGHU XQG -XJHQGOLFKH EUDXFKHQ VWDUNH )KUXQJV XQG %H]XJVSHUVRQHQ VRYLHO
VWHKW IHVW 'LH )RUGHUXQJ QDFK $XWRQRPLH JHPl‰ GHU 6'7 PHLQW DEHU QLFKW GDVV
-XJHQGOLFKHDOOHVDOOHLQHEHVWLPPHQVROOWHQ(VEHGHXWHWHKHUHLQHDOWHUVJHPl‰H$E
JDEHYRQ9HUDQWZRUWXQJEHLJOHLFK]HLWLJHU$XIUHFKWHUKDOWXQJYRQNODVVLVFKHQ6WUXN
WXUHQXQG5LWXDOHQ'LHVNDQQLQ3URMHNWDUEHLWHQVHKUJXWJHOHLVWHWZHUGHQ:LFKWLJ
VFKHLQW PLU GDVV /HKUHU LKUH )KUXQJVSRVLWLRQ DXVIOOHQ TXDVL DOV Ä6NLSSHU HLQHV
6FKXO6HJHOERRWV³.XUVKDOWHQZLH%DXHUE6HVWUHIIHQGDXVGUFNW
6R]LDOH(LQELQGXQJXQG/HKUHU6FKOHU%H]LHKXQJ
%H]RJHQDXIGHQHEHQEHVFKULHEHQHQ)KUXQJVDVSHNWLVWGHU5HVSHNWGDV,QWHUHVVH
XQG GLH +|IOLFKNHLW YRQ 6HLWHQ GHU /HKUHU JHJHQEHU GHQ 6FKOHUQ ]HQWUDO :HQQ
VFKXOGLVWDQ]LHUWHXQGXQGLV]LSOLQLHUWH-XJHQGOLFKHVSUHQGDVVVLHGHQ/HKUHUQQLFKW
HJDOVLQGGDVVVLHVLFKZLUNOLFKIUVLHXQGLKU:RKOHUJHKHQLQWHUHVVLHUHQGDQQLVW
RIWGDV(LVJHEURFKHQXPVFKXOLVFKH0RWLYDWLRQVSUR]HVVHZLHGHULQ*DQJ]XEULQ
JHQ 'LHVH (UIDKUXQJ KDEH LFK HLQLJH 0DOH ZlKUHQG PHLQHU VR]LDOSlGDJRJLVFKHQ
$UEHLWLP.LQGHUXQG-XJHQGSV\FKRORJLVFKHQ=HQWUXPPDFKHQN|QQHQ
'HU HPSLULVFKH 1DFKZHLV GHV ]HQWUDOHQ )DNWRUV ÄLQWHUSHUVRQDO DWPRVSKHUH³ ]ZL
VFKHQ (UZDFKVHQHQ XQG -XJHQGOLFKHQ IU GLH /HUQPRWLYDWLRQ YHUZHLVW GDUDXI GDV
$XJHQPHUNQLFKWYRUDOOHPDXINRJQLWLYH6WDQGDUGV]XULFKWHQVRQGHUQYLHOPHKUDXI
GLHXQWHUVWW]HQGHZHUWVFKlW]HQGHXQGVRPLWVR]LDOHPRWLRQDOH+DOWXQJGHU/HKUHU
ZHQQ,QWHUHVVHXQG/HLVWXQJVPRWLYDWLRQJHI|UGHUWZHUGHQVROOHQYJO5\DQ3R
ZHOVRQ 6 :LH N|QQHQ QXQ JXWH /HKUHU6FKOHU%H]LHKXQJHQ JHI|UGHUW
ZHUGHQ" *HUDGH LQ *DQ]WDJHVVFKXOHQ ZlUH HV P|JOLFK GDVV /HKUHU XQG 6FKOHU
EHLPJHPHLQVDPHQ0LWWDJHVVHQEHUDX‰HUVFKXOLVFKH,QWHUHVVHQXQG3UREOHPHJDQ]
XQEHVFKZHUW VSUHFKHQ N|QQHQ 6ROFKH RGHU NU]HUH )OXU*HVSUlFKH EHU ÄGLHV XQG
GDV³ N|QQHQ $N]HSWDQ] XQG 9HUWUDXHQ VHKU ZHVHQWOLFK VWHLJHUQ /RKPDQQ EHVFKUHLEWLQVHKUEHUVLFKWOLFKHU)RUPGLH6WUDWHJLHQPLWZHOFKHQGLH%H]LHKXQJV
HEHQHSURDNWLYXQGUHDNWLYJHVWDOWHWZHUGHQNDQQ'LHlX‰HUH(UVFKHLQXQJYHUEDOH
XQGQRQYHUEDOH.RPPXQLNDWLRQXQGYRUDOOHPHLQHJXWH3RUWLRQ+XPRUVLQGIUHL
)D]LWXQGSlGDJRJLVFKH6FKOXVVIROJHUXQJHQ
0RWLYDWLRQVI|UGHUXQJLQGHU6FKXOH
QHSRVLWLYH%H]LHKXQJ]ZLVFKHQ/HKUHUXQG6FKOHU±DXFKPHLQHU0HLQXQJHQQDFK
±ZLFKWLJH,QGLNDWRUHQ
*HPl‰ GHU 0DVORZ¶VFKHQ %HGUIQLVS\UDPLGH GUIWHQ 6FKOHU GLH LQ HLQHU $WPR
VSKlUHPDWHULHOOHU1RWRGHUGLHLQHLQHPVR]LDOEHQDFKWHLOLJWHQ0LOLHXDXIZDFKVHQ
GDV LKQHQ :HUWVFKlW]XQJ XQG =XJHK|ULJNHLW YRUHQWKlOW YHUVWlQGOLFKHUZHLVH QLFKW
LQ GHU /DJH VHLQ 6FKXOH XQG 8QWHUULFKW SRVLWLY ZDKU]XQHKPHQ 6LH VXFKHQ GDQQ
DQGHUH :HJH XP LKUH 0DQJHOEHGUIQLVVH SK\VLRORJLVFK VLFKHUKHLWVEH]RJHQ XQG
VR]LDO]XEHIULHGLJHQVHLHVLQGHU*HZDOWNULPLQHOOHQ+DQGOXQJHQRGHULP'UR
JHQPLVVEUDXFK(UVWZHQQGLH0DQJHOEHGUIQLVVHQDFK$QHUNHQQXQJXQGVR]LDOHU
(LQJHEXQGHQKHLW LQ GHU .ODVVH6FKXOH RGHU ]XKDXVH EHIULHGLJW VLQG VLQG GLHVH
6FKOHU EHUKDXSW IlKLJ VLFKDXI VFKXOLVFKHV /HUQHQ HLQ]XODVVHQ (LQJHIlKUGHWHU
6FKOHUN|QQWHLQGHU6FKXOHJHPl‰+RSIZLHIROJWXQWHUVWW]WZHUGHQ9HU
WUDXHQ XQG )lKLJNHLWHQ GHV 6FKOHUV VROOHQ JHIHVWLJW ZHUGHQ LQGHP VHLQH /HLV
WXQJVHQWZLFNOXQJHQ SRVLWLY XQG YRU DOOHP LQGLYLGXHOO YHUVWlUNW ZHUGHQ VHLQH ,QWH
UHVVHQVLQG]XI|UGHUQXQGHUILQGHWHLQHPRWLRQDOEHIULHGLJHQGHV6FKXOXQG8QWHU
ULFKWVNOLPD YRU GHU 8QWHUULFKW VROOWH ELQQHQGLIIHUHQ]LHUW KDQGOXQJV XQG VFKOHU
]HQWULHUWVHLQXQGLPPHUZLHGHUHLQHQ/HEHQVZHOWEH]XJKDEHQXQGVFKOLH‰OLFKGU
IHQEHLLKP6FKXOHXQG/HLVWXQJVWHVWVQLFKWLUUHYHUVLEOHbQJVWHHU]HXJHQ6
:LHVROOHQQXQ/HKUHUGHQ6FKOHUQEHJHJQHQ"/HKUHUVLQGIUGLH.LQGHUXQG-X
JHQGOLFKHQ GDQQ %H]XJVSHUVRQHQ ZHQQ VLH YHUOlVVOLFK XQG HLQIKOVDP VLQG ]XK|
UHQ N|QQHQ VLFK LQ GLH /DJH HLQHV .LQGHV YHUVHW]HQ XQG HV YHUVWHKHQ :HUWVFKlW
]XQJ XQG $QHUNHQQXQJ ]HLJHQ GLH %HGUIQLVVH GHV .LQGHV HUQVW QHKPHQ 5HVSHNW
YRUGHU0HLQXQJGHQ,QWHUHVVHQXQG*HIKOHQGHV.LQGHVKDEHQ1HXJLHUXQG(L
JHQVWlQGLJNHLW I|UGHUQ RKQH DOOHV ]X HUODXEHQ JHPl‰ GHP (QWZLFNOXQJVVWDQG GHV
.LQGHVKDQGHOQXQGLQVJHVDPWHLQ9RUELOGVLQGYJO)ULHGULFK6$XV
/HKUHUVLFKW LVW GLH +DOWXQJ GHU 8PJDQJ VRZLH 2IIHQKHLW +XPRU XQG 6HOEVWUHIOH
[LRQ IU LKUH JHOHEWH $XWRULWlW DXVVFKODJJHEHQG 'DPLW ZLUG GLH ]HQWUDOH )XQNWLRQ
GHU3HUVRQXQWHUPDXHUWZRQDFK$XWRULWlWYRUZLHJHQGDXVSHUV|QOLFKHU$QVWUHQJXQJ
XQG%H]LHKXQJVDUEHLWHUEUDFKWZLUGYJO)UHL6
6R]LDOH %H]LHKXQJHQ ]X %H]XJVSHUVRQHQ VLQG HLQ *UXQGEHGUIQLV GHV 0HQVFKHQ
'LHV LVW HLQ .HUQVDW] GHU 6'7 8QG GLHVHU %HIXQG VWLPPW DXFK EHUHLQ PLW GHQ
QHXVWHQQHXURELRORJLVFKHQ(UNHQQWQLVVHQZLHIROJHQGHV=LWDW]HLJW
0RWLYDWLRQLVWHLQQHXURELRORJLVFKIXQGLHUWHV*HVFKHKHQ0RWLYDWLRQNDQQHLQ
.LQG QXU DXIEDXHQ ZHQQ HV SHUV|QOLFKH %HDFKWXQJ XQG ,QWHUHVVH DQ VHLQHU
3HUVRQ VSUW :DKUJHQRPPHQ XQG ÄJHVHKHQ³ ]X ZHUGHQ VHW]WH YHUELQGOLFKH
]ZLVFKHQPHQVFKOLFKH%H]LHKXQJHQGHV.LQGHVE]ZGHV-XJHQGOLFKHQ]XVHL
QHQ (OWHUQ XQG /HKUHUQ/HKUHULQQHQ YRUDXV :HVHQWOLFKH .RPSRQHQWHQ YRQ
Ä%H]LHKXQJ³ VLQG 6SLHJHOXQJVDNWH .LQGHU QHKPHQ ]XP HLQHQ LQ VLFK GDV
6SLHJHO%LOGGHVVHQDXIGDVLKQHQGXUFKJXWHRGHUVFKOHFKWH9RUELOGHU]X
IOLH‰W =XP DQGHUHQ DFKWHQ .LQGHU GDUDXI ZHOFKHV %LOG VLH LKUHUVHLWV LQ GHU
)D]LWXQGSlGDJRJLVFKH6FKOXVVIROJHUXQJHQ
0RWLYDWLRQVI|UGHUXQJLQGHU6FKXOH
:DKUQHKPXQJ LKUHU 3lGDJRJHQ HU]HXJHQ 'LHVHV %LOG JLEW GHP .LQG E]Z
GHP-XJHQGOLFKHQQLFKWQXUHLQH$XVNXQIWGDUEHUZHUHUVLHLVWVRQGHUQYRU
DOOHPDXFKGDUEHUZHOFKH(QWZLFNOXQJVSRWHQWLDOHVLFKLKPLKUHU|IIQHQDO
VRGDUEHUZDVHVVLFKVHOEVW]XWUDXHQGDUI%DXHUD6
*HUDGHZHLOPDQJHQHUHOOLQGHU6HNXQGDUVWXIH,QLFKWDXIHLQHDXVJHSUlJWHLQWULQVL
VFKH 0RWLYDWLRQ GHU 6FKOHU ]lKOHQ NDQQ LVW GLH EHZXVVWH *HVWDOWXQJ GHU VR]LDOHQ
(LQJHEXQGHQKHLWHLQ(UIROJVUH]HSWZLHYRUOLHJHQGH8QWHUVXFKXQJEHVWlWLJW6R]LDOH
(LQJHEXQGHQKHLWVRUJW±ZLHLQGHU6'7QDFKJHZLHVHQZXUGH±OHW]WOLFKIUGLH,Q
WHJUDWLRQYRQDX‰HQJHVHW]WHQ=LHOHQXQG(UZDUWXQJHQ
.RPSHWHQ]HUIDKUXQJHQXQG$QHUNHQQXQJ
'HUOHW]WH6DW]GHVRELJHQ=LWDWVYHUZHLVWDXIGLH.RPSHWHQ]ZHOFKHVLFKGDV.LQG
GXUFK HLQH JXWH %H]LHKXQJ ]XU %H]XJVSHUVRQ ]XVFKUHLEW %H]LHKXQJ XQG %HJD
EXQJVHLQVFKlW]XQJ VWHKHQ LQ HLQHP =XVDPPHQKDQJ (V ]lKOW DOVR GLH VXEMHNWLY
ZDKUJHQRPPHQH XQG QLFKW GLH REMHNWLYH .RPSHWHQ]HLQVFKlW]XQJ Ä:HU NHLQH (U
IROJHHUZDUWHQNDQQXQGNHLQH(UIROJHHU]LHOWNDQQQLFKWOHLVWXQJVPRWLYLHUWVHLQ³
(GHOPDQQ 6 'LHVH JROGHQH 5HJHO ]XKDQGHQ HLQHU /HLVWXQJVPRWLYD
WLRQVI|UGHUXQJ JLOW JDQ] EHVRQGHUV IU GHPRWLYLHUWH XQG ZHQLJ OHLVWXQJVPRWLYLHUWH
0HQVFKHQ
*HUDGHLQ+DXSWVFKXOHQVROOWHQGDUXPSRVLWLYH/HLVWXQJVXQG.RPSHWHQ]HUIDKUXQ
JHQGHU6FKOHUJDUDQWLHUWZHUGHQ'DV3ULQ]LSÄ+RIIQXQJDXI(UIROJ³PVVWHGXUFK
GDV8QWHUULFKWVVHWWLQJEHZXVVWJHI|UGHUWZHUGHQ'DPLW6FKOHULKUH0DQJHOEHGUI
QLVVHQLFKWLQQHJDWLYHU:HLVHDX‰HUKDOEGHU6FKXOHEHIULHGLJHQ PVVHQ PXVVGHQ
6FKOHUQGDV*HIKOYHUPLWWHOWZHUGHQÄHWZDV:HUW]XVHLQ³(LQHYLHOYHUVSUHFKHQ
GH 8QWHUULFKWVIRUP LVW LQ GLHVHP .RQWH[W GDV 0DVWHU\ /HDUQLQJ ZDV DOV ]LHOHUUHL
FKHQGHV 8QWHUULFKWHQ RGHU DOV Ä/HUQ]LHOHUUHLFKXQJ³ EH]HLFKQHW ZLUG 'DPLW PHLQW
PDQÄGLH7HQGHQ]HUIROJVPRWLYLHUWHU3HUVRQHQ/HLVWXQJVVLWXDWLRQHQDOV*HOHJHQKHLW
]XU(UZHLWHUXQJGHUHLJHQHQ.RPSHWHQ]HQ]XLQWHUSUHWLHUHQXQGVWRO]EHUGDV(U
UHLFKHQ HLJHQHU /HLVWXQJ ]X VHLQ³ ([HOHU :LOG 6 I 9LHOH HPSLULVFKH
8QWHUVXFKXQJHQ KDEHQ JH]HLJW GDVV GDPLW GHU /HUQHUIROJ IU YLHOH 6FKOHU HLQHU
.ODVVHP|JOLFKLVWYJO+RIHU6
'DVVHLQJUR‰HU$OOWDJVXQG/HEHQVEH]XJLP8QWHUULFKWHEHQIDOOVLQGLHVHP6LQQH
ZLUNHQGUIWHLVWJHUDGHEHLP6FKXOW\S+DXSWVFKXOHZHOFKHPHKUKHLWOLFKDXIHLQH
%HUXIVOHKUHYRUEHUHLWHWHLQOHXFKWHQG
Ä$QVWUHQJXQJVROOWHVLFKORKQHQ³
*HUDGH HKHU VFKOHFKWHUH 6FKOHU VROOWHQ LPPHU ZLHGHU GLH (UIDKUXQJ PDFKHQ N|Q
QHQ GDVV VLFK $QVWUHQJXQJ ORKQW $XFK )LVFKHU XQG 5XVWHPH\HU VFKODJHQ
DXIJUXQG YRQ OlQJVVFKQLWWOLFKHQ (UJHEQLVVHQ EHU Ä0RWLYDWLRQVHQWZLFNOXQJ XQG
/HKUNUDIWYHUKDOWHQ³ 8QWHUULFKWVLQWHUYHQWLRQHQ YRU ZHOFKH GHQ )RNXV DXI $QVWUHQ
JXQJOHJHQ/HKUHUVROOWHQHVIUZLFKWLJHUKDOWHQGDVVVLFKGLH6FKOHUEHPKHQDOV
GDVV VLH DOOHV ULFKWLJ O|VHQ N|QQHQ 6LH VROOWHQ VLFK LP $OOJHPHLQHQ VR YHUKDOWHQ
)D]LWXQGSlGDJRJLVFKH6FKOXVVIROJHUXQJHQ
0RWLYDWLRQVI|UGHUXQJLQGHU6FKXOH
GDVVVLFKMHGHULQHLQHP)DFKYHUEHVVHUQNDQQYJO6)RNXVVLHUWZUGHDOVR
QLFKWGLHHYHQWXHOOVFKZLHULJ]XHUUHLFKHQGHLQWULQVLVFKH0RWLYDWLRQEHLGHPRWLYLHU
WHQ -XJHQGOLFKHQ VRQGHUQ GLH $QVWUHQJXQJVEHUHLWVFKDIW 'DVVHOEH JLOW LP (OWHUQ
KDXV
'LH %HXUWHLOXQJ YRQ /HLVWXQJ XQG (QJDJHPHQW VROOWH DOVR VWULNW JHWUHQQW ZHUGHQ
:HQQ VRZRKO GDV $UEHLWV XQG 6R]LDOYHUKDOWHQ DOV DXFK (LQVDW]EHUHLWVFKDIW XQG
3UR]HVVEHXUWHLOXQJ QRWHQZLUNVDP ZlUHQ GDQQ ZUGH GLHV GLH 0RWLYDWLRQ VWHLJHUQ
,P *UXQGH ZlUH GDV HLQH H[WULQVLVFKH 0RWLYDWLRQVVWHXHUXQJ .RPSHWHQ]JHIKOH
ZUGHQ DOVR PLWWHOV VR]LDOHU $QHUNHQQXQJ RGHU GXUFK HLQH JXWH =HQVXU EHU GLH
/HLVWXQJVEHUHLWVFKDIW SURGX]LHUW 0DQ VHW]W DOVR DXI SRVLWLYH 9HUVWlUNXQJVPHFKD
QLVPHQ GHV %HKDYLRULVPXV (EHQVR ZLH GLH VR]LDOH $QHUNHQQXQJ GHV *UXQGVFKXO
OHKUHUVIUMQJHUH.LQGHUHLQZLFKWLJHU/HLVWXQJVDQVSRUQLVWLVWVLHHVDXFKEHL(U
ZDFKVHQHQ ± YRQ 6HLWHQ GHU 9RUJHVHW]WHQ XQG 0LWDUEHLWHUQ 'LHV ZHUGH VR (GHO
PDQQHLJHQWPOLFKHUZHLVHYRQYLHOHQ3HUVRQHQJHOHXJQHWYJO6=X
GHPJLOW :HU PRWLYLHUWXQWHUULFKWHW PRWLYLHUWGDGXUFKDXFKVHLQH6FKOHU'LHh
EHUWUDJXQJ GLHVHV 3UR]HVVHV LP 5DKPHQ GHV 0RGHOOOHUQHQV LVW XPVR LQWHQVLYHU MH
EHVVHU GLH %H]LHKXQJ ]XU %H]XJVSHUVRQ XQG GHUHQ $QVHKHQ IU GDV .LQG LVW $OV
/HKUHUKDWPDQVWHWV0RGHOOFKDUDNWHUGLH:LUNXQJZLUGRIWPDOVXQWHUVFKlW]W
,P.HUQNRPPWHVLQGHU:DKUQHKPXQJGHV]XPRWLYLHUHQGHQ6FKOHUVDOVRGDUDXI
DQ GDVV GHU /HKUHU DOV %H]XJVSHUVRQ DXFK VHLQHU /HLVWXQJVEHUHLWVFKDIW JUR‰H %H
GHXWXQJEHLPLVVW'LH/HLVWXQJVPRWLYDWLRQGUIWHIUHLQHQ/HKUPHLVWHUGHU$XV]X
ELOGHQGHDXVZlKOWHEHQIDOOVZLFKWLJHUVHLQDOVGLHVFKXOLVFKH,QWHOOLJHQ]
$ENHKUYRQGHU%HXUWHLOXQJQDFKGHUVR]LDOHQ%H]XJVQRUP
8QWHU%H]XJQDKPHDXIGDV0LVVYHUKlOWQLVYRQ$XWRQRPLHEHGDUIYRQ-XJHQGOLFKHQ
XQG LKUHU %HKDQGOXQJ LQ GHU 6FKXOH ZDV GXUFK GDV 6FKXOV\VWHP SURGX]LHUW ZLUG
YJO Ä6WDJH(QYLURQPHQW)LW LQ .DS OlVVW VLFK PLW GHQ (UJHEQLVVHQ QDFK )L
VFKHU XQG 5XVWHPH\HU ZHLWHU IROJHUQ GDVV HV YRU DOOHP LQ 6HNXQGDUVFKXO
NODVVHQ , DQJH]HLJW LVW DXI LQGLYLGXHOOH %H]XJVQRUPHQ XQG DXI GLH 3UR]HVV XQG
/HLVWXQJVEHUHLWVFKDIWVRULHQWLHUXQJ ]X VHW]HQ VWDWW GXUFK GLH $QZHQGXQJ GHU VR]LD
OHQ%H]XJVQRUPXQG:HWWEHZHUEIUYLHOH6FKOHU0LVVHUIROJVHUOHEQLVVH]XSURGX
]LHUHQZHOFKHDXFKOlQJHUIULVWLJGHPRWLYLHUHQGZLUNHQZLHGLHYRUOLHJHQGH6WXGLH
JH]HLJWKDW
6WlUNHUH 6FKOHU VLQG LP MHW]LJHQ 6FKXOV\VWHP DXI .RVWHQ GHU HKHU VFKZlFKHUHQ
6FKOHU HUIROJUHLFK 'LH VR]LDOH %H]XJVQRUPRULHQWLHUXQJ ZLUNW DEHU DXFK DXI GLH
DQGHUH6HLWHQHJDWLYÄ6FKOHUGLHJXWH1RWHQVFKUHLEHQJHOWHQLQ'HXWVFKODQGEHL
LKUHQ.ODVVHQNDPHUDGHQUDVFKDOVÃ6WUHEHU¶0DQFKHLQHUGURVVHOWVRJDUVHLQ(QJD
JHPHQWXPYRUGHQDQGHUHQQLFKWDOV3ULPXVGD]XVWHKHQ³%RHKQNH6
:lKUHQG LQ 'HXWVFKODQG HWZD MHGHU ]ZHLWH 6FKOHU VHLQH 0LWVFKOHU ]XPLQGHVW
PDQFKPDOÄ6WUHEHU³QHQQWLVWHVLQ.DQDGDQLFKWHLQPDOMHGHUGULWWHYJODD26
)LVFKHUXQG5XVWHPH\HUVHKHQGLH9HUlQGHUXQJGHU1RWHQYHUJDEHSUD[LV
DOVSUDJPDWLVFKHQ$QVDW]GDVV/HLVWXQJ6SD‰PDFKHQNDQQ'HPVFKOLH‰HLFKPLFK
)D]LWXQGSlGDJRJLVFKH6FKOXVVIROJHUXQJHQ
0RWLYDWLRQVI|UGHUXQJLQGHU6FKXOH
DQ /HW]WOLFK LVW GHU YHUDQWZRUWXQJVEHZXVVWH XQG JDQ]KHLWOLFKH 8PJDQJ PLW /HLV
WXQJVDVSHNWHQ LP 5DKPHQ GHU 3HUV|QOLFKNHLWVHQWZLFNOXQJ YRQ %HGHXWXQJ YJO 6
.|OOHU6IRUGHUWYRQ/HKUHUQQLFKWHLQHÄHQWZHGHURGHU³VRQGHUQ
HLQHÄVRZRKODOVDXFK³9RUJHKHQVZHLVHEHLGHU9HUZHQGXQJGHU%H]XJVQRUP'LH
$QZHQGXQJ GHU VR]LDOHQ %H]XJVQRUP GLH YRQ GHQ 6FKOHUQ VHOEVW PHLVWHQV JH
ZQVFKWZLUGNDQQLQ9HUJOHLFKVDUEHLWHQGXUFKDXV]XU6WDQGRUWEHVWLPPXQJEHLJH
]RJHQZHUGHQ0LWGHUKlXILJHQ9HUZHQGXQJGHULQGLYLGXHOOHQ%H]XJQRUPZLUGD
EHU GHU 3HUV|QOLFKNHLWVHQWZLFNOXQJ PHKU 5HFKQXQJ JHWUDJHQ =XGHP ELHWHW VLH GLH
0|JOLFKNHLW GHQ 8QWHUULFKW PD‰JHEOLFK ]X GLIIHUHQ]LHUHQ ZLH LP QDFKIROJHQGHQ
$EVFKQLWWJHIRUGHUWZLUG
'LH UHODWLYH /HLVWXQJVSRVLWLRQ XQG GLH ZDKUJHQRPPHQH %HJDEXQJVHLQVFKlW]XQJ
YRQ 6HLWHQ GHU %H]XJVSHUVRQHQ ZHOFKH PLW GHU %HXUWHLOXQJVSUD[LV HQJ YHUEXQGHQ
VLQG KDEHQ JHPl‰ GHQ (UJHEQLVVHQ GLHVHU 6WXGLH YRU DOOHP IU -XJHQGOLFKH GHU
+DXSWVFKXOHHLQHQJUR‰HQ6WHOOHQZHUW
(UZHLWHUWH/HUQIRUPHQ(/)YHUPHKUWHLQVHW]HQ
:HQQ GLH /HKUSODQDXIODJH QDFK JOHLFKPl‰LJHU )|UGHUXQJ GHU 6HOEVW 6R]LDO XQG
6DFKNRPSHWHQ] HUQVW JHQRPPHQ ZLUG GDQQ VROOWHGHUVFKXOLVFKH 0LQXWHQ7DNW
LPPHU ZLHGHU GXUFKEURFKHQ ZHUGHQ XP IlFKHUEHUJUHLIHQGHQ XQG JDQ]KHLWOLFKHQ
8QWHUULFKW ]X JHVWDOWHQ $FKHUPDQQ *DOOLQ 5XI *DVVHU .UDSI'LHVHLQGHU3UD[LVDEHUHUVWODQJVDP)X‰IDVVHQGH/HUQNXOWXURULHQ
WLHUWVLFKYRUZLHJHQGDQ,GHHQGHU5HIRUPSlGDJRJLNVLHKH]%2HONHUVXQG
GHU KXPDQLVWLVFKHQ 3V\FKRORJLH YJO &RKQ 5RJHUV 5RRV 6
LGHQWLIL]LHUW XD LQGLYLGXDOLVLHUHQGH 8QWHUULFKWVIRUPHQ PLW QLYHDXJHUHFKWHQ
/HUQDXIJDEHQDOV(UIROJVIDNWRUIUÄJDQ]KHLWOLFKHV%HXUWHLOHQXQG)|UGHUQ³
/HKWLQHQPDFKWIROJHQGHPHWKRGLVFKH6FKOXVVIROJHUXQJHQEH]JOLFKGHUbQ
GHUXQJGHVKlXILJH[LVWLHUHQGHQ.XOLVVHQOHUQHQVLQGHU6FKXOH0RGHUQHNRJQL
WLYLVWLVFKH XQG NRQVWUXNWLYLVWLVFKH /HKU/HUQ8PJHEXQJHQ ZHLWHU HQWZLFNHOQ GLH /HKUHU6FKOHU,QWHUDNWLRQ QHX RUJDQLVLHUHQ ]% PLW UHFLSURFDO WHDFKLQJ QDFK
3DOLQVFDUXQG%URZQRGHUGHPFRJQLWLYHDSSUHQWLFHVKLSQDFK&ROOLQV%URZQ
XQG1HZPDQNRRSHUDWLYHV/HUQHQPHKUEHWRQHQPHKUDX‰HUVFKXOL
VFKH+DQGOXQJVVLWXDWLRQHQPLWHLQEH]LHKHQXQG,&7,QIRUPDWLRQVXQG.RPPX
QLNDWLRQVWHFKQRORJLHQ QXW]HQ XP GDPLW PRWLYLHUHQGH /HKU/HUQ8PJHEXQJHQ ]X
VFKDIIHQ6
'LH6FKXOHLVWGHQIDPLOLlUHQ9RUDXVVHW]XQJHQGHU.LQGHUQLFKWRKQPlFKWLJDXVJH
OLHIHUWVLHNDQQGLHVH$XVZLUNXQJHQEHHLQIOXVVHQ'LH:HFKVHOZLUNXQJHQ]ZLVFKHQ
GHP 8QWHUULFKWVYHUKDOWHQ GHV /HKUHUV XQG GHQ )lKLJNHLWHQ GHV 6FKOHUV VLQG LP
.RQ]HSWGHVÄ$SWLWXGH7UHDWPHQW,QWHUDFWLRQV³$7,VFKRQLQGHQHU-DKUHQHU
NDQQWZRUGHQYJO&URQEDFK6QRZ
)D]LWXQGSlGDJRJLVFKH6FKOXVVIROJHUXQJHQ
0RWLYDWLRQVI|UGHUXQJDXIGHU6\VWHPHEHQH
.ODVVHQPDQDJHPHQWXQGNODUH6WUXNWXUHQ
$XVHLJHQHU(UIDKUXQJP|FKWHLFKDEHULQVEHVRQGHUHEHLVR]LDOEHQDFKWHLOLJWHQ.LQ
GHUQ XQG -XJHQGOLFKHQ GLH :LFKWLJNHLW GHV .ODVVHQPDQDJHPHQWV KHUDXVKHEHQ GDV
GHU/HKUHUEHUFNVLFKWLJHQVROOWH*HUDGHZHLOGHU8QWHUULFKWLQPHWKRGLVFKHU+LQ
VLFKW]XQHKPHQGJH|IIQHWZLUGVLQGNODUH6WUXNWXUHQ*HERWHXQG5LWXDOHYRQ]HQW
UDOHU %HGHXWXQJ IU HLQH KDOWJHEHQGH 6FKXOH :HUWVFKlW]XQJ EHUXKW DXI *HJHQVHL
WLJNHLW(LQJUXQGVlW]OLFKHU5HVSHNWXQGVFKXOLVFKH'LV]LSOLQJHJHQEHUGHQ/HKUHUQ
GDUIXQGPXVVHLQJHIRUGHUWZHUGHQ'LH.ODVVHQIKUXQJVNRPSHWHQ]VROOWHHLQ]HQW
UDOHU ,QKDOW LQ DOOHQ &XUULFXOD DQ 3lGDJRJLVFKHQ +RFKVFKXOHQ VHLQ *HPl‰ PHLQHQ
HLJHQHQ 8QWHUULFKWVHUIDKUXQJHQ XQG 0RGXOQDFKZHLVHQ YRQ /HKUDPWVVWXGLHUHQGHQ
LP%HUXIVDOOWDJDOV'R]LHUHQGHUNDQQLFKGDV.RQ]HSWYRQ/RKPDQQVHKUXQ
WHUVWW]HQ (U LGHQWLIL]LHUW DOV (UIROJVIDNWRUHQ HLQHU JXWHQ .ODVVHQIKUXQJ GLH
JOHLFK]HLWLJH%HUFNVLFKWLJXQJGHU'LV]LSOLQ8QWHUULFKWVXQG%H]LHKXQJVHEHQHLQ
SURDNWLYHUDOVDXFKUHDNWLYHU+LQVLFKW9LHOHVHLQHU(PSIHKOXQJHQN|QQHQDOVSRVL
WLYH9HUKDOWHQVVWHXHUXQJDXIJUXQGNODUHU5HJHOQXQG5LWXDOHDOVEHZXVVWJHVWDOWHWH
DQUHJXQJVUHLFKH8PZHOWXQGYRUDOOHPDOVNRQVHTXHQWHV9HUKDOWHQGHV/HKUHUVLQ
WHUSUHWLHUW ZHUGHQ V DXWRULWDWLYHU (U]LHKXQJVVWLO 'LH KHXWH ]7 HLQVHLWLJH )|UGH
UXQJGHVNRQVWUXNWLYLVWLVFKHQ/HUQHQVXQG)RNXVVLHUXQJDXILQWULQVLVFKH0RWLYDWLRQ
DXI.RVWHQYRQLQVWUXNWLRQDOHQ/HKU/HUQ3UR]HVVHQELUJWLP=XJHYRQLPPHUJU|
‰HUHU3OXUDOLVLHUXQJYRQ/HEHQVNRQ]HSWHQGLH*HIDKUGDVVEHVRQGHUVVR]LDOEHQDFK
WHLOLJWH6FKOHUDXFKLQGHU6FKXOH]XNXU]NRPPHQGDVLHVLFK]XKDXVHPHLVWHQV]X
ZHQLJ .RPSHWHQ] LQ LKUHU 6HOEVWVWHXHUXQJ DQHLJQHQ NRQQWHQ 'DUXP QHKPHQ IU
PLFK NODUH 6WUXNWXUHQ XQG SURIHVVLRQHOOH .ODVVHQIKUXQJ HLQH VHKU ZLFKWLJH 6WHO
OXQJIUJHOLQJHQGH%H]LHKXQJHQXQGGLH)|UGHUXQJGHU/HLVWXQJVPRWLYDWLRQHLQ
0RWLYDWLRQVI|UGHUXQJDXIGHU6\VWHPHEHQH
'DPLW GLH IU (OWHUQKDXV XQG 6FKXOH DXIJHVWHOOWHQ 6FKOXVVIROJHUXQJHQ EHUKDXSW
)X‰IDVVHQN|QQHQEHGDUIHVGHU,PSOHPHQWDWLRQGHU*UXQGJHGDQNHQDXIGHU6\V
WHPHEHQHGHV%LOGXQJVZHVHQV$OV'R]HQWDQHLQHU3lGDJRJLVFKHQ+RFKVFKXOHOLHJW
PLUEHVRQGHUVGLH)|UGHUXQJGHUVFKXOLVFKHQ%H]LHKXQJVXQG)KUXQJVNRPSHWHQ]
GHU6WXGLHUHQGHQDP+HU]HQ,FKVWLPPH0LOOHU]XGHUH[SOL]LWHLQH%H]LH
KXQJVGLGDNWLN LP &XUULFXOXP YRQ 3lGDJRJLVFKHQ +RFKVFKXOHQ IRUGHUW ,FK IRUGHUH
DXFK GDVV GLH VR]LDOHPRWLRQDOHQ XQG NRPPXQLNDWLYHQ 3HUV|QOLFKNHLWVPHUNPDOH
EHL GHU $XVZDKO GHU /HKUDPWVVWXGLHUHQGHQ K|KHU EHZHUWHW ZHUGHQ PVVWHQ DOV ELV
DQKLQ
$XFKELQLFKPLW+RSIHLQHU0HLQXQJGDVVGHU.ODVVHQOHKUSHUVRQKHXWHHLQH
KHUDXVUDJHQGH%HGHXWXQJLQDOOHQ6FKXOIRUPHQ]XNRPPWZHLOVLFKGHUVR]LDOHU]LH
KHULVFKH%HGDUIDQ6FKXOHQVWDUNHUK|KWKDW'DV.ODVVHQOHKUHUV\VWHPNDQQGHQ$Q
IRUGHUXQJHQ YRQ KHXWH ]% GHU HU]LHKHULVFKHQ 9HUDQWZRUWXQJ RGHU GHV .RQWDNWHV
PLWGHP(OWHUQKDXVEHVVHUJHUHFKWZHUGHQDOVGDV)DFKOHKUHUV\VWHP(VLVWVRHLQH
VLQQYROOH 0D‰QDKPH XP GHU RIIHQVLFKWOLFKHQ =XQDKPH YRQ YHUKDOWHQVDXIIlOOLJHQ
6FKOHUQHQWJHJHQ]XZLUNHQYJO6
)D]LWXQGSlGDJRJLVFKH6FKOXVVIROJHUXQJHQ
9HURUWXQJXQG6FKOXVVZRUW
9HURUWXQJXQG6FKOXVVZRUW
'UHL6FKOVVHOWKHPHQVWDQGHQLQGLHVHU$UEHLWLP=HQWUXP(QWZLFNOXQJVSV\FKROR
JLH 6R]LDOSV\FKRORJLH XQG 3HUV|QOLFKNHLWVSV\FKRORJLH =X OHW]WHUHU NDQQ GLH /HLV
WXQJVPRWLYDWLRQJH]lKOWZHUGHQ*HPl‰-WWHPDQQXQG7KRPDH6EHU
VFKQHLGHQ VLFK (QWZLFNOXQJVSV\FKRORJLH XQG 3HUV|QOLFKNHLWVSV\FKRORJLH EHWUlFKW
OLFK
:HLVKHLWXQG*UREGLHHLQH6WLFKSUREHDXV YHUVFKLHGHQHQ.XOWXUHQEH]J
OLFK LQWULQVLVFKHU XQG H[WULQVLVFKHU =LHOH XQWHUVXFKWHQ NDPHQ ]XP (UJHEQLV GDVV
LQWULQVLVFKH=LHOH]XU/HEHQV]XIULHGHQKHLWEHLWUDJHQ±H[WULQVLVFKHDEHULQGHUVHOEHQ
:HLVHLQDEJHVFKZlFKWHU)RUPZLUNHQ/HW]WHUHVHQWVSUDFKQLFKWGHQ(UZDUWXQJHQ
GHU$XWRUHQ'LHVHÄZLGHU(UZDUWHQ³IHVWJHVWHOOWHSRVLWLYH.RUUHODWLRQ]ZLVFKHQGHU
/HEHQV]XIULHGHQKHLWXQGGHU:LFKWLJNHLWYRQH[WULQVLVFKHQ=LHOHQHUVFKHLQWIDVWHLQ
ZHQLJH[HPSODULVFKIUYRUOLHJHQGH)UDJHVWHOOXQJ]XVHLQ6HOEVWEHVWLPPWHH[WULQVL
VFKH0RWLYDWLRQZLUGYRUDOOHPEHLGHQPlQQOLFKHQ*\PQDVLDVWHQEHUGLHVR]LDOH
(LQJHEXQGHQKHLW XQG GLH (OWHUQ.LQG%H]LHKXQJ ]XKDXVH HUIROJUHLFK VR]LDOLVLHUW
'LHVHIDPLOLlUHQVR]LDOHQ)DNWRUHQLP-XJHQGDOWHUODVVHQVLFKDXFK-DKUHVSlWHU
LQ HLQHU K|KHUHQ /HEHQV]XIULHGHQKHLW XQG HLQHU JU|‰HUHQ %HUXIV]XIULHGHQKHLW QRFK
QDFKZHLVHQ 'LH %HIXQGH VSUHFKHQ IU GLH 6'7$QQDKPH GDVV H[WULQVLVFKH 0RWL
YDWLRQGXUFKJHOLQJHQGH%H]LHKXQJHQLQVHOEVWEHVWLPPWHH[WULQVLVFKHRGHULQWULQVL
VFKH 0RWLYDWLRQ EHUJHKHQ %HVRQGHUV LQWHUHVVDQW LVW GDVV GLHVH %HZHJXQJ EHL
PlQQOLFKHQ *\PQDVLDVWHQ EHU -DKUH KLQZHJ QDFKJHZLHVHQ ZHUGHQ NRQQWH (V
VWW]WGLHOHEHQVODXIEH]RJHQH$QQDKPHGDVVGLHLQGHUIUKHQ.LQGKHLWH[WHUQDXV
JHO|VWH /HLVWXQJVPRWLYDWLRQ PLWWHOV JXWHQ %H]LHKXQJHQ ]X %H]XJVSHUVRQHQ LP -X
JHQGDOWHU DOOPlKOLFK LQ HLQH VHOEVWEHVWLPPWH EHUJHKW XQG OHW]WOLFK LP (UZDFKVH
QHQDOWHULQGHULQWULQVLVFKHQRGHUVHOEVWEHVWLPPWEHUXIOLFKHQ:HLWHUELOGXQJVPRWLYD
WLRQDOVOHEHQVODQJHV/HUQHQQRFKQDFKZHLVEDULVW
6HLW %HJLQQ GHU HPSLULVFKHQ 6R]LDOIRUVFKXQJ EHVWHKW GLH *HIDKU DNWXHOOH )RU
VFKXQJVHUNHQQWQLVVH LP 6FKXODOOWDJ ]X HLQVHLWLJ HLQ]XVHW]HQ XQG YLHOHDOWEHZlKUWH
(U]LHKXQJVXQG%LOGXQJVSULQ]LSLHQYRUVFKQHOOEHU%RUG]XZHUIHQ6RZRKOEHLGHU
'HEDWWHXPGHQDQWLDXWRULWlUHQ(U]LHKXQJVVWLODOV5HDNWLRQDXIGHQDXWRULWlUHQEHLP
(LQVDW]YRQRIIHQHQ8QWHUULFKWVIRUPHQDOV$QWZRUWDXIGHQEHUZLHJHQGOHKUHU]HQW
ULHUWHQ)URQWDOXQWHUULFKWRGHUEHLGHUhEHUWUDJXQJNRQVWUXNWLYLVWLVFKHU3ULQ]LSLHQDOV
5HDNWLRQDXIGHQQDFKGHP1UQEHUJHU7ULFKWHUYHUVWDQGHQHQ.RJQLWLYLVPXVPHUN
WHQ YLHOH 3lGDJRJHQ LPPHU ZLHGHU GDVV VLH GDV 3HQGHO ]X IHVW KDEHQ DXVVFKODJHQ
ODVVHQ'LHKlXILJQHJDWLYHDVVR]LLHUWHH[WULQVLVFKH0RWLYDWLRQLVWDEHUJHPl‰GLHVHU
6WXGLHLP6LQQHYRQVHOEVWEHVWLPPWHU0RWLYDWLRQ±QHEHQGHULQWULQVLVFKHQ0RWLYD
WLRQ±HLQHZHVHQWOLFKH'HWHUPLQDQWHGHVOHEHQVODQJHQ/HUQHQVOHW]WHUHVNRUUHOLHUW
]XGHPDXFKPLWGHUDOOJHPHLQHQ/HEHQV]XIULHGHQKHLW
:LH VLQG QXQ GLH (UNHQQWQLVVH GLHVHU $UEHLW ]X YHURUWHQ" 'HU .RQVWDQ]HU /lQJV
VFKQLWW LVW DXIJUXQG GLYHUVHU )RUVFKXQJV]LHOH HQWVWDQGHQ 'LH :HLWHU
IKUXQJLQHLQHU-DKUHVSlWHUVWDWWILQGHQGHQ)ROORZ8S(UKHEXQJLP-DKUH
ZDUGDPDOVDEHUGHILQLWLYQLFKWYRUJHVHKHQ'LHVLVWGHU+DXSWJUXQGZDUXPGLHKLHU
)D]LWXQGSlGDJRJLVFKH6FKOXVVIROJHUXQJHQ
9HURUWXQJXQG6FKOXVVZRUW
]X7DJHJHI|UGHUWHQ(UJHEQLVVHUXQGXPGLHOlQJVVFKQLWWOLFKH(UIRUVFKXQJGHUÄGLI
IHUHQWLHOOHQ6R]LDOLVDWLRQYRQ/HLVWXQJVPRWLYDWLRQEHL-XJHQGOLFKHQGHU+DXSWVFKXOH
XQGGHV*\PQDVLXPV³PLWHLQHUJHZLVVHQ=XUFNKDOWXQJ]XZHUWHQVLQGYJODXFK
GLHLQ.DSLWHODXVIKUOLFKDXIJHIKUWHQ5HODWLYLHUXQJHQ*HUDGHXQWHU%HUFN
VLFKWLJXQJ GLHVHU 5HODWLYLHUXQJHQ XQG GHU 7DWVDFKH GDVV GLH GLIIHUHQWLHOOH 0HUN
PDOVVWDELOLWlW LP -XJHQGDOWHU WLHIHU DXVIlOOW DOV LQ DQGHUHQ $OWHUVDEVFKQLWWHQ YJO
.DS LVW HV DEHU VHKU HUVWDXQOLFK ZHOFKH Ä/HLVWXQJVPRWLYDWLRQVSKlQRPHQH³
VLFKEHUGLH'DXHUYRQ-DKUHQLQXQWHUVFKLHGOLFKHQ6FKXONRQWH[WHQQDFKZHLVHQ
ODVVHQ:HQQPDQLQVHLQHUHLJHQHQ%LRJUDILHHLQPDODQMHQH0RPHQWHGHQNWZHO
FKHZHQLJYRUKHUVHKEDUXQGGRFKVHKUSHUV|QOLFKNHLWVSUlJHQGZDUHQVRZUGHPDQ
ZDKUVFKHLQOLFK HLQHQ VLJQLILNDQWHQ 6WDELOLWlWVQDFKZHLV ]ZLVFKHQ XQG -DKUHQ
EHL LUJHQGHLQHP 3HUV|QOLFKNHLWVPHUNPDO LQ $EKlQJLJNHLW GHV 6FKXONRQWH[WHV HKHU
YHUQHLQHQDOVEHIUZRUWHQ
'LHEHUJUHLIHQGH)UDJHZDUXPVLFK3HUV|QOLFKNHLWVXQWHUVFKLHGHEHUKDXSWVWDELOL
VLHUHQVWHOOWVLFK$VHQGRUSILQVHLQHP%HLWUDJXQGKlOWIHVWGDVVGUHLP|JOL
FKH 8UVDFKHQ W\SLVFKHUZHLVH GLVNXWLHUW ZHUGHQ Ä]XQHKPHQGH 6HOEVWVWDELOLVLHUXQJ
HLQHV NRPSOH[HQ 9HUKDOWHQVV\VWHPV VWDELOLVLHUHQGH :LUNXQJ GHV NRQVWDQWHQ *H
QRPV XQG ]XQHKPHQGH 8PZHOWVWDELOLWlW³ YJO 6 $VHQGRUSI LVW VLFK PDQJHOV
HLQVFKOlJLJHUHPSLULVFKHU6WXGLHQQLFKWNODUGDUEHUREGLH7KHVHHLQHU]XQHKPHQ
GHQ8PZHOWVWDELOLWlW]XWULIIW'LHVHV9HUXUVDFKXQJVSULQ]LSGHU3HUV|QOLFKNHLWVVWDEL
OLVLHUXQJN|QQWHDEHUPLWGHQKLHUEHULFKWHWHQ5HVXOWDWHQJHVWW]WZHUGHQ'LHVR]LD
OH8PZHOWDP*\PQDVLXPDQGHU8QLYHUVLWlWRGHUGHUGDQDFKDXVJHEWH%HUXIZLU
NHQIUHKHPDOLJH PlQQOLFKHQ *\PQDVLDVWHQ VWDELOLVLHUHQGHUDOVGLH 8PZHOWEHGLQ
JXQJHQIUHKHPDOLJH+DXSWVFKOHULQGHU/HEHQVSKDVH]ZLVFKHQXQG-DKUHQ
8QWHU%HUFNVLFKWLJXQJGHULQWHUDNWLRQLVWLVFKHQ3HUVSHNWLYHPXVVDEHUGHU8UVDFKH
:LUNXQJV=XVDPPHQKDQJ ]ZLVFKHQ 8PZHOW XQG 3HUVRQ LPPHU LP $XJH EHKDOWHQ
ZHUGHQ,QWHUDNWLRQEHGHXWHWGDVVGLH)DNWRUHQ8PZHOWXQG3HUVRQVLFKJHJHQVHLWLJ
EHHLQIOXVVHQXQGVRPLWDXFKYHUVWlUNHQ(LQHEHUHLWVYRUKDQGHQHPLWWHOKRFKVWDELOH
3HUV|QOLFKNHLW NDQQ VLFK QRFK ZHLWHU VWDELOLVLHUHQ LQGHP VLH GLH 8PZHOW DNWLY DQ
SDVVW XQG GDPLW SHUV|QOLFKNHLWVLQNRPSDWLEOH 8PZHOWZLUNXQJHQ PLQLPLHUW $XFK
GLHVH (UNOlUXQJ GUIWH DXI GLH EHULFKWHWHQ 5HVXOWDWH VWLPPLJ EHUWUDJEDU VHLQ (LQ
OHLVWXQJVPRWLYLHUWVR]LDOLVLHUWHU*\PQDVLDVWPLW-DKUHQSDVVWVHLQH8PZHOWZDKU
VFKHLQOLFK ]X HLQHP JUR‰HQ 7HLO VHOEVW DNWLY DQ LQGHP HU HEHQIDOOV OHLVWXQJVRULHQ
WLHUWH)UHXQGHDXVVXFKWXQGLQWHUHVVDQWH/HEHQVNRQWH[WHHUVFKOLH‰WZHLOOHW]WOLFKGHU
:XQVFKQDFKHLQHPHUIROJUHLFKHQ8QLYHUVLWlWVVWXGLXPDOV(QG]LHOWLHIYHUDQNHUWLVW
=XGHPEHVWlWLJWVLFKHLQPDOPHKUGDVLPHLJHQWOLFKHQ6LQQSDUDGR[H(UJHEQLV'LH
JXW $XVJHELOGHWHQ ELOGHQ VLFK PHKU ZHLWHU DOV GLH ZHQLJHU JXW $XVJHELOGHWHQ RE
ZRKOOHW]WHUHHVDPQ|WLJVWHQKlWWHQ'LHIUKH6HOHNWLRQLP%LOGXQJVZHVHQXQGGLH
VLFKGDYRQDEKlQJLJJH]HLJWH(OWHUQ.LQG%H]LHKXQJGUIWHQZRKO]XGHQ9HUXUVD
FKHUQ GLHVHU PRWLYDWLRQDOHQ 3UlJXQJ LP IUKHQ (UZDFKVHQHQDOWHU JHK|UHQ ,P *H
JHQVDW]GD]XGUIWHQGDVEHUXIOLFKH=LHOHLQHVHKHPDOLJHQ+DXSWVFKOHUVPLW-DK
UHQXQGGLHGD]XJHK|ULJHQVR]LDOHQ.RQWH[WHQRFKZHLWKHWHURJHQHUXQGVRPLWZH
)D]LWXQGSlGDJRJLVFKH6FKOXVVIROJHUXQJHQ
9HURUWXQJXQG6FKOXVVZRUW
QLJHUVWDELOLVLHUHQGZLUNHQ(LQHQLFKWRSWLPDOH(OWHUQ.LQG%H]LHKXQJGUIWHGDQQ
GDVLKULJH]XGLHVHP3UR]HVVQRFKLP:HLWHUHQEHLWUDJHQ
'LH YRQ $VHQGRUSI 6 HUZlKQWH 0HWDSKHU GHU 3HUV|QOLFKNHLW LQ *HVWDOW
HLQHU/DZLQHNDQQGLHVHV)D]LWJXWLOOXVWULHUHQ,VWHLQH/DZLQHDXIJUXQGYRQHLQ]HO
QHQ 6FKQHHElOOHQ RGHU 6FKQHHNOXPSHQ LQV 5ROOHQ JHNRPPHQ XQG LVW GDQQ HLQPDO
HLQHNULWLVFKH0D‰HEHUVFKULWWHQUHL‰WVLHDOOHVLQQlKHUHU8PJHEXQJPLWVLFKZDV
EHLLKUHU(QWVWHKXQJVFKQHHKHPPHQGZLUNW6RHEQHWVLHVLFKLKUH)DKUWLQV7DOHLQ
]LJ%HUJHN|QQHQVLHQRFKDXIKDOWHQ'LH%HUJHN|QQWHQLP/HEHQVODXIHLQHU3HUVRQ
HLQVFKQHLGHQGH(UOHEQLVVHZLHVFKPHU]HQGH%HVFKUlQNXQJHQXQG8QJOFNVIlOOHLP
SRVLWLYHQ 6LQQH DEHU DXFK PRWLYLHUHQGH *OFNVIlOOH XQG QHXH :HJ|IIQXQJHQ VHLQ
GLH3HUV|QOLFKNHLWVHLJHQVFKDIWHQZHVHQWOLFKPLWEHVWLPPHQ
(V JLOW IHVW]XKDOWHQ GDVV 6FKXOH GLH 3HUV|QOLFKNHLWVHQWZLFNOXQJ YRQ .LQGHUQ XQG
-XJHQGOLFKHQ ZHLW LQV (UZDFKVHQHQDOWHU KLQHLQ QDFKKDOWLJ SUlJW bKQOLFK ZLH GLH
YRU]XJVZHLVHQLFKWDXIVFKQHOOHQ3URILWRULHQWLHUWH8QWHUQHKPXQJVVWUDWHJLHLQ=HLWHQ
YRQ :DQGHO XQG .ULVHQ ZUGH VLFK ZRKO DXFK LQ GHU %LOGXQJ HLQH PRWLYDWLRQDO
OlQJHUIULVWLJH 3HUVSHNWLYHQHLQQDKPH YRQ 6HLWHQ GHU (OWHUQ XQG /HKUHUQ QDFKKDOWLJ
DXI HLQ OHEHQVODQJHV /HUQHQ XQG HLQH KRKH %LOGXQJVEHWHLOLJXQJ YLHOHU EH]DKOW PD
FKHQ'LHJDQ]KHLWOLFKH3HUV|QOLFKNHLWVWKHRULHGHU6HOEVWEHVWLPPXQJ6'7PLWGHQ
GUHL SURSDJLHUWHQ *UXQGEHGUIQLVVHQ .RPSHWHQ]HUOHEHQ $XWRQRPLH XQG VR]LDOH
(LQELQGXQJWUlJWGLHVHU$EVLFKW5HFKQXQJ
'LHQDFKJHZLHVHQHQ:LUNXQJVPHFKDQLVPHQJXWHU%H]LHKXQJHQ]X(OWHUQXQG/HK
UHUQDOV0RWRUHQGHU/HLVWXQJVPRWLYDWLRQLPIUKHQ-XJHQGDOWHUXQGVRGDQQDOVNHW
WHQDUWLJH)RUWVHW]XQJLQGHU:HLWHUELOGXQJVPRWLYDWLRQLP(UZDFKVHQHQDOWHU]HLJHQ
GDVVVR]LDOHPRWLRQDOH)DNWRUHQLKUH6SXUHQKLQWHUODVVHQZHQQGLH)UDJHQDFKGHU
SURGXNWLYHQ/HEHQVJHVWDOWXQJJHVWHOOWZLUG'LHVHV)D]LWGDUIEHLGHUYRUDOOHPNRJ
QLWLY JHSUlJWHQ 'LVNXVVLRQ UXQG XP 3,6$ XQG ZHLWHUHQ NRJQLWLYHQ /HLVWXQJVPHV
VXQJVWHVWVQLFKW]XNXU]NRPPHQ
9HUJHVVHQZLUDOVRQLFKWGDVVGHU0HQVFKVWHWVVR]LDOPRWLYLHUWLVWXQGHUVWGDGXUFK
]X ZHVHQWOLFKHQ 6R]LDOLVDWLRQVHUIDKUXQJHQ NRPPW ZDV YRUOLHJHQGH %HIXQGH HLQ
GUFNOLFK JH]HLJW KDEHQ *HPHLQVFKDIWVELOGXQJ XQG JXWH %H]LHKXQJVYHUKlOWQLVVH
VLQG GLH 9RUDXVVHW]XQJHQ IU GLH JDQ]KHLWOLFKH XQG OHW]WOLFK ODQJIULVWLJ ZLUNHQGH
/HUQXQG/HLVWXQJVPRWLYDWLRQ(VNDQQQLHGLH5HGHVHLQYRQQRUPDWLYHQXQGYRU
EHVWLPPWHQ/HEHQVYHUOlXIHQMHGRFKGXUFKDXVYRQVR]LDODXVJHO|VWHQXQGEHVFKOHX
QLJWHQ Ä/DZLQHQ³ RGHU Ä5HLVHURXWHQ³ GHUHQ MH HLJHQH '\QDPLN ]X HLQHP JUR‰HQ
7HLOGXUFKGLH:HUWVFKlW]XQJXQGGLHVR]LDOH$QHUNHQQXQJYRQ6HLWHQGHU%H]XJV
SHUVRQHQYRUEHVWLPPWLVW
9HU]HLFKQLVVH
/LWHUDWXUYHU]HLFKQLV
9HU]HLFKQLVVH
/LWHUDWXUYHU]HLFKQLV
$EUDKDPV))6RPPHUNRUQ,1$UEHLWVZHOW)DPLOLHQVWUXNWXUXQG6R]LDOLVD
WLRQ ,Q . +XUUHOPDQQ +UVJ 6R]LDOLVDWLRQ XQG /HEHQVODXI 6 5HLQEHN E
+DPEXUJ5RZRKOW
$FKHUPDQQ(0LW.LQGHUQ6FKXOHPDFKHQ=ULFK9HUODJ/HKUHULQQHQXQG/HK
UHUGHU6FKZHL]/&+
$UQHW 5 /RRVHU ' $N]HSWDQ] GHU 9RONVVFKXOH (YDOXDWLRQ GHU 9RONV
VFKXOTXDOLWlWLQGHQ.DQWRQHQ=ULFKXQG7KXUJDXDXV6LFKWHLQHUUHSUlVHQWDWLYHQ(O
WHUQVFKDIW )RUVFKXQJVEHUHLFK Ä%LOGXQJVV\VWHP XQG +XPDQHQWZLFNOXQJ³ 3lGDJRJL
VFKHV ,QVWLWXW GHU 8QLYHUVLWlW =ULFK 'RZQORDG KWWSHGXGRFFKJHWILOHS\"UHFLG 6WDQG
$VHQGRUSI-%3V\FKRORJLHGHU3HUV|QOLFKNHLW%HUOLQ6SULQJHU
$VHQGRUSI-%'LH3HUV|QOLFKNHLWDOV/DZLQH:DQQXQGZDUXPVLFK3HUV|QOLFK
NHLWVXQWHUVFKLHGH VWDELOLVLHUHQ ,Q * -WWHPDQQ + 7KRPDH +UVJ 3HUV|QOLFKNHLW
XQG(QWZLFNOXQJ6:HLQKHLP%HOW]
$WNLQVRQ-:$QLQWURGXFWLRQWRPRWLYDWLRQ1HZ<RUN'9DQ1RVWUDQG
$WNLQVRQ - : 0RWLYDWLRQDO GHWHUPLQDQW RI ULVNWDNLQJ EHKDYLRU 3V\FKRORJLFDO
5HYLHZ
%DFNKDXV.(ULFKVRQ%3OLQNH::HLEHU50XOWLYDULDWH$QDO\VHPHWKR
GHQ(LQHDQZHQGXQJVRULHQWLHUWH(LQIKUXQJ$XIO%HUOLQ6SULQJHU
%DFNKDXV.(ULFKVRQ%3OLQNH::HLEHU5,QWHUQHWSODWWIRUP]XPXOWLYD
ULDWHQ$QDO\VHPHWKRGHQZZZPXOWLYDULDWHGH6WDQG
%DQGXUD $ 6RFLDO IRXQGDWLRQ RI WKRXJKW DQG DFWLRQ $ VRFLDO FRJQLWLYH WKHRU\
(QJOHZRRG&OLIIV1-3UHQWLFH+DOO
%DUQHWW5&6H[GLIIHUHQFHVDQGDJHWUHQGVLQRFFXSDWLRQDOSUHIHUHQFHDQGRFFX
SDWLRQDOSUHVWLJH-RXUQDORI&RXQVHOLQJ3V\FKRORJ\
%DXHU-3ULQ]LS0HQVFKOLFKNHLW± :DUXPZLUYRQ1DWXUDXVNRRSHULHUHQ+DP
EXUJ+RIIPDQQ&DPSH
%DXHU-D(U]LHKXQJDOV6SLHJHOXQJ'LHSlGDJRJLVFKH%H]LHKXQJDXVGHP%OLFN
ZLQNHOGHU+LUQIRUVFKXQJ5HIHUDWYRP6HSWHPEHULQGHU*HVDPWVFKXOH%HU
JHGRUI]XP7KHPD%H]LHKXQJHQXQG%H]LHKXQJVNRPSHWHQ]±HLQ%OLFNDXIGLH6FKXOH
DXV QHXURELRORJLVFKHU 6LFKW 'RZQORDG ZZZVFKXOTXDOLWDHWVYVKDPEXUJGH
LQGH[SKSILOHGRZQORDG6WDQG
%DXHU - E /RE GHU 6FKXOH 6LHEHQ 3HUVSHNWLYHQ IU 6FKOHU /HKUHU XQG (OWHUQ
+DPEXUJ+RIIPDQQ&DPSH
%DXPHUW-.OLPH(1HXEUDQG03UHQ]HO06FKLHIHOH86FKQHLGHU:7LOOPDQQ
.-:HLVV06R]LDOH%HGLQJXQJHQYRQ6FKXOOHLVWXQJHQ]XU(UIDVVXQJYRQ
.RQWH[WPHUNPDOHQGXUFK6FKOHU6FKXOXQG(OWHUQIUDJHERJHQ%HUOLQ0D[3ODQFN
,QVWLWXWIU%LOGXQJVIRUVFKXQJ
%DXPULQG ' &XUUHQW SDWWHUQV RI SDUHQWDO DXWKRULW\ 'HYHORSPHQWDO 3V\FKRORJ\
0RQRJUDSKV
%DXPULQG'7KH,QIOXHQFHRISDUHQWLQJVW\OHRQDGROHVFHQWFRPSHWHQFHDQGVXE
VWDQFHXVH-RXUQDORI(DUO\$GROHVFHQFH
9HU]HLFKQLVVH
/LWHUDWXUYHU]HLFKQLV
%HOVN\-6WHLQEHUJ/'UDSHU3&KLOGKRRGH[SHULHQFHLQWHUSHUVRQDOGHYH
ORSPHQWDQGUHSURGXFWLYHVWUDWHJ\$QHYROXWLRQDU\WKHRU\RIVRFLDOL]DWLRQ&KLOG'H
YHORSPHQW
%HUJHU ) )HQG + .RQWLQXLWlW XQG :DQGHO LQ GHU DIIHNWLYHQ %H]LHKXQJ ]ZL
VFKHQ(OWHUQXQG.LQGHUQYRP-XJHQGELVLQV(UZDFKVHQHQDOWHU=HLWVFKULIWIU6R]LR
ORJLHGHU(U]LHKXQJXQG6R]LDOLVDWLRQ
%HUJHU ) hEHUEOLFN EHU 6WDWLVWLNHQ GHU 0RGHOOJWH ,QIRUPDWLRQVEODWW ]XP
:RUNVKRSÄ6WUXNWXUJOHLFKXQJVPRGHOOHPLW$026³DP6*)%.RQJUHVVLQ.UHX]
OLQJHQ&+8QYHU|II9RUWUDJVGRNXPHQW
%HUJHU)*URE8)HQG+/DXWHUEDFK:0|JOLFKNHLWHQ]XU2SWLPLHUXQJ
GHU 5FNODXITXRWH LQ SRVWDOLVFKHQ %HIUDJXQJHQ %HULFKW EHU GLH 9RUVWXGLH ]XP )RU
VFKXQJVSURMHNW/LI(=HLWVFKULIWIU6R]LRORJLHGHU(U]LHKXQJXQG6R]LDOLVDWLRQ
%LHUL%XVFKRU&)RUUHU(0DDJ0HUNL.:HLWHUELOGXQJVEHUHLWVFKDIWMXQJHU
(UZDFKVHQHU LQ GHU 6FKZHL] (UVWH (UJHEQLVVH DXV GHQ (LGJHQ|VVLVFKHQ -XJHQG XQG
5HNUXWHQEHIUDJXQJHQ ÄFK[³ 6FKZHL]HULVFKH =HLWVFKULIW IU %LOGXQJVZLV
VHQVFKDIWHQ
%LOGXQJVNRPPLVVLRQ15:=XNXQIWGHU%LOGXQJ±6FKXOHGHU=XNXQIW'HQNVFKULIW
GHU.RPPLVVLRQ³=XNXQIWGHU%LOGXQJ±6FKXOHGHU=XNXQIW´EHLP0LQLVWHUSUlVLGHQWHQ
GHV/DQGHV1RUGUKHLQ:HVWIDOHQ1HXZLHG/XFKWHUKDQG
%ROOQRZ2)'LHSlGDJRJLVFKH$WPRVSKlUH8QWHUVXFKXQJEHUGLHJHIKOVPl
‰LJHQ ]ZLVFKHQPHQVFKOLFKHQ 9RUDXVVHW]XQJHQ GHU (U]LHKXQJ +HLGHOEHUJ 4XHOOH 0H\HU
%RV:+RUQEHUJ6$UQROG.+)DXVW*)ULHG//DQNHV(06FKZLSSHUW.
9DOWLQ5+UVJ,*/8/HVHNRPSHWHQ]HQYRQ*UXQGVFKXONLQGHUQLQ
'HXWVFKODQGLPLQWHUQDWLRQDOHQ9HUJOHLFK0QVWHU:D[PDQQ
%RXUGLHX 3 gNRQRPLVFKHV .DSLWDO NXOWXUHOOHV .DSLWDO VR]LDOHV .DSLWDO ,Q 5
.UHFNHO +UVJ 6R]LDOH 8QJOHLFKKHLWHQ 6 6R]LDOH :HOW 6RQGHUEDQG *|WWLQJHQ6FKZDUW]
%RZOE\-$WWDFKPHQWDQGORVV9RO,6HSDUDWLRQ1HZ<RUN%DVLF%RRNV
%R\XP/$3DUNH5'7KHUROHRIIDPLO\HPRWLRQDOH[SUHVVLYHQHVVLQWKH
GHYHORSPHQWRIFKLOGUHQ
VVRFLDOFRPSHWHQFH-RXUQDORI0DUULDJHDQGWKH)DPLO\
%UlX . 6HOEVWVWlQGLJHV /HUQHQ LQ GHU J\PQDVLDOHQ 2EHUVWXIH *UXQGODJHQ ±
)DOOEHLVSLHO±$QUHJXQJHQIUGLH3UD[LV+RKHQJHKUHQ6FKQHLGHU
%ULHFKOH5)HQG+6FKXOWKHL‰0/HKOH%$XVZHUWXQJVYHUIDKUHQIU%HUX
IHXQG%HUXIVZQVFKH.RQVWDQ]8QLYHUVLWlW.RQVWDQ]
%XFKPDQQ0)HQG+3URMHNWPLWDUEHLWHU&2&215HSUlVHQWDWLYVWXGLH&RP
SHWHQFH DQG &RQWH[W ± 6FKZHL]HU %HIUDJXQJ YRQ .LQGHUQ XQG -XJHQGOLFKHQ =XVDP
PHQIDVVXQJGHUHUVWHQ)RUVFKXQJVHUJHEQLVVH-DFREV&HQWHUDQGHU8QLYHUVLWlW=ULFK
'RZQORDGZZZFRFRQX]KFKGHSXEOLNDWLRQHQKWPO6WDQG
%XFKPDQQ0.|QLJ0+RQJ/L-6DFFKL6:HLWHUELOGXQJXQG%HVFKlIWL
JXQJVFKDQFHQ=ULFK5HJJHU9HUODJ
%XHE%/REGHU'LV]LSOLQ(LQH6WUHLWVFKULIW%HUOLQ/LVW
%KO$=|IHO363669HUVLRQ(LQIKUXQJLQGLHPRGHUQH'DWHQDQDO\VH
XQWHU:LQGRZV0QFKHQ$GGLVRQ:HVOH\
%KQHU0(LQIKUXQJLQGLH7HVWXQG)UDJHERJHQNRQVWUXNWLRQ0QFKHQ3HDU
VRQ6WXGLXP
9HU]HLFKQLVVH
/LWHUDWXUYHU]HLFKQLV
%XVVPDQQ.'+RUQ:(OWHUQVWUDIHQ±/HKUHUVWUDIHQ(LQH8QWHUVXFKXQJ]XU
6WUDISUD[LVLQ6FKXOHXQG)DPLOLH,Q-%DVWLDQ+UVJÄ6WUDIHPXVVVHLQ³"'DV6WUDI
SUREOHP]ZLVFKHQ7DEXXQG:LUNOLFKNHLW6:HLQKHLP%HOW]
%\UQH - % &RJQLWLYH GHYHORSPHQW DQG OHDUQLQJ LQ LQVWUXFWLRQDO FRQWH[WV
1HHGKDP+HLJKWV$OO\Q%DFRQ
&DPHURQ-3LHUFH:'5HLQIRUFHPHQWUHZDUGDQGLQWULQVLFPRWLYDWLRQ$
PHWDDQDO\VLV5HYLHZRI(GXFDWLRQDO5HVHDUFK
&DVSL$3HUVRQDOLW\GHYHORSPHQWDFURVVWKHOLIHFRXUVH,Q:'DPRQ6HU(G
1(LVHQEHUJ9RO(G+DQGERRNRI&KLOG3V\FKRORJ\9RO6RFLDOHPRWLRQDO
DQGSHUVRQDOLW\GHYHORSPHQWSS1HZ<RUN:LOH\
&KDUPVGH53HUVRQDOFDXVDWLRQ1HZ<RUN$FDGHPLF3UHVV
&KRL ) 6FKPLGW 8 /HLVWXQJVPLOLHXV XQG %LOGXQJVRSWLRQHQ (LQH H[SORUDWLYH
6WXGLH ]X 8UVDFKHQ VR]LDOHU 8QJOHLFKKHLW LP %LOGXQJVV\VWHP ,Q 8 6FKPLGW +UVJ
hEHUJlQJH LP %LOGXQJVV\VWHP 0RWLYDWLRQ ± (QWVFKHLGXQJ ± =XIULHGHQKHLW 6 :LHVEDGHQ9HUODJIUGLH6R]LDOZLVVHQVFKDIWHQ
&LRPSL / $IIHNWORJLN hEHU GLH 6WUXNWXU GHU 3V\FKH XQG LKUH (QWZLFNOXQJ (LQ
%HLWUDJ]XU6FKL]RSKUHQLHIRUVFKXQJ6WXWWJDUW.OHWW&RWWD
&ODUN50+RPHZRUN±IRFXVHGSDUHQWLQJSUDFWLFHVWKDWSRVLWLYHO\DIIHFWVWXGHQW
DFKLHYHPHQW,Q1)&KDUNLQ(G)DPLOLHVDQGVFKRROVLQDSOXUDOLVWLFVRFLHW\SS
1HZ<RUN6WDWH8QLYHUVLW\RI1HZ<RUN3UHVV
&RKQ 5 & 9RQ GHU 3V\FKRDQDO\VH ]XU WKHPHQ]HQWULHUWHQ ,QWHUDNWLRQ 9RQ GHU
%HKDQGOXQJHLQ]HOQHU]XHLQHU3lGDJRJLNIUDOOH6WXWWJDUW.OHWW&RWWD
&ROHPDQ-66RFLDOFDSLWDOLQWKHFUHDWLRQRIKXPDQFDSLWDO$PHULFDQ-RXUQDORI
6RFLRORJ\
&ROOLQV$%URZQ-61HZPDQ6(&RJQLWLYHDSSUHQWLFHVKLS7HDFKLQJWKH
FUDIWVRIUHDGLQJZULWLQJDQGPDWKHPDWLFV,Q/%5HVQLFN(G.QRZLQJOHDUQLQJ
DQGLQVWUXFWLRQ(VVD\VLQKRQRURI5REHUW*ODVHUSS+LOOVGDOH1-/DZ
UHQFH(UOEDXP
&RYLQJWRQ 0 / 0DNLQJ WKH JUDGH $ VHOIZRUWK SHUVSHFWLYH RQ PRWLYDWLRQ DQG
VFKRROUHIRUP1HZ<RUN&DPEULGJH8QLYHUVLW\3UHVV
&RZDQ 3 $ 0F+DOH - 3 &RSDUHQWLQJ LQ D )DPLO\ &RQWH[W (PHUJLQJ
$FKLHYHPHQWV &XUUHQW 'LOHPPDV DQG )XWXUH 'LUHFWLRQV ,Q - 3 0F+DOH 3 $
&RZDQ(GV8QGHUVWDQGLQJKRZIDPLO\OHYHOG\QDPLFVDIIHFWFKLOGUHQ
VGHYHORSPHQW
VWXGLHVRIWZRSDUHQWIDPLOLHV1HZ'LUHFWLRQVIRU&KLOG'HYHORSPHQW1RSS
6DQ)UDQFLVFR-RVVH\%DVV
&URQEDFK/6QRZ5$SWLWXGHVDQGLQVWUXFWLRQDOPHWKRGVDKDQGERRNIRUUH
VHDUFKRQLQWHUDFWLRQV1HZ<RUN,UYLQJWRQ3XEOLVKHUV
&VLNV]HQWPLKDO\L 0 6FKLHIHOH 8 'LH 4XDOLWlW GHV (UOHEHQV XQG GHU 3UR]HVV
GHV/HUQHQV=HLWVFKULIWIU3lGDJRJLN
&VLNV]HQWPLKDO\L0'DV)ORZ(UOHEHQ6WXWWJDUW.OHWW&RWWD
&]HUZHQND . 1|OOH . 3DXVH * 6FKORWWKDXV : 6FKPLGW + - %HULFKW
EHUHLQH,QWHUQDWLRQDOH8QWHUVXFKXQJYRQ6FKOHUXUWHLOHQEHUGLH6FKXOH$EVFKOX‰
EHULFKWIUGLH')*8QLYHUVLWlW/QHEXUJ
'HFL ( / 5\DQ 5 0 ,QWULQVLF PRWLYDWLRQ DQG VHOIGHWHUPLQDWLRQ LQ KXPDQ
EHKDYLRU1HZ<RUN3OHQXP
'HFL(/5\DQ50$PRWLYDWLRQDODSSURDFKWRVHOI,QWHJUDWLRQLQSHUVRQD
OLW\,Q5'LHQVWELHU(G1HEUDVNDV\PSRVLXPRQPRWLYDWLRQSHUVSHFWLYHVRQPRWL
YDWLRQ9ROSS/LQFROQ1(8QLYHUVLW\RI1HEUDVND3UHVV
9HU]HLFKQLVVH
/LWHUDWXUYHU]HLFKQLV
'HFL(/5\DQ50'LH6HOEVWEHVWLPPXQJVWKHRULHGHU0RWLYDWLRQXQGLKUH
%HGHXWXQJIUGLH3lGDJRJLN=HLWVFKULIWIU3lGDJRJLN
'HFL(/5\DQ507KHZKDWDQGZK\RIJRDOSXUVXLWV+XPDQQHHGV
DQGWKHVHOIGHWHUPLQDWLRQRIEHKDYLRU3V\FKRORJLFDO,QTXLU\
'HFL(/.RHVWQHU55\DQ50([WULQVLFUHZDUGVDQGLQWULQVLFPRWLYDWLRQ
LQHGXFDWLRQUHFRQVLGHUHGRQFHDJDLQ5HYLHZRI(GXFDWLRQDO5HVHDUFK
'HFL(/9DOOHUDQG5-3HOOHWLHU/*5\DQ500RWLYDWLRQDQGHGXFD
WLRQ7KHVHOIGHWHUPLQDWLRQSHUVSHFWLYH7KH(GXFDWLRQDO3V\FKRORJLVW
'HXWVFKHV3,6$.RQVRUWLXP+UVJ3,6$%DVLVNRPSHWHQ]HQYRQ6FKOHULQ
QHQXQG6FKOHUQLPLQWHUQDWLRQDOHQ9HUJOHLFK2SODGHQ/HVNH%XGULFK
(FFOHV - %DUEHU % / 6WXGHQW FRXQFLO YROXQWHHULQJ EDVNHWEDOO RU PDUFKLQJ
EDQG :KDW NLQG RI H[WUDFXUULFXODU SDUWLFLSDWLRQ PDWWHUV" -RXUQDO RI $GROHVFHQW 5H
VHDUFK
(FFOHV-:LJILHOG$0RWLYDWLRQDOEHOLHIVYDOXHVDQGJRDOV$QQXDO5HYLHZRI
3V\FKRORJ\
(FFOHV - 6 0LGJOH\ & 6WDJHHQYLURQPHQW ILW 'HYHORSPHQWDOO\ DSSURSULDWH
FODVVURRPVIRUHDUO\DGROHVFHQWV,Q5($PHV&$PHV(GV5HVHDUFKRQPRWL
YDWLRQLQHGXFDWLRQ9ROSS1HZ<RUN$FDGHPLF
(FFOHV-6:LJILHOG$6FKLHIHOH80RWLYDWLRQWRVXFFHHG,Q:'DPRQ
1 (LVHQEHUJ (GV +DQGERRN RI FKLOG SV\FKRORJ\ )LIWK HGLWLRQ 9ROXPH 6RFLDO
HPRWLRQDODQGSHUVRQDOLW\GHYHORSPHQWSS1HZ<RUN:LOH\6RQV
(GHOPDQQ:/HUQSV\FKRORJLHYROOVWEHUDUE$XIO:HLQKHLP%HOW]
(GHU)6FKXOXQG.ODVVHQNOLPD$XVSUlJXQJ'HWHUPLQDQWHQXQG:LUNXQJHQGHV
.OLPDVDQK|KHUHQ6FKXOHQ:LHQ6WXGLHQYHUODJ
([HOHU-:LOG('LH5ROOHGHV(OWHUQKDXVHVIUGLH)|UGHUXQJVHOEVWEHVWLPP
WHQ/HUQHQV8QWHUULFKWVZLVVHQVFKDIW
)DQ ;7KRPSVRQ % :DQJ / (IIHFWV RI VDPSOH VL]H HVWLPDWLRQ PHWKRGV
DQG PRGHOVSHFLILFDWLRQ RQ VWUXFWXUDOHTXDWLRQ PRGHOLQJ ILW LQGH[HV 6WUXFWXUDO (TXD
WLRQ0RGHOLQJ
)HOGPDQ66)LVKHU/6HLWHO/7KHHIIHFWRISDUHQWV
PDULWDOVDWLVIDFWLRQRQ
\RXQJDGXOWV
DGDSWDWLRQ$ORQJLWXGLQDOVWXG\-RXUQDORI5HVHDUFKRQ$GROHVFHQFH
)HQG+6FKXONOLPD6R]LDOH(LQIOXVVSUR]HVVHLQGHU6FKXOH:HLQKHLP%HOW]
)HQG+7KHRULHGHU6FKXOH0QFKHQ8UEDQXQG6FKZDU]HQEHUJ
)HQG+9RP.LQG]XP-XJHQGOLFKHQ'HUhEHUJDQJXQGVHLQH5LVLNHQ(QWZLFN
OXQJVSV\FKRORJLHGHU$GROHV]HQ]LQGHU0RGHUQH%G,%HUQ+XEHU
)HQG+D,GHQWLWlWVHQWZLFNOXQJLQGHU$GROHV]HQ]/HEHQVHQWZUIH6HOEVWILQGXQJ
XQG :HOWDQHLJQXQJ LQ EHUXIOLFKHQ IDPLOLlUHQ XQG SROLWLVFKZHOWDQVFKDXOLFKHQ %HUHL
FKHQ(QWZLFNOXQJVSV\FKRORJLHGHU$GROHV]HQ]LQGHU0RGHUQH%G,,%HUQ+XEHU
)HQG+E6FKXOHXQG3HUV|QOLFKNHLW(LQH%LODQ]GHU.RQVWDQ]HU)RUVFKXQJHQ]XU
6R]LDOLVDWLRQ LQ %LOGXQJVLQVWLWXWLRQHQ ,Q 5 3HNUXQ + )HQG +UVJ 6FKXOH XQG
3HUV|QOLFKNHLWVHQWZLFNOXQJ66WXWWJDUW(QNH
)HQG+'HU8PJDQJPLW6FKXOHLQGHU$GROHV]HQ]$XIEDXXQG9HUOXVWYRQ0RWL
YDWLRQ XQG 6HOEVWDFKWXQJ (QWZLFNOXQJVSV\FKRORJLH GHU $GROHV]HQ] LQ GHU 0RGHUQH
%G,9%HUQ+XEHU
)HQG + (OWHUQ XQG )UHXQGH 6R]LDOH (QWZLFNOXQJ LP -XJHQGDOWHU %G 9 %HUQ
+XEHU
9HU]HLFKQLVVH
/LWHUDWXUYHU]HLFKQLV
)HQG+D1HXH7KHRULHGHU6FKXOH'DV%LOGXQJVZHVHQDOVLQVWLWXWLRQHOOHU$NWHXU
GHU0HQVFKHQELOGXQJ/HKUEXFK:LHVEDGHQ9HUODJIU6R]LDOZLVVHQVFKDIWHQ
)HQG + E 0RELOLWlW GHU %LOGXQJVODXIEDKQHQ QDFK GHU 6FKXOVWXIH .RSSHOXQJ
XQG (QWNRSSHOXQJ YRQ %LOGXQJVYHUOlXIHQ XQG %HUXIVDXVELOGXQJ DQ GLH 6FKXOIRUP]X
JHK|ULJNHLW ± QHXH &KDQFHQ RGHU DOWH 'HWHUPLQDQWHQ" ,Q : *HRUJ +UVJ 6R]LDOH
8QJOHLFKKHLW LP %LOGXQJVV\VWHP (LQH HPSLULVFKWKHRUHWLVFKH %HVWDQGHVDXIQDKPH 6
.RQVWDQ]89.
)HQG+%HUJHU)(LQIKUXQJLQGHQ7KHPHQVFKZHUSXQNW=HLWVFKULIWIU6R
]LRORJLHGHU(U]LHKXQJXQG6R]LDOLVDWLRQ
)HQG + .Q|U]HU : 1DJO : 6SHFKW : 9lWK6]XVG]LDUD 5 6R]LDOLVD
WLRQVHIIHNWHLQGHU6FKXOH:HLQKHLP%HOW]
)HQG+3UHVWHU+*'RNXPHQWDWLRQGHU6NDOHQGHV3URMHNWV(QWZLFNOXQJLP
-XJHQGDOWHU8QLYHUVLWlW.RQVWDQ]
)HQG+6W|FNOL*'HU(LQIOX‰GHV%LOGXQJVV\VWHPVDXIGLH+XPDQHQWZLFN
OXQJ(QWZLFNOXQJVSV\FKRORJLHGHU6FKXO]HLW,Q)(:HLQHUW+UVJ3V\FKRORJLHGHV
8QWHUULFKWV XQG GHU 6FKXOH (Q]\NORSlGLH GHU 3V\FKRORJLH 6HULH 3lGDJRJLVFKH 3V\
FKRORJLH%G6*|WWLQJHQ+RJUHIH
)LQVWHUZDOG00RWLYDWLRQXQG6FKXOEHUJDQJ%HUOLQ/RJRV9HUODJ
)LVFKHU 1 5XVWHPH\HU 5 0RWLYDWLRQVHQWZLFNOXQJ XQG VFKOHUSHU]LSLHUWHV
/HKUNUDIWYHUKDOWHQLP0DWKHPDWLNXQWHUULFKW=HLWVFKULIWIU3lGDJRJLVFKH3V\FKRORJLH
)RQWDLQH$0$FKLHYHPHQWPRWLYDWLRQDQGFKLOGUHDULQJLQGLIIHUHQWVRFLDOFRQ
WH[WV(XURSHDQ-RXUQDORI3V\FKRORJ\RI(GXFDWLRQ
)UHL%3lGDJRJLVFKH$XWRULWlW(LQHHPSLULVFKH8QWHUVXFKXQJEHL6FKOHULQQHQ
6FKOHUQXQG/HKUSHUVRQHQGHUXQG6FKXONODVVH0QVWHU:D[PDQQ
)ULHGULFK+%H]LHKXQJHQ]X.LQGHUQJHVWDOWHQ:HLQKHLP%DVHO%HOW]
*DOSHU$:LJILHOG$6HHIHOGW&+HDGVWDUWSDUHQWV
EHOLHIVDERXWWKHLUFKLO
GUHQ
V DELOLWLHV WDVN YDOXHV DQG SHUIRUPDQFHV RQ GLIIHUHQW DFWLYLWLHV &KLOG 'HYHORS
PHQW
*DQ]HERRP+%*'H*UDDI307UHLPDQ'-$VWDQGDUGLQWHUQDWLRQDO
VRFLRHFRQRPLFLQGH[RIRFFXSDWLRQDOVWDWXV6RFLDO6FLHQFH5HVHDUFK
*DVVHU3'LGDNWLVFKH,PSXOVH]XGHQHUZHLWHUWHQ/HUQIRUPHQXQG]XHLQHUQHXHQ
/HUQNXOWXU*HUODILQJHQ(LJHQYHUODJ
*I.&XVWRP5HVHDUFK3UHVVHPLWWHLOXQJ,QWHUQDWLRQDOH*I.6WXGLH]XP9HUWUDXHQ
GHU %UJHU LQ YHUVFKLHGHQH %HUXIVJUXSSHQ 1UQEHUJ *I. 'RZQORDG
KWWSZZZLKDJINFKJIN8SORDGV8VHU3U5HSGI6WDQG
*LHVHFNH+=ZLVFKHQ1lKHXQG'LVWDQ]Ä6R]LDOHV/HUQHQ³LQ)DPLOLHXQG6FKX
OH'LH'HXWVFKH6FKXOH
*LOO%6FKXOHLQGHU:LVVHQVJHVHOOVFKDIW(LQVR]LRORJLVFKHV6WXGLHQEXFKIU/HK
UHULQQHQXQG/HKUHU:LHVEDGHQ969HUODJ
*LQVEXUJ * 6 %URQVWHLQ 3 )DPLO\ IDFWRUV UHODWHG WR FKLOGUHQ
V LQWULQ
VLFH[WULQVLF PRWLYDWLRQDO RULHQWDWLRQ DQG DFDGHPLF SHUIRUPDQFH &KLOG 'HYHORSPHQW
*ROOZLW]HU06FKPLWW06R]LDOSV\FKRORJLH:RUNERRN:HLQKHLP%HOW]
*URE $ -DVFKLQVN\ 8 (UZDFKVHQ ZHUGHQ (QWZLFNOXQJVSV\FKRORJLH GHV -X
JHQGDOWHUV:HLQKHLP%HOW]398
*URE 8 (U]LQJHU $ 7KH /LI(6WXG\ 3DWKZD\V IURP ODWH FKLOGKRRG WR HDUO\
DGXOWKRRG &RQWH[W DQG GHYHORSPHQW LQ DGROHVFHQFH DV SUHGLFWRUV RI SURGXFWLYH OLIH
9HU]HLFKQLVVH
/LWHUDWXUYHU]HLFKQLV
FRXUVHV 3RVWHU DP ,66%'.RQJUHVV YRP -XOL 'RZQORDG ZZZSDHG
ZRUNXQL]KFKSSIROORZXSGRZQORDGGDWHLHQXHEHUVLFKWSGI6WDQG
*URE 8 0DDJ 0HUNL . hEHUIDFKOLFKH .RPSHWHQ]HQ 7KHRUHWLVFKH *UXQG
OHJXQJXQGHPSLULVFKH(USUREXQJHLQHV,QGLNDWRUHQV\VWHPV%HUQ3HWHU/DQJ
*UROQLFN:65\DQ50$XWRQRP\LQFKLOGUHQ¶VOHDUQLQJ$QH[SHULPHQWDO
DQGLQGLYLGXDOGLIIHUHQFHLQYHVWLJDWLRQ-RXUQDORI3HUVRQDOLW\DQG6RFLDO3V\FKRORJ\
*UROQLFN : 6 5\DQ 5 0 3DUHQW VW\OHV DVVRFLDWHG ZLWK FKLOGUHQ
V VHOI
UHJXODWLRQDQGFRPSHWHQFHLQVFKRRO-RXUQDORI(GXFDWLRQDO3V\FKRORJ\
*UROQLFN:6.XURZVNL&2'XQODS.*+HYH\&3DUHQWDOUHVRXUFHV
DQGWKHWUDQVLWLRQWRMXQLRUKLJK-RXUQDORI5HVHDUFKRQ$GROHVFHQFH
*UROQLFN : 6 5\DQ 5 0 'HFL ( / 7KH LQQHU UHVRXUFHV IRU VFKRRO SHU
IRUPDQFH0RWLYDWLRQDOPHGLDWRUVRIFKLOGUHQ
VSHUFHSWLRQVRIWKHLUSDUHQWV-RXUQDORI
(GXFDWLRQDO3V\FKRORJ\
*UXQGHU+86FKXOHXQG/HEHQVZHOW(LQ6WXGLHQEXFK0QVWHU:D[PDQQ
*XD\)9DOOHUDQG5-%ODQFKDUG&2QWKHDVVHVVPHQWRIVLWXDWLRQDOLQWULQ
VLFDQGH[WULQVLFPRWLYDWLRQ7KH6LWXDWLRQDO0RWLYDWLRQ6FDOH6,060RWLYDWLRQDQG
(PRWLRQ
*XGMRQV+3lGDJRJLVFKHV*UXQGZLVVHQhEHUEOLFN±.RPSHQGLXP±6WXGLHQEXFK
$XIO%DG+HLOEUXQQ.OLQNKDUGW
*XW]ZLOHU ) :\GOHU + (OWHUOLFKH (U]LHKXQJVVWLOH XQG (OWHUQ.LQG
%H]LHKXQJHQ±,KU(LQIOXVVDXIGLH*HVXQGKHLWGHU.LQGHUXQGLKU:DQGHOLP/DXIHGHU
=HLW6FKZHL]HULVFKHU1DWLRQDOIRQGV1)36FKOXVVEHULFKW%HUQ61)
+DUORZ+)7KHQDWXUHRIORYH$PHULFDQ3V\FKRORJLVW
+DUQH\.+:HLVFKHW0*HVHOEUDFKW6'HU%HUXIDOV,QSXWGHU:HLWHUELO
GXQJ=HLWVFKULIWIU3lGDJRJLN]X%HUXIXQG%HUXIVELOGXQJ
+D]DQ&6KDYHU35/RYHDQGZRUN$QDWWDFKPHQWWKHRUHWLFDOSHUVSHFWLYH
-RXUQDORI3HUVRQDOLW\DQG6RFLDO3V\FKRORJ\
+HFNKDXVHQ+2VZDOG$(U]LHKXQJVSUDNWLNHQGHU0XWWHUXQG/HLVWXQJVYHU
KDOWHQGHVQRUPDOHQXQGJOLHGPD‰HQJHVFKlGLJWHQ.LQGHV$UFKLYIUGLHJHVDPWH3V\
FKRORJLH,Q+/XNHVFK(LQIKUXQJLQGLH3lGDJRJLVFKH3V\FKROR
JLH5HJHQVEXUJ&+'UXFNHUHLXQG9HUODJV*PE+
+HFNKDXVHQ + +RIIQXQJ XQG )XUFKW LQ GHU /HLVWXQJVPRWLYDWLRQ 0HLVHQKHLP
+DLQ
+HFNKDXVHQ+0RWLYDWLRQXQG+DQGHOQ+HLGHOEHUJ6SULQJHU
+HFNKDXVHQ-+HFNKDXVHQ+0RWLYDWLRQXQG+DQGHOQ%HUOLQ6SULQJHU
+HOPNH$:HLQHUW)(%HGLQJXQJVIDNWRUHQVFKXOLVFKHU/HLVWXQJHQ,Q)(
:HLQHUW+UVJ(Q]\NORSlGLHGHU3V\FKRORJLH±3lGDJRJLVFKH3V\FKRORJLH%DQG,,,
3V\FKRORJLHGHV8QWHUULFKWVXQGGHU6FKXOH6*|WWLQJHQ+RJUHIH
+HOPNH$6FKUDGHU):/HKQHLQV.OHSSHU*=XU5ROOHGHV(OWHUQYHUKDO
WHQVIUGLH6FKXOOHLVWXQJVHQWZLFNOXQJGHV.LQGHV=HLWVFKULIWIU(QWZLFNOXQJVSV\FKR
ORJLHXQG3lGDJRJLVFKH3V\FKRORJLH
+HQWLJ Y + 'LH 6FKXOH QHX GHQNHQ (LQH hEXQJ LQ SlGDJRJLVFKHU 9HUQXQIW
0QFKHQXQG:LHQ&DUO+DQVHU
+HWKHULQJWRQ(0&R[0&R[5(IIHFWVRIGLYRUFHRQSDUHQWVDQGFKLO
GUHQ,Q0/DPE(G1RQWUDGLWLRQDOIDPLOLHVSS+LOOVGDOH1-(UOEDXP
+LOO1(&DVWHOOLQR'5/DQVIRUG-(1RZOLQ3'RGJH.$%DWHV-(3HWLW
*63DUHQWDFDGHPLFLQYROYHPHQWDVUHODWHGWRVFKRROEHKDYLRUDFKLHYHPHQW
9HU]HLFKQLVVH
/LWHUDWXUYHU]HLFKQLV
DQG DVSLUDWLRQV 'HPRJUDSKLF YDULDWLRQV DFURVV DGROHVFHQFH &KLOG 'HYHORSPHQW +RIHU0/HKUHU6FKOHU,QWHUDNWLRQ,Q)(:HLQHUW+UVJ(Q]\NORSlGLHGHU
3V\FKRORJLH ± 3lGDJRJLVFKH 3V\FKRORJLH %DQG ,,, 3V\FKRORJLH GHV 8QWHUULFKWV XQG
GHU6FKXOH6*|WWLQJHQ+RJUHIH
+RIHU 0 )DPLOLHQEH]LHKXQJHQ LQ GHU (QWZLFNOXQJ ,Q 0 +RIHU ( :LOG 3
1RDFN+UVJ/HKUEXFK)DPLOLHQEH]LHKXQJHQ±(OWHUQXQG.LQGHULQGHU(QWZLFNOXQJ
6*|WWLQJHQ+RJUHIH
+ROOHU%+XUUHOPDQQ.'LHSV\FKRVR]LDOHQ.RVWHQKRKHU%LOGXQJVHUZDUWXQ
JHQ,Q53HNUXQ+)HQG+UVJ6FKXOHXQG3HUV|QOLFKNHLWVHQWZLFNOXQJ(LQ5H
VPHHGHU/lQJVVFKQLWWIRUVFKXQJ6WXWWJDUW(QNH
+RORG\QVNL0'LH(QWZLFNOXQJGHU/HLVWXQJVPRWLYDWLRQLP9RUVFKXODOWHU6R]LD
OH %HZHUWXQJHQ XQG LKUH $XVZLUNXQJHQ DXI 6WRO] 6FKDP XQG $XVGDXHUUHDNWLRQHQ
=HLWVFKULIWIU(QWZLFNOXQJVSV\FKRORJLHXQG3lGDJRJLVFKH3V\FKRORJLH
+RORG\QVN\02HUWHU50RWLYDWLRQ(PRWLRQXQG+DQGOXQJVUHJXODWLRQ,Q5
2HUWHU / 0RQWDGD +UVJ (QWZLFNOXQJVSV\FKRORJLH6 YROOVW EHU
DUE$XIO:HLQKHLP3V\FKRORJLH9HUODJV8QLRQ
+RSI $ /HEHQVSUREOHPH XQG /HUQSUREOHPH YRQ 6FKOHUQ 6WXGLHQWH[WH IU GDV
/HKUDPW%G1HXZLHG/XFKWHUKDQG
+X/7%HQWOHU30)LWLQGLFHVLQFRYDULDQFHVWUXFWXUHPRGHOLQJ6HQVLWLY
LW\ WR XQGHUSDUDPHWHUL]HG PRGHO PLVVSHFLILFDWLRQ 3V\FKRORJLFDO 0HWKRGV +X/7%HQWOHU30&XWRIIFULWHULDIRU ILWLQGH[HVLQFRYDULDQFHVWUXFWXUH
DQDO\VLV&RQYHQWLRQDOFULWHULDYHUVXVQHZDOWHUQDWLYHV6WUXFWXUDO(TXDWLRQ0RGHOLQJ
+XQWVLQJHU&6-RVH3(/LDZ)5&KLQJ:'&XOWXUDOGLIIHUHQFHVLQ
HDUO\PDWKHPDWLFVOHDUQLQJDFRPSDULVRQRIHXURDPHULFDQFKLQHVHDPHULFDQDQGWDL
ZDQFKLQHVH IDPLOLHV ,QWHUQDWLRQDO -RXUQDO RI %HKDYLRUDO 'HYHORSPHQW +XUUHOPDQQ.0DQVHO-6FKXOLVFKH$QIRUGHUXQJHQXQGJHVXQGKHLWOLFKH3URE
OHPHYRQ-XJHQGOLFKHQ=HLWVFKULIWIU6R]LDOLVDWLRQVIRUVFKXQJXQG(U]LHKXQJVVR]LROR
JLH
+XUUHOPDQQ.6R]LDOLVDWLRQ,Q'+5RVW+UVJ+DQGZ|UWHUEXFK3lGDJRJL
VFKH3V\FKRORJLH6%HOW]:HLQKHLP
-HUXVDOHP06HOEVWEH]RJHQH.RJQLWLRQHQLQVFKXOLVFKHQ%H]XJVJUXSSHQ'LVVHU
WDWLRQ)UHLH8QLYHUVLWlW%HUOLQ
-HUXVDOHP 0 (LQOHLWXQJ =HLWVFKULIW IU 3lGDJRJLN %HLKHIW 6HOEVWZLUNVDP
NHLWXQG0RWLYDWLRQVSUR]HVVHLQ%LOGXQJVLQVWLWXWLRQHQ:HLQKHLP%HOW]
-HUXVDOHP06FKZDU]HU5(QWZLFNOXQJGHV6HOEVWNRQ]HSWVLQYHUVFKLHGHQHQ
/HUQXPZHOWHQ ,Q 5 3HNUXQ + )HQG +UVJ 6FKXOH XQG 3HUV|QOLFKNHLWVHQWZLFN
OXQJ(LQ5HVPHHGHU/lQJVVFKQLWWIRUVFKXQJ66WXWWJDUW(QNH
-WWHPDQQ*7KRPDH+9RUZRUW,Q*-WWHPDQQ+7KRPDH+UVJ3HU
V|QOLFKNHLWXQG(QWZLFNOXQJ6:HLQKHLP%HOW]
.DJDQ-0RVV+$%LUWKWRPDWXULW\DVWXG\LQSV\FKRORJLFDOGHYHORSPHQW
1HZ<RUN:LOH\6RQV
.DVVLV::LHNRPPWGLH*HZDOWLQGLH-XQJHQ"6R]LDOHXQGSHUVRQDOH)DNWRUHQ
GHU*HZDOWHQWZLFNOXQJEHLPlQQOLFKHQ-XJHQGOLFKHQLP6FKXONRQWH[W%HUQ+DXSW
9HU]HLFKQLVVH
/LWHUDWXUYHU]HLFKQLV
.OHLQ$OOHUPDQQ ( .UDFNH % 6FKXOLVFKH (QWZLFNOXQJ XQG %HUXIVYRUEHUHL
WXQJ'HU(LQIOX‰YRQ)DPLOLHXQG6FKXOH,Q+3.OXJ+6FKLOOLQJ$+XQGVDO]
+UVJ-XJHQGXQG(U]LHKXQJVEHUDWXQJ6:HLQKHLP-XYHQWD
.OHLQLQJ * 0RRUH + 6R]LDOH 6HOEVWHLQVWXIXQJ 66( (LQ ,QVWUXPHQW ]XU
0HVVXQJ VR]LDOHU 6FKLFKWHQ .|OQHU =HLWVFKULIW IU 6R]LRORJLH XQG 6R]LDOSV\FKRORJLH
.|OOHU 2 %H]XJVQRUPRULHQWLHUXQJ YRQ /HKUNUlIWHQ .RQ]HSWXHOOH *UXQGODJHQ
HPSLULVFKH %HIXQGH XQG 5DWVFKOlJH IU SUDNWLVFKHV +DQGHOQ ,Q 5 9ROOPH\HU -
%UXQVWHLQ+UVJ0RWLYDWLRQVSV\FKRORJLHXQGLKUH$QZHQGXQJ66WXWWJDUW
.RKOKDPPHU
.UDFNH % +RIHU 0 $UEHLW XQG )DPLOLH ,Q 0 +RIHU ( :LOG 3 1RDFN
+UVJ/HKUEXFK)DPLOLHQEH]LHKXQJHQ(OWHUQXQG.LQGHULQGHU(QWZLFNOXQJ6
*|WWLQJHQ+RJUHIH
.UDPSHQ*5HLFKOH%(QWZLFNOXQJVDXIJDEHQLPIUKHQ(UZDFKVHQHQDOWHU,Q
52HUWHU/0RQWDGD+UVJ(QWZLFNOXQJVSV\FKRORJLHYROOVWEHUDUE$XIO6
:HLQKHLP%HOW]
.UDSI%$XIEUXFK]XHLQHUQHXHQ/HUQNXOWXU%HUQ3DXO+DXSW
.UDSS$'LH3V\FKRORJLHGHU/HUQPRWLYDWLRQ=HLWVFKULIWIU3lGDJRJLN
.UDSS$(QWZLFNOXQJXQG)|UGHUXQJYRQ,QWHUHVVHQLP8QWHUULFKW3V\FKRORJLH
LQ(U]LHKXQJXQG8QWHUULFKW
.UDSS$'LH%HGHXWXQJGHU/HUQPRWLYDWLRQIUGLH2SWLPLHUXQJGHVVFKXOLVFKHQ
%LOGXQJVV\VWHPV3ROLWLVFKH6WXGLHQ6RQGHUKHIW
.UDSS $ 3V\FKRORJLVFKH %HGUIQLVVH XQG ,QWHUHVVH 7KHRUHWLVFKH hEHUOHJXQJHQ
XQGSUDNWLVFKH6FKOXVVIROJHUXQJHQ,Q59ROOPH\HU-%UXQVWHLQ+UVJ0RWLYDWL
RQVSV\FKRORJLHXQGLKUH$QZHQGXQJ66WXWWJDUW.RKOKDPPHU
.UDSS $ 5\DQ 5 6HOEVWZLUNVDPNHLW XQG /HUQPRWLYDWLRQ (LQH NULWLVFKH%H
WUDFKWXQJGHU7KHRULHYRQ%DQGXUDDXVGHU6LFKWGHU6HOEVWEHVWLPPXQJVWKHRULHXQGGHU
SlGDJRJLVFKSV\FKRORJLVFKHQ ,QWHUHVVHQWKHRULH ,Q 0 -HUXVDOHP ' +RSI +UVJ
/HUQZLUNVDPH6FKXOHQ6%HLKHIW]XU=HLWVFKULIWIU3lGDJRJLN:HLQKHLP
%HOW]
.UDXVH * /HKUYHUDQVWDOWXQJHQ LP 6WXGLXP +HUOHLWXQJ XQG HPSLULVFKH 3UIXQJ
HLQHV0RGHOOV]XULQGLYLGXHOOHQ3ODQXQJGHV%HVXFKHVYRQ/HKUYHUDQVWDOWXQJHQ0QV
WHU:D[PDQQ
.UDXVH5(WWULFK.8-DKQ+8'HU(LQIOXVVGHV)DPLOLHQNOLPDVDXIGLH
6FKXOOHLVWXQJHQ RVW XQG ZHVWGHXWVFKHU -XJHQGOLFKHU ,Q . 8 (WWULFK . 8 XQG 0
)ULHV+UVJ/HEHQVODQJH(QWZLFNOXQJLQVLFKZDQGHOQGHQ=HLWHQ6/DQ
GDX(PSLULVFKH3lGDJRJLN
.UXVH-(U]LHKXQJVVWLOXQGNLQGOLFKH(QWZLFNOXQJ:HFKVHOZLUNXQJVSUR]HVVH,Q
6 :DOSHU 5 3HNUXQ +UVJ )DPLOLH XQG (QWZLFNOXQJ $NWXHOOH 3HUVSHNWLYHQ GHU
)DPLOLHQSV\FKRORJLH6*|WWLQJHQ+RJUHIH
/DPE0(7KHGHYHORSPHQWRIIDWKHULQIDQWUHODWLRQVKLSV,Q0(/DPE(G
7KHUROHRIWKHIDWKHULQFKLOGGHYHORSPHQWSS1HZ<RUN:LOH\6RQV
/H&DPXV - 9lWHU 'LH %HGHXWXQJ GHV 9DWHUV IU GLH SV\FKLVFKH (QWZLFNOXQJ
:HLQKHLP398
/HKPDQQ53HHN5*lQVIX‰5+XVIHOGW9$VSHNWHGHU/HUQDXVJDQJVODJH
XQG GHU /HUQHQWZLFNOXQJ (UJHEQLVVH GHU /lQJVVFKQLWWVWXGLH IU GLH .ODVVHQVWXIH +DPEXUJ%HK|UGHIU%LOGXQJXQG6SRUWGHU)UHLHQXQG+DQVHVWDGW+DPEXUJ
9HU]HLFKQLVVH
/LWHUDWXUYHU]HLFKQLV
/HKWLQHQ ( ,QVWLWXWLRQHOOH XQG PRWLYDWLRQDOH 5DKPHQEHGLQJXQJHQ XQG 3UR]HVVH
GHV9HUVWHKHQVLP8QWHUULFKW,Q.5HXVVHU05HXVVHU+UVJ9HUVWHKHQ3V\FKR
ORJLVFKHU3UR]HVVXQGGLGDNWLVFKH$XIJDEH6%HUQ+XEHU
/HQ].$OOWDJVZHOWHQYRQ-XJHQGOLFKHQ(LQHHPSLULVFKH6WXGLHEHUMXJHQGOLFKH
+DQGOXQJVW\SHQ)UDQNIXUW&DPSXV9HUODJ
/HZLQ.)LHOGWKHRU\LQVRFLDOVFLHQFH6HOHFWHGWKHRUHWLFDOSDSHUV1HZ<RUN
+DUSHU%URWKHUV
/RRVHU')HQG+6PRNLQJLQDGROHVFHQFHDQGOLIHFRXUVHWUDQVLWLRQV±UHVXOWV
IURP WKH /LI(6WXG\ 3RVWHU DP ,66%'.RQJUHVV YRP -XOL 'RZQORDG
KWWSZZZSDHGXQL]KFKSSIROORZXSGRZQORDGGDWHLHQGOSGI6WDQG
0DFFRE\((0DUWLQ-$6RFLDOLVDWLRQLQWKHFRQWH[WRIWKHIDPLO\3DUHQW
FKLOGLQWHUDFWLRQ,Q(0+HWKHULQJWRQ(G+DQGERRNRI&KLOG3V\FKRORJ\SS
1HZ<RUN:LOH\
0DMRULEDQNV . )DPLO\ VFKRROV DQG FKLOGUHQ¶V OHDUQLQJ $ VWXG\ RI FKLOGUHQ¶V
OHDUQLQJHQYLURQPHQW,QWHUQDWLRQDOMRXUQDORIHGXFDWLRQDOUHVHDUFK
0DUVK+:%DOOD-50F'RQDOG53*RRGQHVVRIILWLQGH[HVLQFRQILU
PDWRU\IDFWRUDQDO\VLV7KHHIIHFWRIVDPSOHVL]H3V\FKRORJLFDO%XOOHWLQ
0DUWLQ $ 'HWHUPLQDQWHQ GHU LQGLYLGXHOOHQ :HLWHUELOGXQJVHQWVFKHLGXQJ =HLW
VFKULIWIU3HUVRQDOIRUVFKXQJ
0DVFKH-*$OPDJUR3XOLGR-6FKHHOH&$(LQIOX‰QDKPHQ]ZLVFKHQ(O
WHUQXQG-XJHQGOLFKHQLPhEHUJDQJYRQGHU5HDOVFKXOHLQGLHQlFKVWHVFKXOLVFKHRGHU
EHUXIOLFKH$XVELOGXQJ3V\FKRORJLHLQ(U]LHKXQJXQG8QWHUULFKW
0DVORZ $ 0RWLYDWLRQ XQG 3HUV|QOLFKNHLW GHXWVFKH $XIODJH 5HLQEHN
5RZRKOW
0F&OHOODQG'&+XPDQPRWLYDWLRQ*OHQYLHZ6FRWW)RUHVPDQ&R
0HLHU8)DPLOLH)UHXQGHVJUXSSH6FKOHUYHUKDOWHQXQG.RPSHWHQ]HUZHUE,Q*
6FKPHU.-7LOOPDQQ0:HL‰+UVJ'LH,QVWLWXWLRQ6FKXOHLQGHU/HEHQVZHOW
GHU6FKOHU9HUWLHIHQGH$QDO\VHQGHU3,6$'DWHQ]XP.RQWH[WYRQ6FKOHUOHLV
WXQJHQ6:LHVEDGHQ969HUODJ
0HLVVQHU::,QWHUQDOL]DWLRQLQSV\FKRDQDO\VLV1HZ<RUN,QWHUQDWLRQDO8QL
YHUVLWLHV3UHVV
0HXOHPDQQ + %LOGXQJ XQG /HEHQVSODQXQJ 'LH 6R]LDOEH]LHKXQJ ]ZLVFKHQ (O
WHUQKDXVXQG6FKXOH)UDQNIXUW&DPSXV
0HXOHPDQQ + =XIULHGHQKHLW XQG (UIROJ LQ GHU %LOGXQJVODXIEDKQ (LQ /lQJV
VFKQLWW YRP *\PQDVLXP ELV ]XP 6WXGLXPDEVFKOXVV =HLWVFKULIW IU 6R]LDOLVDWLRQVIRU
VFKXQJXQG(U]LHKXQJVVR]LRORJLH
0LQVHO%6WLFKZRUW)DPLOLHXQG%LOGXQJ=HLWVFKULIWIU(U]LHKXQJVZLVVHQVFKDIW
0RQWDGD *UXQGODJHQ GHU (QWZLFNOXQJVSV\FKRORJLH ,Q 5 2HUWHU / 0RQWDGD
+UVJ(QWZLFNOXQJVSV\FKRORJLH6YROOVWEHUDUE$XIO:HLQKHLP3V\
FKRORJLH9HUODJV8QLRQ
0QFKPHLHU5-XJHQGLP%OLFNGHU-XJHQGIRUVFKXQJhEHUVLFKWEHU$QVDW]XQG
+DXSWHUJHEQLVVH GHU 6KHOO -XJHQGVWXGLH =HLWVFKULIW IU (U]LHKXQJVZLVVHQVFKDIW
0XUSK\ 3 . $OH[DQGHU 3 $ $ PRWLYDWHG H[SORUDWLRQ RI PRWLYDWLRQ WHUPL
QRORJ\&RQWHPSRUDU\(GXFDWLRQDO3V\FKRORJ\
9HU]HLFKQLVVH
/LWHUDWXUYHU]HLFKQLV
1HXHQVFKZDQGHU 0 3 *ROW] 6 )DPLOLlUH %HGLQJXQJHQ YRQ 6FKOHUOHLVWXQ
JHQ HLQ W\SRORJLVFKHU $QVDW] 3V\FKRORJLH LQ (U]LHKXQJ XQG 8QWHUULFKW 1HXHQVFKZDQGHU03+HU]RJ:+ROGHU06FKXONRQWH[WXQG,GHQWLWlWVHQW
ZLFNOXQJLP-XJHQGDOWHU6FKOXVVEHULFKW]+GGHV1DWLRQDOIRQGV)RUVFKXQJVEHULFKW
1U$EWHLOXQJ3lGDJRJLVFKH3V\FKRORJLH,QVWLWXWIU3lGDJRJLNXQG6FKXOSlGDJR
JLNGHU8QLYHUVLWlW%HUQ
1LFKROOV-*7KHGHYHORSPHQWRIWKHFRQFHSWVRIHIIRUWDQGDELOLW\SHUFHSWLRQRI
DFDGHPLF DWWDLQPHQW DQG WKH XQGHUVWDQGLQJ WKDW GLIILFXOW WDVNV UHTXLUH PRUH DELOLW\
&KLOG'HYHORSPHQW
1LFKROOV-*$FKLHYHPHQWPRWLYDWLRQ&RQFHSWLRQVRIDELOLW\VXEMHFWLYHH[SHUL
HQFHWDVNFKRLFHDQGSHUIRUPDQFH3V\FKRORJLFDO5HYLHZ
1LWWHO ' *\PQDVLDOH 6FKXOODXIEDKQ XQG ,GHQWLWlWVHQWZLFNOXQJ (LQH ELRJUDSKLH
DQDO\WLVFKH6WXGLH:HLQKHLP'HXWVFKHU6WXGLHQ9HUODJ
1RDFN 3 &KLOGUHQ
V $FKLHYHPHQW LQ (DUO\ (OHPHQWDU\ 6FKRRO /RQJLWXGLQDO (I
IHFWVRI3DUHQWDO,QYROYHPHQW([SHFWDWLRQVDQG4XDOLW\RI$VVLVWDQFH-RXUQDORI(GX
FDWLRQDO3V\FKRORJ\
1RKO+'LHSlGDJRJLVFKH%HZHJXQJLQ'HXWVFKODQGXQGLKUH7KHRULHXQYHUlQG
1DFKGUXFNGHU$XIOYRQ)UDQNIXUWDP0DLQ6FKXOWH%XOPNH
2HONHUV - 5HIRUPSlGDJRJLN (LQH NULWLVFKH 'RJPHQJHVFKLFKWH :HLQKHLP X
0QFKHQ-XYHQWD
2HUWHU5'LH)RUPXQJYRQ.RJQLWLRQXQG0RWLYDWLRQGXUFK6FKXOH:LH6FKXOH
DXIGDV/HEHQYRUEHUHLWHW8QWHUULFKWVZLVVHQVFKDIW
2HUWHU 5 0RWLYDWLRQ XQG +DQGOXQJVVWHXHUXQJ,Q 5 2HUWHU XQG / 0RQWDGD /
+UVJ(QWZLFNOXQJVSV\FKRORJLH$XIO6:HLQKHLP398
3DOLQVFDU $ 6 %URZQ $ / 5HFLSURFDO WHDFKLQJ RI FRPSUHKHQVLRQIRVWHULQJ
DQGFRPSUHKHQVLRQPRQLWRULQJDFWLYLWLHV&RJQLWLRQDQG,QVWUXFWLRQ
3DUNH 5 ' %XULHO 5 6RFLDOL]DWLRQ LQ WKH IDPLO\ (WKQLF DQG HFRORJLFDO
SHUVSHFWLYHV ,Q 1 (LVHQEHUJ (G +DQGERRN RI FKLOG SV\FKRORJ\ 9RO 6RFLDO
HPRWLRQDO DQG SHUVRQDOLW\ GHYHORSPHQW WK HG SS 1HZ <RUN :LOH\ 6RQV
3HHWVPD7+DVFKHU79DQ'HU9HHQ,5RHGH(5HODWLRQVEHWZHHQDGROHV
FHQWV
VHOIHYDOXDWLRQVWLPHSHUVSHFWLYHVPRWLYDWLRQIRUVFKRRODQGWKHLUDFKLHYHPHQW
LQGLIIHUHQWFRXQWULHVDQGDWGLIIHUHQWDJHV(XURSHDQ-RXUQDORI3V\FKRORJ\RI(GXFD
WLRQ
3HNUXQ56FKXOLVFKH3HUV|QOLFKNHLWVHQWZLFNOXQJ7KHRULHHQWZLFNOXQJHQXQGHP
SLULVFKH(UKHEXQJHQ]XU3HUV|QOLFKNHLWVHQWZLFNOXQJYRQ6FKOHUQGHUELV.ODV
VHQVWXIH)UDQNIXUW/DQJ'LVVHUWDWLRQ8QLYHUVLWlW0QFKHQ
3HNUXQ56FKXOOHLVWXQJ(QWZLFNOXQJVXPZHOWHQXQG3UIXQJVDQJVW,Q53HNUXQ
XQG + )HQG +UVJ 6FKXOH XQG 3HUV|QOLFKNHLWVHQWZLFNOXQJ 6 6WXWWJDUW
(QNH
3HNUXQ 5 )DPLOLH 6FKXOH XQG (QWZLFNOXQJ ,Q 6 :DOSHU 5 3HNUXQ +UVJ
)DPLOLHXQG(QWZLFNOXQJ$NWXHOOH3HUVSHNWLYHQGHU)DPLOLHQSV\FKRORJLH6
*|WWLQJHQ+RJUHIH
3HNUXQ 5 +HOPNH $ 6FKXOH XQG 3HUV|QOLFKNHLWVHQWZLFNOXQJ 7KHRUHWLVFKH
3HUVSHNWLYHQ XQG)RUVFKXQJVVWDQG ,Q 5 3HNUXQ +)HQG +UVJ 6FKXOH XQG 3HU
V|QOLFKNHLWVHQWZLFNOXQJ(LQ5HVPHHGHU/lQJVVFKQLWWIRUVFKXQJ66WXWWJDUW
(QNH
9HU]HLFKQLVVH
/LWHUDWXUYHU]HLFKQLV
3HUU\17XUQHU-&0H\HU'.6WXGHQWHQJDJHPHQWLQWKHFODVVURRP,Q3
$OH[DQGHU 3 :LQQH (GV +DQGERRN RI (GXFDWLRQDO 3V\FKRORJ\ SS 0DKZDK1-(UOEDXP
3HVWDOR]]L - + 0HLQH 1DFKIRUVFKXQJHQ EHU GHQ *DQJ GHU 1DWXU LQ GHU
(QWZLFNOXQJGHV0HQVFKHQJHVFKOHFKWHV,Q-+3HVWDOR]]L6lPWOLFKH:HUNH%HUOLQ
GH*UX\WHU
3HWLOORQ +DQQV 6R]LDOH (UIDKUXQJHQ LQ GHU 6FKXODQIDQJV]HLW ,Q + )HQG 5
3HNUXQ +UVJ 6FKXOH XQG 3HUV|QOLFKNHLWVHQWZLFNOXQJ (LQ 5HVPHH GHU /lQJV
VFKQLWWIRUVFKXQJ66WXWWJDUW(QNH
3LHWHU$6HOEVWEHVWLPPWHV/HUQHQLQGHU6FKXOH(UIDVVXQJGHUVXEMHNWLYHQ.RP
SHWHQ])UDQNIXUWDP0DLQ3HWHU/DQJ
3LQTXDUW06LOEHUHLVHQ5.3HUV|QOLFKNHLWVHQWZLFNOXQJLP-XJHQGDOWHU,Q*
-WWHPDQQ + 7KRPDH +UVJ 3HUV|QOLFKNHLW XQG (QWZLFNOXQJ 6 :HLQ
KHLP%HOW]
3UHQ]HO0$OOROLR1lFNH/%LOGXQJVTXDOLWlWYRQ6FKXOH±(LQhEHUEOLFN,Q
GLHV +UVJ 8QWHUVXFKXQJHQ ]XU %LOGXQJVTXDOLWlW YRQ 6FKXOH $EVFKOXVVEHULFKW GHV
')*6FKZHUSXQNWSURJUDPPV%L4XD60QVWHU:D[PDQQ
3UHQ]HO0'UHFKVHO%.OLHZH$.UDPHU.5|EHU1/HUQPRWLYDWLRQLQ
GHU$XVXQG:HLWHUELOGXQJ0HUNPDOHXQG%HGLQJXQJHQ,Q&+DUWHLV++HLG6
.UDIW +UVJ .RPSHQGLXP :HLWHUELOGXQJ ± $VSHNWH XQG 3HUVSHNWLYHQ EHWULHEOLFKHU
3HUVRQDO XQG 2UJDQLVDWLRQVHQWZLFNOXQJ 6 /HYHUNXVHQ /HVNH XQG
%XGULFK
3UHQ]HO 0 0HUNHQV + 1RDFN 3 'LH %LOGXQJVTXDOLWlW YRQ 6FKXOH )DFKOL
FKHVXQGIlFKHUEHUJUHLIHQGHV/HUQHQLPPDWKHPDWLVFKHQ8QWHUULFKWLQ$EKlQJLJNHLW
YRQ VFKXOLVFKHQ XQG DX‰HUVFKXOLVFKHQ .RQWH[WHQ $QWUDJ DXI ')*6FKZHUSXQNW
SURJUDPP.LHO,31
5DPVHLHU(0RWLYDWLRQDOV(UJHEQLVXQGDOV'HWHUPLQDQWHVFKXOLVFKHQ/HUQHQV
(LQH$QDO\VHLP5DKPHQYRQ7,066=ULFK=HQWUDOVWHOOHGHU6WXGHQWHQVFKDIW
5HGGLQJ63DUHQWVDQGOHDUQLQJ%UXVVHO,QWHUQDWLRQDO$FDGHP\RI(GXFDWLRQ
5HLQKROG * 3ROODN * +HLP + 3lGDJRJLN/H[LNRQ 0QFKHQ 2OGHQERXUJ
9HUODJ
5HLW]OH0:LQNOHU0HW]NH&6WHLQKDXVHQ+&(OWHUQXQG.LQGHU'HU=
ULFKHU.XU]IUDJHERJHQ]XP(U]LHKXQJVYHUKDOWHQ=.('LDJQRVWLFD
5HXEDQG.+$XVKDQGHOQVWDWW*HKRUVDP(U]LHKXQJV]LHOHXQG(U]LHKXQJVSUDN
WLNHQ LQ GHQ DOWHQ XQG QHXHQ %XQGHVOlQGHUQ LP :DQGHO ,Q / %|KQLVFK . /HQ]
+UVJ)DPLOLHQHLQHLQWHUGLV]LSOLQlUH(LQIKUXQJ6:HLQKHLP-XYHQWD
5KHLQEHUJ).UXJ60RWLYDWLRQVI|UGHUXQJLP6FKXODOOWDJ.RQ]HSWLRQ5HDOL
VDWLRQXQG(YDOXDWLRQ*|WWLQJHQ+RJUHIH
5REHUWV%:'HO9HFFKLR:)7KHUDQNRUGHUFRQVLVWHQF\RISHUVRQDOLW\
IURP FKLOGKRRG WR ROG DJH $ TXDQWLWDWLYH UHYLHZ RI ORQJLWXGLQDO VWXGLHV 3V\FKR
ORJLFDO%XOOHWLQ
5REHUWV%::DOWRQ.9LHFKWEDXHU:3DWWHUQVRIPHDQ/HYHOFKDQJHLQ
SHUVRQDOLW\WUDLWVDFURVVWKHOLIHFRXUVH3V\FKRORJLFDO%XOOHWLQ
5RJHUV & /HUQHQ LQ )UHLKHLW =XU %LOGXQJVUHIRUP LQ 6FKXOH XQG 8QLYHUVLWlW
0QFKHQ.|VHO
5RRV 0 *DQ]KHLWOLFKHV %HXUWHLOHQ XQG )|UGHUQ LQ GHU 3ULPDUVFKXOH $XIO
&KXU5HJJHU
9HU]HLFKQLVVH
/LWHUDWXUYHU]HLFKQLV
5RVHQVWLHO / Y $UEHLW XQG )DPLOLH ,Q 6 :DOSHU 5 3HNUXQ +UVJ )DPLOLH
XQG(QWZLFNOXQJ6*|WWLQJHQ+RJUHIH
5RVHQWKDO 5 -DFREVRQ / 3\JPDOLRQ LQ WKH FODVVURRP 1HZ <RUN 5LQHKDUW
DQG:LQVWRQ
5RVW ' + ,QWHUSUHWDWLRQ XQG %HZHUWXQJ SlGDJRJLVFKSV\FKRORJLVFKHU 6WXGLHQ
(LQH(LQIKUXQJ:HLQKHLPXQG%DVHO%HOW]
5RVW '+ +DQVHV 3 :HU QLFKWV OHLVWHW LVW QLFKW EHJDEW" =XU ,GHQWLILNDWLRQ
KRFKEHJDEWHU8QGHUDFKLHYHUGXUFK/HKUNUlIWH=HLWVFKULIWIU(QWZLFNOXQJVSV\FKRORJLH
XQG3lGDJRJLVFKH3V\FKRORJLH
5XGROI00OOHU-0XOWLYDULDWH9HUIDKUHQ(LQHSUD[LVRULHQWLHUWH(LQIKUXQJ
PLW$QZHQGXQJVEHLVSLHOHQLQ6366*|WWLQJHQ+RJUHIH9HUODJ
5XVWHPH\HU55DXVFK$$NDGHPLVFKHV$XIVFKLHEHYHUKDOWHQ=XVDPPHQKDQJ
PLW(UZDUWXQJVXQG:HUW9DULDEOHQ3V\FKRORJLHLQ(U]LHKXQJXQG8QWHUULFKW
5\DQ % $GDPV * *XOORWWD 7 :HLVVEHUJ 5 +DPSWRQ 5 7KH )DPLO\
6FKRRO&RQQHFWLRQ7KHRU\5HVHDUFKDQG3UDFWLFH7KRXVDQG2DNV&$6DJH3XEOL
FDWLRQV
5\DQ50&RQQHOO-33HUFHLYHGORFXVRIFDXVDOLW\DQGLQWHUQDOL]DWLRQ([
DPLQLQJUHDVRQVIRUDFWLQJLQWZRGRPDLQV-RXUQDORI3HUVRQDOLW\DQG6RFLDO3V\FKRO
RJ\
5\DQ50'HFL(/6HOIGHWHUPLQDWLRQWKHRU\DQGWKHIDFLOLWDWLRQRILQWULQVLF
PRWLYDWLRQVRFLDOGHYHORSPHQWDQGZHOOEHLQJ$PHULFDQ3V\FKRORJLVW
5\DQ503RZHOVRQ&/$XWRQRP\DQGUHODWHGQHVVDVIXQGDPHQWDOWRPRWL
YDWLRQDQGHGXFDWLRQ-RXUQDORI([SHULPHQWDO(GXFDWLRQ
5\DQ506WLOOHU-'/\QFK-+5HSUHVHQWDWLRQVRIUHODWLRQVKLSVWRWHDFK
HUVSDUHQWVDQGIULHQGVDVSUHGLFWRUVRIDFDGHPLFPRWLYDWLRQDQGVHOIHVWHHP-RXUQDO
RI(DUO\$GROHVFHQFH
6DXHU - *DPVMlJHU ( ,VW 6FKXOHUIROJ YRUKHUVDJEDU" 'LH 'HWHUPLQDQWHQ GHU
*UXQGVFKXOOHLVWXQJXQGLKUSURJQRVWLVFKHU:HUWIUGHQ6HNXQGDUVFKXOHUIROJ*|WWLQ
JHQ+RJUHIH
6DXHU-3URJQRVHYRQ6FKXOHUIROJ,Q'+5RVW+UVJ+DQGZ|UWHUEXFK3lGD
JRJLVFKH3V\FKRORJLH6:HLQKHLP%HOW]
6FKDIHU5$VSHFWVRILQWHUQDOL]DWLRQ1HZ<RUN,QWHUQDWLRQDO8QLYHUVLWLHV3UHVV
6FKDYDQ $ 6FKXOH GHU =XNXQIW %LOGXQJVSHUVSHNWLYHQ IU GDV -DKUKXQGHUW
)UHLEXUJ+HUGHU
6FKLHIHOH 8 .|OOHU 2 ,QWULQVLVFKH XQG H[WULQVLVFKH 0RWLYDWLRQ ,Q ' 5RVW
+UVJ+DQGZ|UWHUEXFK3lGDJRJLVFKH3V\FKRORJLH6:HLQKHLP%HOW]
6FKLHIHOH 8 3HNUXQ 5 3V\FKRORJLVFKH 0RGHOOH GHV VHOEVWJHVWHXHUWHQ XQG
IUHPGJHVWHXHUWHQ/HUQHQV,Q)(:HLQHUW+UVJ3V\FKRORJLHGHV/HUQHQVXQGGHU
,QVWUXNWLRQ(Q]\NORSlGLHGHU3V\FKRORJLH6HULH3lGDJRJLVFKH3V\FKRORJLH%G6
*|WWLQJHQ+RJUHIH
6FKLHIHOH86FKUH\HU,,QWULQVLVFKH/HUQPRWLYDWLRQXQG/HUQHQ=HLWVFKULIWIU
3lGDJRJLVFKH3V\FKRORJLH
6FKLHIHOH8,QWHUHVWOHDUQLQJDQGPRWLYDWLRQ(GXFDWLRQDO3V\FKRORJLVW
6FKPLGW 3 ( 'DYLGRY .XUVXQWHUODJHQ ³6WUXFWXUDO (TXDWLRQ 0RGHOLQJ ,
6(0´6ZLVV6XPPHUVFKRROLQ/XJDQRRUJDQLVLHUWGXUFK)256VZLVVIRXQGDWLRQIRU
UHVHDUFKLQVRFLDOVFLHQFHHKHPDOV6,'268QYHU|II9RUWUDJVGRNXPHQW
9HU]HLFKQLVVH
/LWHUDWXUYHU]HLFKQLV
6FKQHHNORWK8/HYHQ,)DPLOLHDOV=HQWUXPQLFKWIUDOOHJOHLFKYHUOl‰OLFK
,Q:RUOG9LVLRQ'HXWVFKODQGH9+UVJ.LQGHU:RUOG9LVLRQ.LQGHUVWXGLH
6)UDQNIXUWD0)LVFKHU
6FKQHHZLQG.$5XSSHUW6)DPLOLHQJHVWHUQXQGKHXWH(LQ*HQHUDWLRQHQ
YHUJOHLFKEHU-DKUH0QFKHQ4XLQWHVVHQ]
6FKQHHZLQG.$:DOSHU6*UDI-(QWZLFNOXQJXQG6R]LDOLVDWLRQLQGHU)D
PLOLHDOV4XHOOHLQGLYLGXHOOHU8QWHUVFKLHGH,Q0$PHODQJ+UVJ(Q]\NORSlGLHGHU
3V\FKRORJLH 'LIIHUHQWLHOOH 3V\FKRORJLH %DQG 'HWHUPLQDQWHQ LQGLYLGXHOOHU 8QWHU
VFKLHGH6*|WWLQJHQ+RJUHIH
6FKQHLGHU : 0HWKRGLVFKH 3UREOHPH XQG 0|JOLFKNHLWHQ VFKXOEH]RJHQHU /lQJV
VFKQLWWIRUVFKXQJ,Q53HNUXQ+)HQG+UVJ6FKXOHXQG3HUV|QOLFKNHLWVHQWZLFN
OXQJ(LQ5HVPHHGHU/lQJVVFKQLWWIRUVFKXQJ66WXWWJDUW(QNH
6FKUlGHU1DHI 5 :DUXP (UZDFKVHQH QLFKW OHUQHQ =XP /HUQ XQG :HLWHU
ELOGXQJVYHUKDOWHQ(UZDFKVHQHULQGHU6FKZHL]&KXU5HJJHU
6FKXPDFKHU - 3HU]LSLHUWHV HOWHUOLFKHV (U]LHKXQJVYHUKDOWHQ .RQ]HSWXDOLVLHUXQJ
GLDJQRVWLVFKH(UIDVVXQJXQGSV\FKRORJLVFKH5HOHYDQ]LP(UZDFKVHQHQDOWHU)UDQNIXUW
D03HWHU/DQJ
6FKW]H<-XJHQGXQG)DPLOLH,Q++.UJHU+UVJ+DQGEXFKGHU-XJHQG
IRUVFKXQJ62SODGHQ/HVNH%XGULFK
6FKZHHU0.:(LQHGLIIHUHQWLHOOH7KHRULHLQWHUSHUVRQDOHQ9HUWUDXHQVhEHUOH
JXQJHQ ]XU 9HUWUDXHQVEH]LHKXQJ]ZLVFKHQ /HKUHQGHQ XQG /HUQHQGHQ 3V\FKRORJLH LQ
(U]LHKXQJXQG8QWHUULFKW
6HHO103V\FKRORJLHGHV/HUQHQV/HKUEXFKIU3lGDJRJHQXQG3V\FKRORJHQ
0QFKHQ(UQVW5HLQKDUGW9HUODJ
6HLIIJH.UHQNH , 1HXHUH (UJHEQLVVH GHU 9DWHUIRUVFKXQJ 6LQG 9lWHU QRWZHQGLJ
EHUIOVVLJRGHUVRJDUVFKlGOLFKIUGLH(QWZLFNOXQJLKUHU.LQGHU"3V\FKRWKHUDSHXW
6HLW]:5DXVFKH$3HUV|QOLFKNHLWVIUDJHERJHQIU.LQGHU]ZLVFKHQXQG
-DKUHQ3).+DQGDQZHLVXQJIUGLH'XUFKIKUXQJ$XVZHUWXQJXQG,QWHUSUHWD
WLRQEHUDUEXQGHUJlQ]$XIO+RJUHIH*|WWLQJHQ
6HOLJPDQ0(3+HOSOHVVQHVV6DQ)UDQFLVFR)UHHPDQ
6HPELOO'6HOEVWRUJDQLVLHUWHVXQG/HEHQVODQJHV/HUQHQ,Q)$FKWHQKDJHQ:
/HPSHUW+UVJ/HEHQVODQJHV/HUQHQLP%HUXI±VHLQH*UXQGOHJXQJLP.LQGHVXQG
-XJHQGDOWHU%DQG62SODGHQ/HVNH%XGULFK
6HQQHWW5$XWRULWlW)UDQNIXUW)LVFKHU
6LHJOHU 5 'H/RDFKH - (LVHQEHUJ 1 (QWZLFNOXQJVSV\FKRORJLH LP .LQGHV
XQG-XJHQGDOWHU0QFKHQ6SHNWUXP
6LOEHUHLVHQ 5 . %RHKQNH . XQG &URFNHWW / =XP (LQIOXVV YRQ 6FKXOPLOLHX
XQGHOWHUOLFKHU(U]LHKXQJVKDOWXQJDXI5DXFKHQXQG7ULQNHQLPPLWWOHUHQ-XJHQGDOWHU
,Q53HNUXQ+)HQG+UVJ6FKXOHXQG3HUV|QOLFKNHLWVHQWZLFNOXQJ(LQ5HVPHH
GHU/lQJVVFKQLWWIRUVFKXQJ66WXWWJDUW(QNH
6RPP,'U|JH./RKQWVLFK/HLVWXQJQRFK"(LQ*HVSUlFKPLW,UHQH6RPP
XQG.DL'U|JH3V\FKRORJLHKHXWH
6SLHVV+XOGL&3HUV|QOLFKNHLWXQGSV\FKRVR]LDOH8PJHEXQJ-XJHQGOLFKHUDOV'H
WHUPLQDQWHQIUGHQ%HUXIVVWDWXVLP(UZDFKVHQHQDOWHU8QYHU|II+DELOLWDWLRQ3V\FKR
ORJLVFKHV,QVWLWXWGHU8QLYHUVLWlW=ULFK)DFKULFKWXQJ$QJHZDQGWH3V\FKRORJLH
6SUDQJHU(3V\FKRORJLHGHV-XJHQGDOWHUV+HLGHOEHUJ4XHOOH0H\HU
9HU]HLFKQLVVH
/LWHUDWXUYHU]HLFKQLV
6WDPP 0 =ZLVFKHQ ([]HOOHQ] XQG 9HUVDJHQ )UKOHVHU XQG )UKUHFKQHULQQHQ
ZHUGHQHUZDFKVHQ&KXU5HJJHU
6WHFKHU / 6R]LDOHV .DSLWDO XQG +DELWXVHQWZLFNOXQJ (LQH HPSLULVFKH 8QWHUVX
FKXQJ ]XU %HGHXWXQJ VR]LDOHU %H]LHKXQJHQ IU GLH (QWZLFNOXQJ YRQ .LQGHUQ XQG -X
JHQGOLFKHQ 'LVVHUWDWLRQ DP )DFKEHUHLFK (U]LHKXQJVZLVVHQVFKDIW 3V\FKRORJLH XQG
6SRUWZLVVHQVFKDIWGHU8QLYHUVLWlW*HVDPWKRFKVFKXOH6LHJHQ
6WHLQEHUJ/:HNQRZVRPHWKLQJV$GROHVFHQWSDUHQWUHODWLRQVKLSVLQUHWURVSHFW
DQGSURVSHFW-RXUQDORI5HVHDUFKRQ$GROHVFHQFH
6WHLQEHUJ / /DPERUQ ' 6 'DUOLQJ 1 0RXQWV 1 6 'RUQEXVFK 6 0 2YHUWLPHFKDQJHVLQDGMXVWPHQWDQGFRPSHWHQFHDPRQJDGROHVFHQWVIURPDXWKRULWDWLYH
DXWKRULWDULDQLQGXOJHQWDQGQHJOHFWIXOIDPLOLHV&KLOG'HYHORSPHQW
6WHLQEHUJ//DPERUQ6''RUQEXVFK60'DUOLQJ1,PSDFWRISDUHQWLQJ
SUDFWLFHVRQDGROHVFHQWDFKLHYHPHQW$XWKRULWDWLYHSDUHQWLQJVFKRROLQYROYHPHQWDQG
HQFRXUDJHPHQWWRVXFFHHG&KLOG'HYHORSPHQW
6W|FNOL * 1LFKW HUUHLFKWH 6FKXOODXIEDKQ ± HQWWlXVFKWH /HEHQVSOlQH 3K\VLRORJL
VFKH XQG HPRWLRQDOH .RUUHODWH YRQ ,VW6ROO'LVNUHSDQ]HQ EHL 0XWWHU XQG .LQG ,Q 5
3HNUXQ + )HQG +UVJ 6FKXOH XQG 3HUV|QOLFKNHLWVHQWZLFNOXQJ (LQ 5HVPHH GHU
/lQJVVFKQLWWIRUVFKXQJ66WXWWJDUW(QNH
6W|FNOL * 6FKXOLVFKH hEHUJlQJH XQG (PRWLRQHQ LQ GHU (OWHUQ.LQG%H]LHKXQJ
3V\FKRORJLHLQ(U]LHKXQJXQG8QWHUULFKW
6WRUFK 0 'DV (OWHUQ.LQG 9HUKlOWQLV LP -XJHQGDOWHU (LQH HPSLULVFKH /lQJV
VFKQLWWVWXGLH:HLQKHLP-XYHQWD
6WUHLFK5.0DQDJHUOHEHQLP6SDQQXQJVIHOGYRQ$UEHLW)UHL]HLWXQG)DPLOLH
0QFKHQ%HFN
6WXKOPDQQ.(QWZLFNOXQJGHU/HUQXQG/HLVWXQJVPRWLYDWLRQLPhEHUJDQJYRQ
GHU $GROHV]HQ] LQV IUKH (UZDFKVHQHQDOWHU =HLWVFKULIW IU 6R]LRORJLH GHU (U]LHKXQJ
XQG6R]LDOLVDWLRQ
6ZDDQGH$9RP$XVJHKYHUERW]XU$QJVWYRUGHU6WUD‰H3lGDJRJLN([WUD
7DXVFK 5 7DXVFK $0 (U]LHKXQJVSV\FKRORJLH %HJHJQXQJ YRQ 3HUVRQ ]X
3HUVRQJlQ]OQHXJHVW$XIO*|WWLQJHQ+RJUHIH
7HLFKHUW9)DPLOLHXQG*HVHOOVFKDIWVVWUXNWXU,Q97HLFKHUW+UVJ-XQJH)DPL
OLHQLQGHU%XQGHVUHSXEOLN62SODGHQ/HVNH%XGULFK
7URPPVGRUII * (OWHUQ.LQG%H]LHKXQJHQ DXV NXOWXUYHUJOHLFKHQGHU 6LFKW ,Q 6
:DOSHU53HNUXQ+UVJ)DPLOLHXQG(QWZLFNOXQJ$NWXHOOH3HUVSHNWLYHQGHU)D
PLOLHQSV\FKRORJLH6*|WWLQJHQ+RJUHIH
7UXGHZLQG & :LQGHO $ (OWHUOLFKH (LQIOXVVQDKPH DXI GLH NLQGOLFKH .RPSH
WHQ]HQWZLFNOXQJ 6FKXOOHLVWXQJVHIIHNWH XQG LKUH PRWLYDWLRQDOH 9HUPLWWOXQJ ,Q 5
3HNUXQ + )HQG +UVJ 6FKXOH XQG 3HUV|QOLFKNHLWVHQWZLFNOXQJ (LQ 5HVPHH GHU
/lQJVVFKQLWWIRUVFKXQJ66WXWWJDUW(QNH
7UXGHZLQG&+lXVOLFKH8PZHOWXQG0RWLYHQWZLFNOXQJ*|WWLQJHQ+RJUHIH
7UXGHZLQG&9HUVXFKHLQHU7D[RQRPLHOHLVWXQJVPRWLYDWLRQVJHQHWLVFKUHOHYDQWHU
%HGLQJXQJHQGHVQLFKWVFKXOLVFKHQ/HEHQVUDXPHV'LVVHUWDWLRQ8QLYHUVLWlW%RFKXP
8JXURJOX 0 ( :DOEHUJ + - 0RWLYDWLRQ DQG $FKLHYHPHQW $ 4XDQWLWDWLYH
6\QWKHVLV$PHULFDQ(GXFDWLRQDO5HVHDUFK-RXUQDO
8OLFK'-HUXVDOHP0,QWHUSHUVRQDOH(LQIOVVHDXIGLH/HUQOHLVWXQJ,Q)(
:HLQHUW+UVJ(Q]\NORSlGLHGHU3V\FKRORJLH7KHPHQEHUHLFK'3UD[LVJHELHWH6HULH
9HU]HLFKQLVVH
/LWHUDWXUYHU]HLFKQLV
,3lGDJRJLVFKH3V\FKRORJLH%DQG3V\FKRORJLHGHV/HUQHQVXQGGHU,QVWUXNWLRQ6
*|WWLQJHQ+RJUHIH
8OLFK.6R]LDOSV\FKRORJLHGHU6FKXOH:HLQKHLP%HOW]
8OOULFK0(OWHUQ.LQG.RPPXQLNDWLRQXQG6FKXOHUIROJLPIUKHQ-XJHQGDOWHU,Q
.8(WWULFK0)ULHV+UVJ/HEHQVODQJH(QWZLFNOXQJLQVLFKZDQGHOQGHQ=HLWHQ
6/DQGDX(PSLULVFKH3lGDJRJLN
8OOULFK 0 :HQQ .LQGHU -XJHQGOLFKH ZHUGHQ 'LH %HGHXWXQJ GHU )DPLOLHQNRP
PXQLNDWLRQLPhEHUJDQJ]XP-XJHQGDOWHU:HLQKHLP-XYHQWD
81,&()81,&()%HULFKW]XU6LWXDWLRQGHU.LQGHULQ,QGXVWULHOlQGHUQ'HXWVFK
ODQG QXU 0LWWHOPD‰ :LH VRUJW 'HXWVFKODQG IU VHLQH .LQGHU ± LQWHUQDWLRQDOHU 9HU
JOHLFK 'RZQORDG XQWHU ZZZXQLFHIGHGRZQORDGSKS"I FRQWHQWBPHGLDSUHVVH
IRWRPDWHULDO.LQGHUDUPXW6WXGLH'SGI6WDQG
8SPHLHU]X%HO]HQ$+9RJW%:LHGHU)&KULVWHQ6FKXOLVFKHXQGDX‰HU
VFKXOLVFKH(LQIOVVHDXIGLH(QWZLFNOXQJHQYRQQDWXUZLVVHQVFKDIWOLFKHQ,QWHUHVVHQEHL
*UXQGVFKXONLQGHUQ ,Q 0 3UHQ]HO - 'ROO +UVJ %LOGXQJVTXDOLWlW YRQ 6FKXOH
6FKXOLVFKHXQGDX‰HUVFKXOLVFKH%HGLQJXQJHQPDWKHPDWLVFKHUQDWXUZLVVHQVFKDIWOLFKHU
XQGEHUIDFKOLFKHU.RPSHWHQ]HQ6:HLQKHLP%HOW]
8UKDKQH ' 6LHEHQ $UWHQ GHU /HUQPRWLYDWLRQ (LQ hEHUEOLFN EHU ]HQWUDOH )RU
VFKXQJVNRQ]HSWH3V\FKRORJLVFKH5XQGVFKDX
9ROSHUW : :HOFKH $UEHLW LVW JXW IU GHQ 0HQVFKHQ 1RWL]HQ ]XP 7KHPD 0HQ
VFKHQELOGXQG$UEHLWVJHVWDOWXQJ,Q))UHL,8GULV+UVJ'DV%LOGGHU$UEHLW6
%HUOLQ+XEHU
9RQGUD-%HOVN\-'HYHORSPHQWDORULJLQVRISDUHQWLQJ3HUVRQDOLW\DQGUHOD
WLRQVKLSIDFWRUV,Q7/XVWHU/2NDJDNL(GV3DUHQWLQJ$QHFRORJLFDOSHUVSHF
WLYHSS+LOOVGDOH1-/DZUHQFH(UOEDXP
:DOSHU6(LQIOVVHGHU%LQGXQJXQG,QGLYLGXDWLRQLQ%H]LHKXQJ]XU0XWWHUDXI
GLH %HILQGOLFKNHLW XQG 6R]LDOHQWZLFNOXQJ -XJHQGOLFKHU =HLWVFKULIW IU )DPLOLHQIRU
VFKXQJ6RQGHUKHIW
:HLQHU%7KHRULHQGHU0RWLYDWLRQ6WXWWJDUW.OHWW
:HLQHUW)(&RQFHSWRIFRPSHWHQFH$FRQFHSWXDOFODULILFDWLRQ,Q/+6DOJDQLN
' 6 5\FKHQ +UVJ 'HILQLQJ DQG VHOHFWLQJ NH\ FRPSHWHQFLHV 6 *|WWLQ
JHQ+RJUHIH
:HQW]HO . 5 6WXGHQW PRWLYDWLRQ LQ PLGGOH VFKRRO WKH UROH RI SHUFHLYHG SHGD
JRJLFDOFDULQJ-RXUQDORI(GXFDWLRQDO3V\FKRORJ\
:KLWH5:0RWLYDWLRQUHFRQVLGHUHG7KHFRQFHSWRIFRPSHWHQFH3V\FKRORJLFDO
5HYLHZ
:LH]RUHN & 6FKXOH %LRJUDILH XQG $QHUNHQQXQJ (LQH IDOOEH]RJHQH 'LVNXVVLRQ
GHU6FKXOHDOV6R]LDOLVDWLRQVLQVWDQ]'LVVHUWDWLRQ:LHVEDGHQ9HUODJIU6R]LDOZLVVHQ
VFKDIWHQ
:LJILHOG$/(FFOH-6([SHFWDQF\YDOXHWKHRU\RIDFKLHYHPHQWPRWLYDWLRQ
&RQWHPSRUDU\(GXFDWLRQDO3V\FKRORJ\
:LJILHOG$(FFOHV-66FKLHIHOH85RHVHU5:'DYLV.HDQ3'HYHO
RSPHQWRIDFKLHYHPHQWPRWLYDWLRQ,Q1(LVHQEHUJ(G+DQGERRNRIFKLOGSV\FKRO
RJ\9RO6RFLDOHPRWLRQDODQGSHUVRQDOLW\GHYHORSPHQWSS1HZ<RUN
:LOH\6RQV
:LOG()DPLOLDOHXQGVFKXOLVFKH%HGLQJXQJHQGHU/HUQPRWLYDWLRQYRQ6FKOHUQ
=HLWVFKULIWIU3lGDJRJLN
9HU]HLFKQLVVH
$EELOGXQJVYHU]HLFKQLV
:LOG(+RIHU0(OWHUOLFKH(U]LHKXQJXQG9HUlQGHUXQJPRWLYDWLRQDOHU2ULHQ
WLHUXQJHQLQGHUJ\PQDVLDOHQ2EHUVWXIHXQGGHU%HUXIVVFKXOH,Q86FKLHIHOH.3
:LOG +UVJ ,QWHUHVVH XQG /HUQPRWLYDWLRQ 8QWHUVXFKXQJHQ ]X (QWZLFNOXQJ )|UGH
UXQJXQG:LUNXQJ60QVWHU:D[PDQQ
:LOG(+RIHU0)DPLOLHQPLW6FKXONLQGHUQ,Q0+RIHU(:LOG31RDFN
+UVJ/HKUEXFK)DPLOLHQEH]LHKXQJHQ(OWHUQXQG.LQGHULQGHU(QWZLFNOXQJ6
*|WWLQJHQ+RJUHIH
:LOG ( 5HP\ . D $IIHNWLYH XQG PRWLYDWLRQDOH )ROJHQ GHU /HUQKLOIHQ XQG
OHUQEH]RJHQHQ(LQVWHOOXQJHQYRQ(OWHUQ8QWHUULFKWVZLVVHQVFKDIW
:LOG(5HP\.E4XDQWLWlWXQG4XDOLWlWGHUHOWHUOLFKHQ+DXVDXIJDEHQEHWUHX
XQJYRQ'ULWWNOlVVOHUQLQ0DWKHPDWLN=HLWVFKULIWIU3lGDJRJLN%HLKHIW
:LOG ( :LOG . 3 )DPLOLDOH 6R]LDOLVDWLRQ XQG VFKXOLVFKH /HUQPRWLYDWLRQ
=HLWVFKULIWIU3lGDJRJLN
:LOG(+RIHU03HNUXQ53V\FKRORJLHGHV/HUQHUV,Q$.UDSS%:HL
GHQPDQQ +UVJ 3lGDJRJLVFKH 3V\FKRORJLH (LQ /HKUEXFK 6 :HLQKHLP
%HOW]3V\FKRORJLH9HUODJV8QLRQ
:LOG(5DPPHUW06LHJPXQG$'LH)|UGHUXQJVHOEVWEHVWLPPWHU)RUPHQ
GHU/HUQPRWLYDWLRQLQ(OWHUQKDXVXQG6FKXOH,Q03UHQ]HO/$OOROLR1lFNH+UVJ
8QWHUVXFKXQJHQ ]XU %LOGXQJVTXDOLWlW YRQ 6FKXOH $EVFKOXVVEHULFKW GHV ')*
6FKZHUSXQNWSURJUDPPV60QVWHU:D[PDQQ
:LWWHQEHUJ5&RPSXWHUXQWHUVWW]WH'DWHQDQDO\VH$XIO6WXWWJDUW/XFLXV
/XFLXV
<RXQLVV-6PROODU-$GROHVFHQWUHODWLRQVZLWKPRWKHUVIDWKHUVDQGIULHQGV
&KLFDJR8QLYHUVLW\RI&KLFDJR3UHVV
=LPPHUPDQQ 3 6SDQJOHU * -HQVHLWV GHV .ODVVHQ]LPPHUV 'HU (LQIOXVV GHU
)DPLOLHDXI,QWHOOLJHQ]0RWLYDWLRQ(PRWLRQXQG/HLVWXQJLP.RQWH[WGHU6FKXOH=HLW
VFKULIWIU3lGDJRJLN
=LQQHFNHU-*HRUJ:6R]LDOH,QWHUDNWLRQLQGHU)DPLOLHXQGLKUH:LUNXQJDXI
6FKXOHLQVWHOOXQJ XQG 6FKXOHUIROJ GHU .LQGHU ,Q - =LQQHFNHU 5. 6LOEHUHLVHQ
+UVJ.LQGKHLWLQ'HXWVFKODQG$NWXHOOHU6XUYH\EHU.LQGHUXQGLKUH(OWHUQ6
:HLQKHLP-XYHQWD
$EELOGXQJVYHU]HLFKQLV
$EELOGXQJ .DSLWHOVWUXNWXUGHV)RUVFKXQJVVWDQGHV.DSXQGGHV(UJHEQLVWHLOV.DSXQWHU
9HUZHQGXQJGHV5DKPHQPRGHOOV]XUOlQJVVFKQLWWOLFKHQ%HVWLPPXQJYRQ
/HLVWXQJVPRWLYDWLRQXQGEHUXIOLFKHU:HLWHUELOGXQJVXQG/HLVWXQJVPRWLYDWLRQ.DS $EELOGXQJ 6R]LDOLVDWLRQDOVÄVR]LDOZHUGHQ³XQG(U]LHKXQJDOVÄVR]LDOPDFKHQ³*XGMRQV6
$EELOGXQJ (U]LHKXQJXQG%H]LHKXQJXQGGLH$N]HQWYHUVFKLHEXQJ]XUÄ6XEMHNW6XEMHNW
%H]LHKXQJ³0LOOHU6 $EELOGXQJ =XZDFKVGHUGLIIHUHQWLHOOHQ0HUNPDOVVWDELOLWlWPLWZDFKVHQGHP$OWHUEHLGHUHUVWHQ
3HUV|QOLFKNHLWVPHVVXQJLQ$QOHKQXQJDQ5REHUWV'HO9HFFLR]LWLHUWGXUFK
$VHQGRUSI6 $EELOGXQJ .RQWLQXXPGHU0RWLYDWLRQVW\SHQYJO'HFL5\DQ6 $EELOGXQJ ,QWHJUDWLYHV0RGHOOIDPLOLDOHU6R]LDOLVDWLRQEH]JOLFKVFKXOLVFKHU(QWZLFNOXQJLQ
$QOHKQXQJDQ5\DQ$GDPV*XOORWWD:HLVVEHUJ+DPSWRQ]LWLHUWQDFK:LOG
XQG+RIHU6 $EELOGXQJ 9RUKHUVDJHGHU6FKXOHLQVWHOOXQJGXUFKGDV(OWHUQKDXV=LQQHFNHU*HRUJ6
.RHIIL]LHQWHQIU9lWHULQ.ODPPHUQ$OOH$QJDEHQQDFK$QJDEHGHU.LQGHU 9HU]HLFKQLVVH
$EELOGXQJVYHU]HLFKQLV
$EELOGXQJ 'LHYLHU(U]LHKXQJVVWLOHQDFK%DXPULQGLQ:HLWHUHQWZLFNOXQJGXUFK0DFFRE\
XQG0DUWLQXQG7DXVFKXQG7DXVFK $EELOGXQJ /HLVWXQJVHUZDUWXQJYRQ6HLWHQGHU(OWHUQ±GLIIHUHQ]LHUWQDFK+DXSWVFKOHUQXQG
*\PQDVLDVWHQ.RQVWDQ]HU/lQJVVFKQLWW'DWHQ $EELOGXQJ 6WUXNWXUPRGHOOGHU'HWHUPLQDQWHQGHV*UXQGVFKXOHUIROJVYJO6DXHU*DPVMlJHU
6XQGGLHIUYRUOLHJHQGH6WXGLH]HQWUDOHQ8QWHUVXFKXQJVREMHNWHJUDX
PDUNLHUW $EELOGXQJ 5DKPHQPRGHOO]XUOlQJVVFKQLWWOLFKHQ%HVWLPPXQJYRQ/HLVWXQJVPRWLYDWLRQXQG
EHUXIOLFKHU:HLWHUELOGXQJVXQG/HLVWXQJVPRWLYDWLRQLQNOXVLYH$QJDEHGHU
.DSLWHOQXPPHUQ $EELOGXQJ .HUQ,QVWUXPHQWH6NDOHQXQG:LUNXQJVNHWWHQ $EELOGXQJ .RKRUWHQGHU.RQVWDQ]HU-XJHQGVWXGLHE]Z'HVJLQGHU/LI(6WXGLH $EELOGXQJ 9HUODXIGHU/HLVWXQJVPRWLYDWLRQLP$OWHUYRQELV-DKUHQGLIIHUHQ]LHUWQDFK
*HVFKOHFKWPZXQG6FKXOW\S+656*<IHKOHQGHU:HUWEHL+6PlQQOLFKLP-DKU
DXIJUXQGQ $EELOGXQJ 9HUODXIGHU%HJDEXQJV]XVFKUHLEXQJPXQGGHUVFKXOLVFKHQ1RUPYHUOHW]XQJP
*UR‰VNDODYJO.DSGLIIHUHQ]LHUWQDFK*HVFKOHFKWXQG6FKXOW\SIHKOHQGH:HUWH
EHL+6-XJHQGOLFKHQLP-DKUDXIJUXQGWLHIHPQ $EELOGXQJ 0RWLYDWLRQDOH3HUV|QOLFKNHLWVPHUNPDOHLP(UZDFKVHQHQDOWHU%/0%:0%6:±
GLIIHUHQ]LHUWQDFK*HVFKOHFKWXQG6FKXOW\S+DXSWVFKXOH+6XQG*\PQDVLXP*< $EELOGXQJ %H]LHKXQJVYHUODXI(OWHUQ.LQGLP$OWHUYRQELV-DKUHQ-DKUELV
*UR‰VNDODVIQDFK3UHVWHUXQG)HQG6Ä7UDQVSDUHQ]XQG,QWHUHVVH³ $EELOGXQJ 9HUODXIÄ(.%H]LHKXQJ³VIXQGÄLQNRQVLVWHQWHU(U]LHKXQJVVWLO³VILP.LQGHVDOWHU
YRQELV-DKUHQ(UKHEXQJVMDKUHELV±GLIIHUHQ]LHUWQDFK6FKXOW\S+656
*<XQG*HVFKOHFKW $EELOGXQJ 9HUODXIGHV9HUWUDXHQV]XU/HKUSHUVRQLP-XJHQGDOWHU6NDODVDLQGHQ
(UKHEXQJV]HLWSXQNWHQE]ZLP$OWHUYRQ-DKUHQ $EELOGXQJ 9HUODXIGHUZDKUJHQRPPHQHQ/HKUHU6FKOHU%H]LHKXQJ6NDODVDDXV6LFKWGHU
6FKOHULP-XJHQGDOWHU±GLIIHUHQ]LHUWQDFK*HVFKOHFKWXQG6FKXOW\S $EELOGXQJ 6WUXNWXUJOHLFKXQJVPRGHOO]XUTXHUVFKQLWWOLFKHQ(UNOlUXQJGHU/HLVWXQJVPRWLYDWLRQPLW
-DKUHQGXUFKGLH(OWHUQ.LQGXQG/HKUHU6FKOHU%H]LHKXQJEHLPlQQOLFKHQ
*\PQDVLDVWHQLP$OWHUYRQ-DKUHQ6DPSOH6L]H $EELOGXQJ 6WUXNWXUJOHLFKXQJVPRGHOO]XUOlQJVVFKQLWWOLFKHQ(UNOlUXQJGHU/HLVWXQJVPRWLYDWLRQPLW
-DKUHQGXUFKGLH(OWHUQ.LQGXQG/HKUHU6FKOHU%H]LHKXQJEHLPlQQOLFKHQ
*\PQDVLDVWHQLP$OWHUYRQ-DKUHQ $EELOGXQJ6WUXNWXUJOHLFKXQJVPRGHOO]XUOlQJVVFKQLWWOLFKHQ$XINOlUXQJGHU/HLVWXQJVPRWLYDWLRQPLW
-DKUHQGXUFK(OWHUQ.LQGXQG/HKUHU6FKOHU%H]LHKXQJPLW-DKUHQEHL
YHUVFKLHGHQHQJHVFKOHFKWVVSH]LILVFKHQ6FKXOIRUPJUXSSHQELV=LIIHUQ*<P+6
P*<Z+6Z $EELOGXQJ8QJOWLJHV6WUXNWXUJOHLFKXQJVPRGHOO]XU$XINOlUXQJGHUEHUXIOLFKHQ
:HLWHUELOGXQJVPRWLYDWLRQ%:0GXUFK(OWHUQ.LQGXQG/HKUHU6FKOHU%H]LHKXQJEHL
PlQQOLFKHQ*\PQDVLDVWHQ6DPSOH6L]H $EELOGXQJ6WUXNWXUJOHLFKXQJVPRGHOO]XU$XINOlUXQJGHUEHUXIOLFKHQ:HLWHUELOGXQJVPRWLYDWLRQ
GXUFK/HLVWXQJVPRWLYDWLRQPLW-DKUHQEHLPlQQOLFKHQ*\PQDVLDVWHQ6DPSOH6L]H
$EELOGXQJ*OWLJHV6WUXNWXUJOHLFKXQJVPRGHOO]XU$XINOlUXQJGHUEHUXIOLFKHQ
:HLWHUELOGXQJVPRWLYDWLRQGXUFK/HLVWXQJVPRWLYDWLRQPLW-DKUHQEHLGHUJHVDPWHQ
6WLFKSUREH6DPSOH6L]H $EELOGXQJ'DUVWHOOXQJGHU,QWHUDNWLRQHQDXIJUXQGGHU%H]LHKXQJHQ]XGHQ(OWHUQ]XGHQ/HKUHUQ
XQGGHUHLJHQHQ/HLVWXQJVPRWLYDWLRQ]XU$XINOlUXQJGHUEHUXIOLFKHQ
:HLWHUELOGXQJVPRWLYDWLRQ%:0JHVDPWH6WLFKSUREH $EELOGXQJ6WUXNWXUJOHLFKXQJVPRGHOO]XU%HVWLPPXQJGHUEHUXIOLFKHQ:HLWHUELOGXQJVPRWLYDWLRQ
GXUFKGLH(OWHUQ.LQG%H]LHKXQJXQGGLH/HKUHU6FKOHU%H]LHKXQJPLW9HUZHQGXQJ
GHU0RGHUDWRUYDULDEOH/HLVWXQJVPRWLYDWLRQPLW-DKUHQEHUGLHJHVDPWHPlQQOLFKH
6WLFKSUREHEHUHFKQHWQ $EELOGXQJ6WUXNWXUJOHLFKXQJVPRGHOO]XU%HVWLPPXQJGHUEHUXIOLFKHQ:HLWHUELOGXQJVPRWLYDWLRQ
GXUFKGLH(OWHUQ.LQG%H]LHKXQJXQGGLH/HKUHU6FKOHU%H]LHKXQJPLW9HUZHQGXQJ
GHU0RGHUDWRUYDULDEOHQ/HLVWXQJVPRWLYDWLRQPLW-DKUHQEHLPlQQOLFKHQ
*\PQDVLDVWHQQ $EELOGXQJ6WUXNWXUJOHLFKXQJVPRGHOO]XU%HVWLPPXQJGHUEHUXIOLFKHQ:HLWHUELOGXQJVPRWLYDWLRQ
GXUFKGLH(OWHUQ.LQG%H]LHKXQJXQGGLH/HKUHU6FKOHU%H]LHKXQJPLW9HUZHQGXQJ
9HU]HLFKQLVVH
7DEHOOHQYHU]HLFKQLV
GHU0RGHUDWRUYDULDEOH/HLVWXQJVPRWLYDWLRQPLW-DKUHQEHLPlQQOLFKHQ
+DXSWVFKOHUQQ ±XQJOWLJDXIJUXQGQLFKWVLJQLILNDQWHU3IDGHXQG $EELOGXQJ1RFKXQJOWLJHV6WUXNWXUJOHLFKXQJVPRGHOO]XU%HVWLPPXQJGHUEHUXIOLFKHQ
:HLWHUELOGXQJVPRWLYDWLRQGXUFKGLHVR]LDOH6FKLFKWGLH(OWHUQ.LQG%H]LHKXQJXQGGLH
/HKUHU6FKOHU%H]LHKXQJPLW9HUZHQGXQJGHU0RGHUDWRUYDULDEOH/HLVWXQJVPRWLYDWLRQ
PLW-DKUHQEHLPlQQOLFKHQ+DXSWVFKOHUQQ XPNUHLVWH=LIIHULVWQLFKW
VLJQLILNDQW $EELOGXQJ6WUXNWXUJOHLFKXQJVPRGHOO]XU%HVWLPPXQJGHUEHUXIOLFKHQ:HLWHUELOGXQJVPRWLYDWLRQ
GXUFKGLHÄVFKXOLVFKH1RUPYHUOHW]XQJ³GLHVR]LDOH6FKLFKWGLH(OWHUQ.LQG%H]LHKXQJ
XQGGLH/HKUHU6FKOHU%H]LHKXQJPLW9HUZHQGXQJGHU0HGLDWLRQVYDULDEOHQ
/HLVWXQJVPRWLYDWLRQPLW-DKUHQEHLPlQQOLFKHQ+DXSWVFKOHUQDOOH3IDGH
VLJQLILNDQWSQ $EELOGXQJ8QJOWLJHV6WUXNWXUJOHLFKXQJVPRGHOO]XU$XINOlUXQJGHUEHUXIOLFKHQ
/HLVWXQJVPRWLYDWLRQGXUFKGLH/HLVWXQJVPRWLYDWLRQPLWXQG-DKUHQEHUDOOH
3UREDQGHQEHUHFKQHW $EELOGXQJ8QJOWLJHV6WUXNWXUJOHLFKXQJVPRGHOO]XU%HVWLPPXQJGHUEHUXIOLFKHQ
:HLWHUELOGXQJVPRWLYDWLRQGXUFKGLH(OWHUQ.LQG%H]LHKXQJXQGGLH/HKUHU6FKOHU
%H]LHKXQJPLW9HUZHQGXQJGHU0RGHUDWRUYDULDEOH/HLVWXQJVPRWLYDWLRQPLW-DKUHQ
EHL+DXSWVFKOHUQ 7DEHOOHQYHU]HLFKQLV
7DEHOOH
7DEHOOH
7DEHOOH
7DEHOOH
7DEHOOH
7DEHOOH
7DEHOOH
7DEHOOH
7DEHOOH
7DEHOOH
7DEHOOH
7DEHOOH
7DEHOOH
7DEHOOH
7DEHOOH
7DEHOOH
7DEHOOH
7DEHOOH
7DEHOOH
7DEHOOH
8QWHUVFKLHGLQGHQVR]LDOHQ%H]LHKXQJHQLQ)DPLOLHXQG6FKXOH .RQWUROOYDULDEOHQ 9DULDEOHQGHUVR]LDOHQ(LQELQGXQJLQ)DPLOLHVIXQGLPDX‰HUIDPLOLlUHQ%HUHLFKVD 0RWLYDWLRQDOH3HUV|QOLFKNHLWVPHUNPDOHPGHV-XJHQGDOWHUVXQGGHUHQ=XRUGQXQJ]X
2EHUEHJULIIHQYRQ3HUV|QOLFKNHLWVPHUNPDOHQ6FKOVVHONRQVWUXNWHNXUVLYPDUNLHUW =XVDPPHQKlQJH]ZLVFKHQ)RUPHQGHU/HUQPRWLYDWLRQXQGHOWHUOLFKHQ(LQVWHOOXQJHQ
XQG,QVWUXNWLRQVVWUDWHJLHQVWDQGDUGLVLHUWH5HJUHVVLRQVNRHIIL]LHQWHQXQWHU.RQWUROOHYRQ
VR]LR|NRQRPLVFKHP6WDWXV1RWHQXQG(LQJDQJVPRWLYDWLRQ([HOHU:LOG6
*HVFKOHFKWVVSH]LILVFKH5DQJNRUUHODWLRQVZHUWH]ZLVFKHQ%HUXIVLQWHUHVVHXQG
%HUXIVSUHVWLJHDQJDEHQEHL.LQGHUQ-XJHQGOLFKHQYJO%DUQHWW .RUUHODWLRQHQGHU/HVHNRPSHWHQ]PLWGHP)DPLOLHQNOLPDEHL.QDEHQQDFK6FKXOIRUP
0HLHU6 hEHUVLFKWGHUYHUZHQGHWHQ9DULDEOHQGHV/LI('DWHQVDW]HVXQGGHUGD]XJHK|ULJHQ
6WLFKSUREHQJU|VVHQSUR*UXSSH ,QIRUPDWLRQEHUGLH9DULDEOHQGHUIDPLOLlUHQVR]LDOHQ(LQJHEXQGHQKHLW6NDODRGHU
(LQ]HOLWHP=XJHK|ULJNHLW 5HOLDELOLWlW&URQEDFK¶V$OSKDXQG9DOLGLWlW)DNWRUODGXQJHQGHUYHUNU]WHQ(OWHUQ
.LQG%H]LHKXQJVVNDOHQ9HUVWlQGQLVXQG9RUELOGZLUNXQJ³XQGÄDNWLYHV,QWHUHVVHPLW
ZHQLJ.RQIOLNWHQ³ 5HOLDELOLWlWXQG)DNWRUODGXQJHQ9DOLGLWlWPLW7UHQQVFKlUIH.RUUHODWLRQ,WHP6NDODGHU
6NDOD/HKUHU6FKOHU%H]LHKXQJ 5HOLDELOLWlWXQG)DNWRUODGXQJHQ9DOLGLWlWPLW7UHQQVFKlUIH.RUU,WHP6NDODGHU
6NDODÄ6HOEVWZLUNVDPNHLW³ 9DULDEOHQGHUDOOJHPHLQHQ=XIULHGHQKHLWEHUZHVHQWOLFKH/HEHQVEHUHLFKH )LW,QGL]HVYRQ6WUXNWXUJOHLFKXQJVPRGHOOHQ W7HVWVEHU/HLVWXQJVPRWLYDWLRQLQ$EKlQJLJNHLWGHV*HVFKOHFKWVDXQGGHU*UXSSH
EGLIIHUHQ]LHUWQDFK$OWHU 0RWLYDWLRQDOH3HUV|QOLFKNHLWVPHUNPDOHLP-XJHQGDOWHU ,QWHUNRUUHODWLRQHQ]ZLVFKHQ9DULDEOHQGHU0RWLYDWLRQLP-XJHQGDOWHU .RUUHODWLRQHQ]ZLVFKHQ.RQWUROOYDULDEOHQXQGDXVJHZlKOWHQPRWLYDWLRQDOHQ9DULDEOHQ
LP-XJHQGDOWHU .RUUHODWLRQHQQDFK6SHDUPDQIU6FKXOIRUP+656*<XQGQDFK3HDUVRQIUUHO
/HLVWXQJVSRVLWLRQPLWDOOHQPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHQ 3DUWLDO,QWHUNRUUHODWLRQHQ]ZLVFKHQGHQPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVYDULDEOHQLP
-XJHQGDOWHU.RQWUROOYDULDEOHQ*HVFKOHFKW6FKXOW\SXQGUHO/HLVWXQJVSRVLWLRQVLQG
DXVSDUWLDOLVLHUW 9HU]HLFKQLVVH
7DEHOOH
7DEHOOH
7DEHOOH
7DEHOOH
7DEHOOH
7DEHOOH
7DEHOOH
7DEHOOH
7DEHOOH
7DEHOOH
7DEHOOH
7DEHOOH
7DEHOOH
7DEHOOH
7DEHOOH
7DEHOOH
7DEHOOH
7DEHOOH
7DEHOOH
7DEHOOH
7DEHOOH
7DEHOOH
7DEHOOHQYHU]HLFKQLV
.RUUHODWLRQHQ]ZLVFKHQ.RQWUROOYDULDEOHQXQGPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHQ
LP(UZDFKVHQHQDOWHU .RUUHODWLRQHQ]ZLVFKHQ.RQWUROOYDULDEOHQXQGPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHQ
LP(UZDFKVHQHQDOWHUEHLHKHPDOLJHQPlQQOLFKHQ+DXSWVFKOHUQXQG*\PQDVLDVWHQ 9DULDEOHQGHUVR]LDOHQXQGIDPLOLlUHQVI(LQJHEXQGHQKHLW .RUUHODWLRQHQ]ZLVFKHQIDPLOLlUHUVR]LDOHU(LQJHEXQGHQKHLWXQGPRWLYDWLRQDOHQ
3HUV|QOLFKNHLWVPHUNPDOHQPP 3DUWLDONRUUHODWLRQ]ZLVFKHQ9DULDEOHQIDPLOLlUHUVR]LDOHQ(LQJHEXQGHQKHLWXQG
PRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHQTXHUVFKQLWWOLFKE]ZNXU]HU/lQJVVFKQLWWEHL
PXQWHU.RQWUROOHYRQ/HLVWXQJVSRVLWLRQ*HVFKOHFKWXQG6FKXOW\SSDLUZLVH
EHUHFKQHW .RUUHODWLRQHQ]ZLVFKHQDX‰HUIDPLOLlUHUVR]LDOHU(LQJHEXQGHQKHLWVDVDXQG
PRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHQPPTXHUVFKQLWWOLFKDX‰HUPLWP
/HLVWXQJVPRWLYDWLRQPLW-LP-DKU 3DUWLDONRUUHODWLRQ]ZLVFKHQ9DULDEOHQDX‰HUIDPLOLlUHUVR]LDOHQ(LQJHEXQGHQKHLWXQG
PRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHQTXHUVFKQLWWOLFKE]ZNXU]HU/lQJVVFKQLWWEHL
PXQWHU.RQWUROOHYRQ/HLVWXQJVSRVLWLRQ*HVFKOHFKWXQG6FKXOW\S 3DUWLDONRUUHODWLRQHQ]ZLVFKHQIDPLOLlUHQXQGDX‰HUIDPLOLlUHQ9DULDEOHQXQGGHU
/HLVWXQJVPRWLYDWLRQPLWXQG-DKUHQTXHUVFKQLWWOLFKE]ZNXU]HU/lQJVVFKQLWW
XQWHU.RQWUROOHYRQ/HLVWXQJVSRVLWLRQXQG6FKXOIRUP 0XOWLSOH5HJUHVVLRQVDQDO\VHQ]XUTXHUVFKQLWWOLFKHQ9RUKHUVDJHGHU
/HLVWXQJVPRWLYDWLRQPLW-DKUHQGXUFKGLHUHODWLYH/HLVWXQJVSRVLWLRQLQGHU.OXQG
GLHVR]LDOH(LQJHEXQGHQKHLWGLIIHUHQ]LHUWQDFK*HVFKOHFKWXQG6FKXOW\S 0XOWLSOH5HJUHVVLRQVDQDO\VHQ]XUOlQJVVFKQLWWOLFKHQ9RUKHUVDJHGHU
/HLVWXQJVPRWLYDWLRQPLW-DKUHQGXUFKGLHUHODWLYH/HLVWXQJVSRVLWLRQLQGHU.ODVVH
XQGGLHVR]LDOH(LQJHEXQGHQKHLWGLIIHUHQ]LHUWQDFK*HVFKOHFKWXQG6FKXOW\S 0XOWLSOH5HJUHVVLRQVDQDO\VHQ]XU9RUKHUVDJHGHU/HLVWXQJVPRWLYDWLRQPLWE]Z
-DKUHQGXUFKGLHIDPLOLlUHXQGDX‰HUIDPLOLlUH(LQJHEXQGHQKHLWEHLPlQQOLFKHQ
*\PQDVLDVWHQPLW-DKUHQ 6(0)LW,QGL]HVGHU0RGHOOHEHLYLHU*UXSSHQ9RUKHUVDJHGHU/HLVWXQJVPRWLYDWLRQ
TXHUVFKQLWWOLFK )LW,QGL]HVGHU6WUXNWXUJOHLFKXQJVPRGHOOH]XUOlQJVVFKQLWWOLFKHQ$XINOlUXQJGHU
/HLVWXQJVPRWLYDWLRQPLW-DKUHQGXUFK(OWHUQ.LQGXQG/HKUHU6FKOHU%H]LHKXQJ
PLW-DKUHQEHLYHUVFKLHGHQHQJHVFKOHFKWVVSH]LILVFKHQ6FKXOIRUPJUXSSHQ 6LJQLILNDQWH.RUUHODWLRQHQ]ZLVFKHQIDPLOLlUHUXQGDX‰HUIDPLOLlUHUVR]LDOHU
(LQJHEXQGHQKHLWXQGPRWLYDWLRQDOHQ9DULDEOHQLP(UZDFKVHQHQDOWHULQNOXVLYH
3DUWLDONRUUHODWLRQHQNXUVLYGDUJHVWHOOWUHO/HLVWXQJVSRVLWLRQLQ.ODVVHXQGK|FKVWHU
EHUXIOLFKHU$XVELOGXQJVDEVFKOXVVNRQWUROOLHUHQGEHQXW]W 6LJQLILNDQWH.RUUHODWLRQHQ]ZLVFKHQIDPLOLlUHUXQGDX‰HUIDPLOLlUHUVR]LDOHU
(LQJHEXQGHQKHLWXQGPRWLYDWLRQDOHQ9DULDEOHQLP(UZDFKVHQHQDOWHUGLIIHUHQ]LHUWQDFK
*HVFKOHFKWXQG6FKXOW\S 6LJQLILNDQWH3DUWLDONRUUHODWLRQHQ]ZLVFKHQIDPLOLlUHUXQGDX‰HUIDPLOLlUHUVR]LDOHU
(LQJHEXQGHQKHLWXQGPRWLYDWLRQDOHQ9DULDEOHQLP(UZDFKVHQHQDOWHUGLIIHUHQ]LHUWQDFK
*HVFKOHFKWXQG6FKXOW\SNRQWUROOLHUWGXUFKUHO/HLVWXQJVSRVLWLRQXQGK|FKVWHUEHUXIO
$XVELOGXQJVDEVFKOXVV 0XOWLSOH5HJUHVVLRQVDQDO\VHQ]XU9RUKHUVDJHGHUEHUXIOLFKHQ
:HLWHUELOGXQJVPRWLYDWLRQ%:0GXUFKIDPLOLlUHXQGDX‰HUIDPLOLlUHVR]LDOH
%H]LHKXQJHQ 0XOWLSOH5HJUHVVLRQVDQDO\VHQ]XU9RUKHUVDJHGHUEHUXIOLFKHQ
6HOEVWZLUNVDPNHLWVEHU]HXJXQJ%6:GXUFKIDPLOLlUHXQGDX‰HUIDPLOLlUHVR]LDOH
%H]LHKXQJHQ .RUUHODWLRQHQ]ZLVFKHQGHU/HLVWXQJVPRWLYDWLRQPLW-DKUHQXQGPRWLYDWLRQDOHQ
3HUV|QOLFKNHLWVPHUNPDOHQPLW-DKUHQ 6WDELOLWlWGHU/HLVWXQJVPRWLYDWLRQPLWXQG-DKUHQ 3DUWLDONRUUHODWLRQ]ZLVFKHQPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHQLP-XJHQGDOWHU
XQGLP(UZDFKVHQHQDOWHUXQWHU.RQWUROOHGHUUHODWLYHQ/HLVWXQJVSRVLWLRQGHVK|FKVWHQ
$XVELOGXQJVDEVFKOXVVHVGHV*HVFKOHFKWVXQGGHU6FKXOIRUP .RQWH[WVSH]LILVFKH3DUWLDO.RUUHODWLRQHQ]ZLVFKHQPRWLYDWLRQDOHQ
3HUV|QOLFKNHLWVPHUNPDOHQLP-XJHQGDOWHUXQGPRWLYDWLRQDOHQ
3HUV|QOLFKNHLWVPHUNPDOHQLP(UZDFKVHQHQDOWHU%/0%:0%6:XQWHU.RQWUROOHGHU
UHO/HLVWXQJVSRVLWLRQXQGGHVK|FKVWHQEHUXIO$XVELOGXQJVDEVFKOXVVHV 9HU]HLFKQLVVH
7DEHOOHQYHU]HLFKQLV
7DEHOOH 6LJQLILNDQWH3DUWLDONRUUHODWLRQHQ]ZLVFKHQDXVJHZlKOWHQPRWLYDWLRQDOHQ
3HUV|QOLFKNHLWVPHUNPDOHQLP-XJHQGDOWHUXQGGHQEHUXIOLFKHQ0RWLYDWLRQVVNDOHQXQWHU
.RQWUROOHGHUUHODWLYHQ/HLVWXQJVSRVLWLRQXQGGHVK|FKVWHQEHUXIO
$XVELOGXQJVDEVFKOXVVHV 7DEHOOH 0XOWLSOH5HJUHVVLRQVDQDO\VHQ]XU9RUKHUVDJHGHUEHUXIOLFKHQ/HLVWXQJVPRWLYDWLRQ
%/0GXUFKPRWLYDWLRQDOH3HUV|QOLFKNHLWVPHUNPDOHLP-XJHQGDOWHUEHLGHQ
HKHPDOLJHQPlQQOLFKHQ*\PQDVLDVWHQ 7DEHOOH 0XOWLSOH5HJUHVVLRQVDQDO\VHQ]XU9RUKHUVDJHGHUEHUXIOLFKHQ
:HLWHUELOGXQJVPRWLYDWLRQ%:0GXUFKPRWLYDWLRQDOH3HUV|QOLFKNHLWVPHUNPDOHLP
-XJHQGDOWHUEHLPlQQOLFKHQ*\PQDVLDVWHQXQG+DXSWVFKOHUQ 7DEHOOH 'HVNULSWLYH.HQQ]DKOHQGHU6FKOVVHOYDULDEOHQEHLPlQQOLFKHQ-XJHQGOLFKHQLQ
*\PQDVLXPXQGLQGHU+DXSWVFKXOH]XP=HLWSXQNWXQG
6WLFKSUREHQJU|‰H0LWWHOZHUW6WDQGDUGDEZHLFKXQJ6WDQGDUGIHKOHUXQGW7HVW:HUWH 7DEHOOH .RUUHODWLRQHQ]ZLVFKHQUHO/HLVWXQJVSRVLWLRQXQG9DULDEOHQGHUVR]LDOHQ
(LQJHEXQGHQKHLWEHLPlQQOLFKHQ-XJHQGOLFKHQLP*\PQDVLXPXQGLQGHU+DXSWVFKXOH
LP$OWHUYRQ-DKUHQ 7DEHOOH .RUUHODWLRQHQ]ZLVFKHQGHQPRW3HUV|QOLFKNHLWVPHUNPDOHQLP(UZDFKVHQHQDOWHU
%/0%:0%6:XQGD.RQWUROOYDULDEOHQEIDPLOLlUHUVR]LDOHU(LQJHEXQGHQKHLWF
DX‰HUIDPLOLlUHUVR]LDOHU(LQJHEXQGHQKHLWVRZLHGPRWLYDWLRQDOHU
3HUV|QOLFKNHLWVPHUNPDOHLPIUKHQ-XJHQGDOWHUYRQPlQQOLFKHQ-XJHQGOLFKHQLQ
*\PQDVLHQXQG+DXSWVFKXOHQ 7DEHOOH 0XOWLSOH5HJUHVVLRQVDQDO\VHQKLHUDUFKLVFK]XU9RUKHUVDJHGHUEHUXIOLFKHQ
/HLVWXQJVPRWLYDWLRQ%/0EHLGHUJHVDPWHQ6WLFKSUREH 7DEHOOH 0XOWLSOH5HJUHVVLRQVDQDO\VHQKLHUDUFKLVFK]XU9RUKHUVDJHGHUEHUXIOLFKHQ
:HLWHUELOGXQJVPRWLYDWLRQ%:0GXUFK]ZHL.RQWUROOYDULDEOHQGHU(OWHUQ.LQG
%H]LHKXQJXQGGHU/HLVWXQJVPRWLYDWLRQPLWEHLGHUJHVDPWHQ6WLFKSUREHGI 7DEHOOH 0XOWLSOH5HJUHVVLRQVDQDO\VHQKLHUDUFKLVFK]XU9RUKHUVDJHGHUEHUXIOLFKHQ
:HLWHUELOGXQJVPRWLYDWLRQ%:0GXUFK]ZHL.RQWUROOYDULDEOHQGHU(OWHUQ.LQG
%H]LHKXQJXQGGHU/HLVWXQJVPRWLYDWLRQPLWEHLPlQQOLFKHQ*\PQDVLDVWHQGI 7DEHOOH .RUUHODWLRQHQ]ZLVFKHQDXVJHZlKOWHQ9DULDEOHQGHV-XJHQGDOWHUVXQG9DULDEOHQ]XU
=XIULHGHQKHLWLP(UZDFKVHQHQDOWHUEHL0lQQHUQVFKXOIRUPVSH]LILVFK 7DEHOOH )UGLHVH6WXGLHDXVJHZlKOWH9DULDEOHQGHV/LI(6WXGLH'DWHQVDW]HV3URMHNWOHLWXQJ
)HQG*HRUJ%HUJHU*URE/DXWHUEDFK8QLYHUVLWlW=ULFKXQG.RQVWDQ](LQ(
YHUZHLVWGDUDXIGDVVGDV,WHPYRQ(OWHUQEHDQWZRUWHWZXUGH $QKDQJ
,QVWUXPHQWH
$QKDQJ
,QVWUXPHQWH
'LH7DEHOOH]HLJWGLHIUGLHVH6WXGLHHLQJHVHW]WHQ9DULDEOHQGHV/LI('DWHQ
VDW]HV
7DEHOOH
)UGLHVH6WXGLHDXVJHZlKOWH9DULDEOHQGHV/LI(6WXGLH'DWHQVDW]HV3URMHNWOHLWXQJ)HQG*HRUJ%HUJHU*URE
/DXWHUEDFK8QLYHUVLWlW=ULFKXQG.RQVWDQ](LQ(YHUZHLVWGDUDXIGDVVGDV,WHPYRQ(OWHUQEHDQWZRUWHW
ZXUGH
9DU
/DEHO
1DPH
N
*HVFKOHFKWZP
,WHP
6NDOD
,WHP
N
6FKXOIRUP+656*<
,WHP
N
YHUEDOH,QWHOOLJHQ]
6NDOD
N
6FKLFKW
6NDOD
N
5HJLRQ6WDGW/DQG
,WHP
N
1DWLRQDOLWlW
,WHP
N
N
K|FKVWHU6FKXODEVFKOXVV(OWHUQ ,WHP
+656*<(
%HUXIVVWDWXV9DWHU,6(,(
6NDOD
N
%HUXIVVWDWXV0XWWHU,6(,(
6NDOD
N
)DPLOLHQVLWXDWLRQQLFKWWUDGLWLR
QHOOWUDGLWLRQHOO
%HUXIVWlWLJNHLW0XWWHU
,WHP
N
N
,WHP
N
*HVFKZLVWHU]DKOE]Z.LQGHU
,WHP
DQ]DKO]XKDXVHPLW%HIUDJWHP
(LQ]HONLQGVWDWXV
,WHP
N
(OWHUQVWDWXV
,WHP
[
5HODWLYH/HLVWXQJVSRVLWLRQLQ
.ODVVH
,WHP
&RGLHUXQJ]XVlW]OLFKH,QIRUPDWLRQXQG:RUWODXWGHU)UDJH
ZHLEOLFK
PlQQOLFK
+DXSWVFKXOH
5HDOVFKXOH
*\PQDVLXP
,QWHJULHUWH*HVDPWVFKXOHZLUGEHLNRUUHODWLYHQ%HUHFKQXQJHQ
DOV0LVVLQJEHKDQGHOW
7HVWIUDJHQZLH]%REÄ'HNRUDWLRQYV2UQDPHQW³RGHUÄDEVROXW
YVUHODWLY³GDVVHOEHPHLQHQ
0LWWHOZHUWGHUDOVULFKWLJJHZHUWHWHQ$QWZRUWHQPXOWLSOL]LHUWPLW
'LHVR]LDOH6FKLFKWGHV(OWHUQKDXVHVZXUGHDXIJUXQGGHVYlWHUOL
FKHQ%HUXIVQDFKHLQHPPRGLIL]LHUWHQ6FKHPDYRQ.OHLQLQJXQG
0RRUHVLHEHQVWXILJFRGLHUW
2EHUVFKLFKW2EHUH0LWWHOVFKLFKW0LWWOHUH0LWWHOVFKLFKW
8QWHUH0LWWHOVFKLFKW2EHUH8QWHUVFKLFKW0LWWOHUH8QWHU
VFKLFKW8QWHUH8QWHUVFKLFKW
6WDGW
/DQG
'HXWVFKHU
$XVOlQGHU
:HQQEHLGH(OWHUQWHLO+656$EVFKOXVVKDEHQ
:HQQHLQ(OWHUQWHLO*\PQDVLXPJHPDFKWKDW
7H[WDQWZRUWZHOFKHJHPl‰GHPVWDQGDUGLVLHUWHQLQWHUQDWLRQDOHQ
VR]LR|NRQRPLVFKHQ,QGH[,6(,FRGLHUWZXUGH'HUQLHGULJVWH
:HUWZLUGIUODQGZLUWVFKDIWOLFKH+LOIVNUlIWHYHUJHEHQGHU
K|FKVWH:HUWIU5LFKWHU
7H[WDQWZRUWZHOFKHJHPl‰GHPVWDQGDUGLVLHUWHQLQWHUQDWLRQDOHQ
VR]LR|NRQRPLVFKHQ,QGH[,6(,FRGLHUWZXUGH'HUQLHGULJVWH
:HUWZLUGIUODQGZLUWVFKDIWOLFKH+LOIVNUlIWHYHUJHEHQGHU
K|FKVWH:HUWIU5LFKWHU
DQGHUH.RQVWHOODWLRQDOVWUDGLWLRQHOOWUDGLWLRQHOO9DWHUXQG
0XWWHUNHLQ6WLHIYDWHUNHLQH6WLHIPXWWHU
QHLQ
JHOHJHQWOLFKRGHUVWXQGHQZHLVH±KDOEWDJVRGHUJDQ]WDJV
HLQ]ZHLGUHLYLHUIQIXQGPHKU
QHLQ
MD
QHLQ
MD
VHKUVFKOHFKW
HKHUVFKOHFKWDOVJXW
PLWWHOPl‰LJ
HKHUJXWDOVVFKOHFKW
$QKDQJ
,QVWUXPHQWH
[
1RWHQVXPPH'HXWVFK(QJ
OLVFK0DWKH
UHO/HLVWXQJVSRVLWLRQLQ.ODVVH
1RWHQVXPPH'HXWVFK(QJ
OLVFK0DWKH
+|FKVWHU6FKXODEVFKOXVVRUGL
QDO
6NDOD
\
+|FKVWHUEHUXIOLFKHU$XVELO
GXQJVDEVFKOXVV
,WHP
\
0RQDWOLFKHV1HWWRHLQNRPPHQ
VI
:RKOIKOHQ]X+DXVH
,WHP
VI
(.%H]D*UR‰VNDOD,WHPV
6NDOD
VI
(.%H]E9HUVWlQG
QLV9RUELOGZLUNXQJ,WHPV
6NDOD
VI
(.%H]FDNW,QWHUHVVHZHQLJ
.RQIOLNWH,WHPV
6NDOD
VI
(.%H]G=XZHQ
GXQJ9HUVWlQGQLV,WHPV
6NDOD
[
[
[
,WHP
,WHP
VHKUJXW
HLQWLHIHU:HUWHQWVSULFKWKRKHQ/HLVWXQJHQ
VHKUVFKOHFKW
HKHUVFKOHFKWDOVJXW
PLWWHOPl‰LJ
HKHUJXWDOVVFKOHFKW
VHKUJXW
HLQWLHIHU:HUWHQWVSULFKWKRKHQ/HLVWXQJHQ
9RQGHU6FKXOHDEJHJDQJHQRKQH$EVFKOXVV9RONVVFKXO
+DXSWVFKXODEVFKOXVV
0LWWOHUH5HLIH.ODVVH5HDOVFKXODEVFKOXVV)DFKVFKXOUHLIH
)DFKKRFKVFKXOUHLIHIDFKJHEXQGHQH+RFKVFKXOUHLIH$EVFKOXVV
HLQHU)DFKREHUVFKXOH$ELWXUDOOJ+RFKVFKXOUHLIH$QGHUHU
6FKXODEVFKOXVVELWWHQRWLHUHQGLHVH.DWHJRULHZXUGHEHL.RUUH
ODWLRQVEHUHFKQXQJHQDOVPLVVLQJGHNODULHUW
9RQGHU6FKXOHDEJHJDQJHQRKQH$EVFKOXVV9RONVVFKXO
+DXSWVFKXODEVFKOXVV0LWWOHUH5HLIH.ODVVH5HDOVFKXODE
VFKOXVV)DFKVFKXOUHLIH)DFKKRFKVFKXOUHLIHIDFKJHEXQGHQH
+RFKVFKXOUHLIH$EVFKOXVVHLQHU)DFKREHUVFKXOH$ELWXUDOOJ
+RFKVFKXOUHLIH
:LHKRFKLVW,KUHLJHQHVPRQDWOLFKHV1HWWR(LQNRPPHQ"
%HWUDJLQ(XUR
VHKUZRKO]LHPOLFKZRKOPLWWHOPl‰LJZRKOZHQLJZRKO
JDUQLFKWZRKO
:HQQLFK3UREOHPHKDEHEHKDOWHLFKVLHOLHEHUIUPLFKDOV
PHLQH(OWHUQXP5DW]XIUDJHQ
,FKKDEHGDV*HIKOGDVVLFKPLWPHLQHQ(OWHUQEHUDOOHV
UHGHQNDQQ
=ZLVFKHQPHLQHQ(OWHUQXQGPLUNRPPWHVRIW]X5HLEHUHLHQ
0HLQH(OWHUQKDEHQYLHO9HUVWlQGQLVIUPHLQH3UREOHPH
0HLQH(OWHUQK|UHQPLULPPHUDXIPHUNVDP]XZHQQLFKHWZDV
HU]lKOH
0HLQH(OWHUQKDEHQPHLVWHQVHWZDVDQGHUHV]XWXQZHQQLFK
PDOPLWLKQHQ]XVDPPHQVHLQP|FKWH
0HLQH(OWHUQNPPHUQVLFKUHFKWZHQLJXPPLFK
0HLQH(OWHUQLQWHUHVVLHUHQVLFKUHFKWZHQLJGDIUZDVLFKVR
GHQNHXQGWXH
,FKKDEHGDV*HIKOGDVVLFKPLWPHLQHQ(OWHUQEHUDOOHV
UHGHQNDQQU
0HLQH(OWHUQKDEHQYLHO9HUVWlQGQLVIUPHLQH3UREOHPHU
:HQQEHLPLUHWZDVVFKLHIJHODXIHQLVWUHGHQPHLQH(OWHUQ
LPPHUPLWPLUEHUGLH6DFKHU
0HLQH(OWHUQQHKPHQ5FNVLFKWDXIPLFKXQGHUZDUWHQGDV
JOHLFKHYRQPLUU
0HLQH(OWHUQKDEHQPHLVWHQVHWZDVDQGHUHV]XWXQZHQQLFK
PDOPLWLKQHQ]XVDPPHQVHLQP|FKWH
0HLQH(OWHUQNPPHUQVLFKUHFKWZHQLJXPPLFK
0HLQH(OWHUQLQWHUHVVLHUHQVLFKUHFKWZHQLJGDIUZDVLFKVR
GHQNHXQGWXH
=ZLVFKHQPHLQHQ(OWHUQXQGPLUNRPPWHVRIW]X5HLEHUHLHQ
0HLQH(OWHUQK|UHQLPPHUDXIPHUNVDP]XZHQQLFKHWZDV
HU]lKOH
,FKKDEHGDV*HIKOGDVVLFKPLWPHLQHQ(OWHUQEHUDOOHV
UHGHQNDQQ
0HLQH(OWHUQKDEHQYLHO9HUVWlQGQLVIUPHLQH3UREOHPH
$QKDQJ
,QVWUXPHQWH
VI
5HLEHUHLHQ]Z(.
,WHP
VI
*HVSUlFKVLQWHQVLWlW(.
6NDOD
VI
(OWHUQ%H]LHKXQJUHWURVSHNWLY
,WHP
VI
6FKHLGXQJVX7UHQQXQJVHUI
-XJHQG]HLW
,WHP
VI
LQNRQVLVWHQWHU(U]LHKXQJVVWLO
6NDOD
VI
HQWVSDQQWH)UHL]HLWDNWLYLWlWHQ
PLW(OWHUQ(
6NDOD
VI
VR]LDOH)UHL]HLWDNWLYLWlWHQPLW
(OWHUQ(
6NDOD
:HQQEHLPLUHWZDVVFKLHIJHODXIHQLVWUHGHQPHLQH(OWHUQ
LPPHUPLWPLUEHUGLH6DFKH
=ZLVFKHQPHLQHQ(OWHUQXQGPLUNRPPWHVRIW]X5HLEHUHLHQ
VWLPPWY|OOLJVWLPPW]LHPOLFKWHLOVWHLOVVWLPPWZHQLJ
VWLPPWJDUQLFKW
:LHRIWVSUHFKWLKUXQWHUHLQDQGHU
EHUGLH6FKXOH"
EHUUHOLJL|VH)UDJHQ"
EHUSHUV|QOLFKH3UREOHPHYRQ0HQVFKHQXQGEHU3UREOH
PHYRQ)UHXQGHQ9HUZDQGWHQRGHUDQGHUHQ3HUVRQHQ"
ZDVPDQLQGHU)UHL]HLWPDFKHQNDQQXQGVROO"
EHU'HLQH=XNXQIWVSOlQHXQG%HUXIVYRUVWHOOXQJHQ"
:LHZUGHQ6LHLP5FNEOLFNGLH%H]LHKXQJ]ZLVFKHQ,KUHQ(OWHUQ
EHVFKUHLEHQDOV6LHXQJHIlKUELV-DKUHDOWZDUHQ"
6HKUSRVLWLY3RVLWLY(KHUSRVLWLY(KHUQHJDWLY1H
JDWLY6HKUQHJDWLY
6FKHLGXQJVRGHU7UHQQXQJVHUIDKUXQJGHV-XJHQGOLFKHQELV]XP
(QGHGHU-XJHQGXQWHUVXFKXQJ"
MDQHLQ
0LULVWQLFKWLPPHUNODUZDVPHLQH(OWHUQYRQPLUZROOHQ
0HLQH(OWHUQGURKHQPLUKlXILJ6WUDIHDQXQGIKUHQVLHGDQQ
QLFKWDXV
,FKZHL‰EHUKDXSWQLFKWZDUXPPLUHWZDVHUODXEWZLUGRGHU
QLFKW
0HLQH(OWHUQYHUVSUHFKHQPLUPDQFKPDOHWZDVXQGKDOWHQHV
GDQQQLFKW
,FKZHL‰EHLPHLQHQ(OWHUQRIWQLFKWZLHLFKHVLKQHQUHFKW
PDFKHQVROO
:HQQPHLQH(OWHUQPLUHWZDVYHUELHWHQZLVVHQVLHRIWVHOEVW
QLFKWZDUXP
2IWILQGHQPHLQH(OWHUQEHLPLU6DFKHQJXWZRUEHUVLHVLFK
HLQDQGHUHV0DOlUJHUQ
(VNRPPWRIWYRUGDVVPHLQH(OWHUQPLUHLQPDOHWZDVHUODX
EHQZDVVLHPLUHLQDQGHUHV0DOYHUELHWHQ
:LUKDEHQ$XVIOJHXQWHUQRPPHQRGHUVLQGEXPPHOQJH
JDQJHQ
:LUKDEHQXQVJHPHLQVDPPLW+REE\VEHVFKlIWLJW]%
6SLHOHQ%DVWHOQ3KRWRJUDSKLHUHQ*DUWHQ7LHUH
:LUKDEHQ6SRUWJHWULHEHQRGHUJU|‰HUH:DQGHUXQJHQXQWHU
QRPPHQ
:LUKDEHQEHUDQGHUH$QJHOHJHQKHLWHQGHUJDQ]HQ)DPLOLH
JHUHGHW]%WlJOLFKH9RUNRPPQLVVHLQGHU)DPLOLH$UEHLW
GHV9DWHUVGHU0XWWHU=XNXQIWVSOlQH
)UHXQGH%HNDQQWHEHVXFKHQRGHU%HVXFKYRQ)UHXQGHQ
%HNDQQWHQEHNRPPHQ
:LUKDEHQ%HNDQQWHRGHU)UHXQGHEHVXFKWRGHU%HVXFKEH
NRPPHQ
:LUKDEHQXQVEHUVR]LDOH7KHPHQXQWHUKDOWHQ]%$U
EHLWVORVLJNHLW3UREOHPHDOWHURGHUNUDQNHU0HQVFKHQ'UR
JHQNRQVXP
PLWDQGHUHQEHU(U]LHKXQJVIUDJHQUHGHQ
)HUQVHK5XQGIXQNVHQGXQJHQEHU%H]LHKXQJHQ]ZLVFKHQ
0HQVFKHQVHKHQK|UHQ]%EHU(KHIUDJHQ(OWHUQ.LQG
3UREOHP
PLFKPLWMHPDQGHPEHU%HVRQGHUKHLWHQRGHU6FKZLHULJNHL
WHQDQGHUHU0HQVFKHQXQWHUKDOWHQ
:LUKDEHQXQVEHUSHUV|QOLFKH3UREOHPH]ZLVFKHQ0HQ
VFKHQXQWHUKDOWHQ]%]ZLVFKHQ-XQJHQXQG0lGFKHQ(O
WHUQXQG.LQGHUQ(KHSDUWQHUQ
$QKDQJ
,QVWUXPHQWH
VI
DX‰HUIDP93EHLSHUV3UREO
,WHP
VI
DX‰HUIDP93EHL3UREOPLW
DQGHUHQ
,WHP
VI
ZDKUJHQ%HJDEXQJVHLQVFKlW
]XQJ
,WHP
VI
ZDKUJHUZDUWHWHU6FKXODE
VFKOXVV+656*<
,WHP
VI
/HLVWXQJVHUZDUWXQJGHU((
,WHP
VI
(IUDJHQKlXILJQDFK6FKXOOHLV
WXQJ(
,WHP
VI
(ZLVVHQ%HVFKHLGEHU6FKXO
OHLVWXQJ(
,WHP
VI
+DXVDXIJDEHQHQJDJHPHQWGHU
((
6NDOD
VD
:RKOIKOHQLQ6FKXOH
,WHP
VD
$QRQ\PLWlWDQGHU6FKXOH
6NDOD
%FKHUEHU%H]LHKXQJHQXQG3UREOHPH]ZLVFKHQ0HQVFKHQ
OHVHQ
%FKHURGHU=HLWVFKULIWHQEHU(U]LHKXQJOHVHQ
:LUKDEHQEHUGDVJHUHGHWZDVGDV.LQGEHZHJW]%GLH
6FKXOHVHLQH)UHXQGHVHLQH6RUJHQVHLQH=XNXQIWVSOlQH
:HQQGX6FKZLHULJNHLWHQRGHU3UREOHPHPLWGLUVHOEVWKDVWPLW
ZHPUHGHVWGXGDQQDPHKHVWHQGDUEHU"
PLW9DWHURGHU0XWWHURGHUPLW*HVFKZLVWHUQPLWGHP)UHXQG
JHJHQJHVFKOHFKWOLFKRGHUPLWHLQHU)UHXQGLQJOHLFKJHVFKOHFKW
OLFKRGHUPLWGHP/HKUHUGHQLFKDPPHLVWHQPDJ
:HQQGX6FKZLHULJNHLWHQRGHU3UREOHPHPLWDQGHUHQKDVWPLW
ZHPUHGHVWGXGDQQDPHKHVWHQGDUEHU"
PLW9DWHURGHU0XWWHURGHUPLW*HVFKZLVWHUQPLWGHP)UHXQG
JHJHQJHVFKOHFKWOLFKRGHUPLWHLQHU)UHXQGLQJOHLFKJHVFKOHFKW
OLFKRGHUPLWGHP/HKUHUGHQLFKDPPHLVWHQPDJ
)UZLHEHJDEWKDOWHQGLFKGHLQH(OWHUQ"
9RQVHKUJXWELVVHKUVFKOHFKW
.ODVVHQGXUFKVFKQLWW
:HOFKHQ$EVFKOXVVVROOWHVWGXQDFK0HLQXQJGHLQHU(OWHUQHUUHL
FKHQ"
+DXSWVFKXOHRGHU5HDOVFKXOH*\PQDVLXP
:LHJXWVROOWHGDV.LQG,KUHQ9RUVWHOOXQJHQQDFKLQGHU6FKXOH
VHLQ"
HVZUGHPLUUHLFKHQZHQQHVLUJHQGZLHGXUFKNRPPW
+DXSWVDFKHHVLVWQLFKWVFKOHFKWHUDOVGHU'XUFKVFKQLWW
HWZDVEHVVHUDOVGHU'XUFKVFKQLWWVROOWHHVVFKRQVHLQ
LFKZlUHHUVW]XIULHGHQZHQQHV]XGHQJXWHQ6FKOHUQ]lKOW
HVVROOWHP|JOLFKVW]XGHQEHVWHQLQGHU.ODVVHJHK|UHQ
:LHKlXILJIUDJHQ6LH,KU.LQGQDFK1RWHQLQ.ODVVHQDUEHLWHQ
RGHU7HVWV"
WlJOLFK
HWZDMHGH:RFKHHLQPDO
HWZDMHGHQ0RQDWHLQPDO
VHOWHQHU
:LVVHQ6LHJHQDXGDUEHU%HVFKHLGZLH,KU.LQGLQGHQ+DXSWIl
FKHUQVWHKWDOVRZHOFKH=HXJQLVQRWHQHV]XHUZDUWHQKDWE]ZLQ
ZHOFKHQ/HLVWXQJVNXUVHQHVLVW"
ELQEHUDOOHVJHQDXLQIRUPLHUW
ZHL‰LP*UR‰HQXQG*DQ]HQ%HVFKHLG
WHLOVWHLOV
ZHL‰HVQLFKWVRJHQDX
,FKVHKHQDFKREHVDOOHVJHPDFKWKDW
,FKVHKHGLH+DXVDXIJDEHQQDFK)HKOHUQGXUFK
,FKK|UHPQGOLFKH+DXVDXIJDEHQDE
,FKHUNOlUHLKPZDVHVQLFKWYHUVWDQGHQKDW
,FKOHUQHPLWLKP]XVDPPHQ
,FKEHYRU.ODVVHQDUEHLWHQPLWLKP
:LHZRKOIKOVWGXGLFK]X+DXVH"
VHKUZRKO
]LHPOLFKZRKO
PLWWHOPl‰LJZRKO
ZHQLJZRKO
JDUQLFKWZRKO
$QGLHVHU6FKXOHPXVVVLFKMHGHUDOOHLQGXUFKNlPSIHQDXI
8QWHUVWW]XQJNDQQHUZHQLJUHFKQHQ
:HQQPDQKLHU3UREOHPHKDWILQGHWPDQQLHPDQGHQGHU
VLFKXPHLQHQNPPHUW
,QXQVHUHU6FKXOHJHKWPDQXQEHDFKWHWLQGHUJUR‰HQ6FK
$QKDQJ
,QVWUXPHQWH
VD
6WDWXVUHOHYDQ]6FKXOOHLVWXQJ
6NDOD
VD
6WDWXVUHOHYDQ]6ROLGDULWlW
6NDOD
VD
.RQNXUUHQ]NDPSILQ.ODVVH
6NDOD
VD
.ODVVHQ]XVDPPHQKDOW
6NDOD
VD
9HUWUDXHQ]X/3
6NDOD
VD
/36%H]LHKXQJ
6NDOD
VD
/HLVWXQJVGUXFNYRQ/3
6NDOD
VD
$QHUNHQQXQJGXUFK0LWVFKOHU
6NDOD
OHU]DKOXQWHU
0DQKDWRIWGDV*HIKOGDVVNHLQHUPHKUHLQHQhEHUEOLFN
KDWZDVLQGHU6FKXOHHLJHQWOLFKOlXIW
6WHOO'LUYRUGHUQHXH6FKOHUGLHQHXH6FKOHULQPDFKW
IDVWQLHVHLQH+DXVDXIJDEHQ
6WHOO'LUYRUGHUQHXH6FKOHUGLHQHXH6FKOHULQJHK|UW
]XGHQEHVWHQ6FKOHUQLQGHU.ODVVH
6WHOO'LUYRUGHUQHXH6FKOHUGLHQHXH6FKOHULQLVW
]LHPOLFKHKUJHL]LJ
6WHOO'LUYRUGHUQHXH6FKOHUGLHQHXH6FKOHULQOlVVWGLH
0LWVFKOHUEHL+DXVXQG.ODVVHQDUEHLWHQXQJHUQDEVFKUHL
EHQ
6WHOO'LUYRUGHUQHXH6FKOHUGLHQHXH6FKOHULQLVWQXU
]XVROFKHQ0LWVFKOHUQKLOIVEHUHLWGLHHUVLHVHOEVWOHLGHQ
NDQQ
6WHOO'LUYRUGHUQHXH6FKOHUGLHQHXH6FKOHULQVHW]W
VLFKGHP/HKUHUJHJHQEHUIUDQGHUHHLQ
,QXQVHUHU.ODVVHVLHKWMHGHU6FKOHULPDQGHUHQGHQ.RQNXU
UHQWHQ
9LHOH6FKOHUVLQGKLHUPDQFKPDOQHLGLVFKZHQQHLQDQGHUHU
6FKOHUEHVVHUH/HLVWXQJHQKDWDOVVLH
,QXQVHUHU.ODVVHYHUVXFKWMHGHU6FKOHUEHVVHU]XVHLQDOV
DQGHUH
%HLXQVKDWPDQPDQFKPDOGDV*HIKOGDVVVLFK6FKOHU
XQWHUHLQDQGHUNHLQHJXWHQ1RWHQJ|QQHQ
,QXQVHUHU.ODVVHJLEWHVXQWHUGHQ6FKOHUQYHUVFKLHGHQH
*UXSSHQGLHZHQLJPLWHLQDQGHU]XWXQKDEHQZROOHQ
9LHOHPHLQHU0LWVFKOHUYHUWUDJHQVLFKEHUKDXSWQLFKWPLW
HLQDQGHU
(LQLJHPHLQHU0LWVFKOHUVLHKWPDQDXFKLQGHQ3DXVHQLP
PHUQXUDOOHLQ
:LUKDEHQKLHUHLQHULFKWLJJXWH.ODVVHQJHPHLQVFKDIW
'LHPHLVWHQ/HKUHUYHUVXFKHQDXIGLH(LJHQDUWHQXQG3URE
OHPHHLQ]HOQHU6FKOHUHLQ]XJHKHQ
,FKKDEHGDV*HIKOGLHPHLVWHQ/HKUHUZUGHQXQVKHOIHQ
ZHQQZLULQ6FKZLHULJNHLWHQVLQG
0DQZLUGDQGLHVHU6FKXOHYRQGHQPHLVWHQ/HKUHUQHUQVW
JHQRPPHQ
'LHPHLVWHQ/HKUHUEHPKHQVLFKXQVDXFKSHUV|QOLFKNHQ
QHQ]XOHUQHQ
,FKKDEHGDV*HIKOGDVVGLHPHLVWHQ/HKUHUPLFKJHUQP|
JHQ
%HLGHQPHLVWHQ/HKUHUQVWHKHLFKJXWGD
,FKJODXEHGDVVGLHPHLVWHQ/HKUHUQLFKWYLHOYRQPLUKDOWHQ
'HQPHLVWHQ/HKUHUQELQLFK]LHPOLFKJOHLFKJOWLJ
'LHPHLVWHQPHLQHU0LWVFKOHUKDEHQLPPHU$QJVWGDVVVLH
VWUHQJJHSUIWZHUGHQ
,QXQVHUHU6FKXOHZLUGYLHOYHUODQJW
'LH/HKUHUVHW]HQKlXILJXQHUZDUWHWH3UIXQJHQDQ
,QXQVHUHU6FKXOHNDQQPDQHVVLFKNDXPOHLVWHQNUDQN]X
ZHUGHQGDPDQVRQVWGHQ$QVFKOXVVYHUVlXPW
:HQQZLUQLFKWDP:RFKHQHQGHOHUQHQVFKDIIHQZLUNDXP
ZDVYRQXQVYHUODQJWZLUG
:LUNRPPHQNDXPQDFKGLH+DXVDXIJDEHQ]XPDFKHQ
:HQQDQGHUHLQGHQ3DXVHQHWZDV]XVDPPHQPDFKHQ
ZHUGHLFKKlXILJQLFKWEHDFKWHW
,FKJODXEHGDVVLFK]XGHQEHOLHEWHVWHQ6FKOHUQLQGHU
.ODVVHJHK|UH
$QKDQJ
,QVWUXPHQWH
VD
,QWHJUDWLRQ3HHUV
6NDOD
VD
NLUFKOLFKH$NWLYLWlW
6NDOD
VD
9HUHLQV]XJHK|ULJNHLWQHLQMD
,WHP
VD
7XUQXQG6SRUWYHUHLQQHLQMD ,WHP
VD
P
0XVLNRGHU6LQJJUXSSHQHLQ
MD
/HLVWXQJVPRWLYDWLRQ
6NDOD
P
VFKXO/HLVWXQJVDQJVW
6NDOD
,WHP
,FKNDQQQRFKVRJXWH,GHHQKDEHQGLHDQGHUHQLQGHU.ODV
VHK|UHQVRZLHVRQLFKWDXIPLFK
,FKIKOHPLFKLQGHU.ODVVHPDQFKPDOHLQELVVFKHQDOV$X
‰HQVHLWHU
,FKNDQQPDFKHQZDVLFKZLOOLUJHQGZLHNRPPHLFKEHLPHL
QHQ.ODVVHQNDPHUDGHQQLFKWDQ
%HLPHLQHQ0LWVFKOHUQELQLFK]LHPOLFKDQJHVHKHQ
9RQZLHYLHOHQ-XQJHQZUGHVW'XVDJHQ(ULVWPHLQ
)UHXQG"
:LHYLHOHGDYRQJHKHQLQ'HLQH.ODVVH"
:LHKlXILJWULIIVW'X'LFKPLW'HLQHQ)UHXQGHQDX‰HUKDOEGHU
6FKXOH"
:HQQ'XDQHLQHPVFKXOIUHLHQ1DFKPLWWDJPLWHLQHP)UHXQG
HWZDVXQWHUQHKPHQP|FKWHVWZLHZlUHGDVGDQQ"
%LVW'XLQHLQHP.UHLVYRQ-XJHQGOLFKHQGHUVLFKUHJHOPl‰LJ
RGHU|IWHUVWULIIWXQGVLFK]XVDPPHQJHK|ULJIKOW"
:LUPHLQHQDEHUNHLQHQ9HUHLQRGHU9HUEDQG
)KOVW'X'LFKPDQFKPDORGHUKlXILJHLQVDP"
.RPPHQPDQFKPDO0LWVFKOHU]X'LUQDFK+DXVH"
+DVW'XHLQHQZLUNOLFKHQ)UHXQG"
:HQQGXDQGDVOHW]WH-DKUGHQNVWZDVKDVWGXGDDOOHVJHPDFKW
XQGZRIUZDUVWGXYHUDQWZRUWOLFK"
,FKKDEHHWZDVIUGLH.LUFKHJHWDQ]%EHL6DPPOXQJHQ
JHKROIHQ0HVVGLHQHUJHZHVHQ
0LWJOLHGLQNLUFKOLFKHU-XJHQGJUXSSH
:LHRIWELVW'XLPOHW]WHQ0RQDW]XP*RWWHVGLHQVWRGHU]XU
0HVVHLQGLH.LUFKHJHJDQJHQ"
:LHRIWKDVW'XLPOHW]WHQ0RQDWJHEHWHWLP*RWWHVGLHQVW
RGHUIU'LFKDOOHLQ"
,QZHOFKHUGHUIROJHQGHQ*UXSSHQDX‰HUKDOEGHU6FKXOHELVWGX
0LWJOLHG"
LQNHLQHU
LFKZDULQHLQHP9HUHLQ7XUQYHUHLQ+REE\JUXSSH«
QHLQ
MD
QHLQ
MD
:LHVHKUVWUHQJVWGXGLFKIUGLH6FKXOHDQ"
:HOFKH$XVGDXHUKDVWGXZHQQGXVFKXOLVFKH$XIJDEHQ
HUOHGLJHQVROOVW"
:LHHKUJHL]LJELVWGXEHLGHPZDVLQGHU6FKXOHJHPDFKW
ZHUGHQVROO"
$EHQGVLP%HWWPDFKHLFKPLURIW6RUJHQGDUEHUZLHLFKDP
QlFKVWHQ7DJLQGHU6FKXOHDEVFKQHLGHQZHUGH
9RU3UIXQJHQRGHU.ODVVHQDUEHLWHQKDEHLFKRIW0DJHQ
RGHU%DXFKVFKPHU]HQ
:HQQGLH+HIWHIUHLQH$UEHLWYHUWHLOWZHUGHQVROOHQVSUH
LFKRIWVWDUNHV+HU]NORSIHQ
0DQFKPDOGHQNHLFKEHUHLWV]X%HJLQQHLQHU.ODVVHQDUEHLW
ZDVGDVDOOHV]XU)ROJHKDEHQNDQQZHQQLFKVLHQLFKWJXW
VFKUHLEH
:HQQLFKEHLHLQHU.ODVVHQDUEHLWPHUNHGDVVGLH=HLWNQDSS
ZLUGYHUOLHUHLFKOHLFKWGLH1HUYHQ
:HQQLFKEHLHLQHU.ODVVHQDUEHLWPHUNHGDVVLFK)HKOHUJH
PDFKWKDEHIDQJHLFKRIWDQPLUVHOEVW9RUZUIH]XPDFKHQ
XQGDQPHLQHQ)lKLJNHLWHQ]X]ZHLIHOQ
:HQQLFKEHL.ODVVHQDUEHLWHQDXI6FKZLHULJNHLWHQVWR‰H
YHUOLHUHLFKOHLFKWGHQ0XWXQGEHNRPPH$QJVWYRUHLQHU
VFKOHFKWHQ1RWH
$QKDQJ
,QVWUXPHQWH
P
%HJDEXQJV]XVFKUHLEXQJ
P
6HOEVWZLUNVDPNHLWVEHU]HXJXQJ 6NDOD
P
VFKXOLVFKH1RUPYHUOHW]XQJ
,WHPV
6NDOD
P
5DXFKHQ
,WHP
P
(..RQVHQVZDVOHLVWHQ
,WHP
P
(..RQVHQVZDVJODXEHQ
,WHP
P
(..RQVHQVZLHEHQHKPHQ
,WHP
P
=XNXQIWVEHZlOWLJXQJ
6NDOD
P
%LOGXQJVRULHQWLHUXQJ
6NDOD
P
/HLVWXQJVPRWLYDWLRQ
6NDOD
6NDOD
:HQQLFKLQHLQHU0DWKH$UEHLWVLW]HXQGHLQH$XIJDEHQLFKW
JOHLFKUDXVNULHJHIUFKWHLFKRIW-HW]WVFKDIIVW'XGLHDQGH
UHQDXFKQLFKWPHKU
,FKZROOWHLFKZlUHVRLQWHOOLJHQWZLHGLHDQGHUHQ
,QGHU6FKXOHKDEHLFKRIWGDV*HIKOGDVVLFKZHQLJHU]X
VWDQGHEULQJHDOVGLHDQGHUHQ
+lXILJGHQNHLFKLFKELQQLFKWVRNOXJZLHGLHDQGHUHQ
'LHDQGHUHQ-XQJHQXQG0lGFKHQKDEHQRIWEHVVHUH(LQIlOOH
DOVLFK
2IWNDQQLFKPLFKQRFKVRDQVWUHQJHQWURW]GHPVFKDIIHLFK
QLFKWZDVDQGHUHRKQH0KHN|QQHQ
9HUJOLFKHQPLWGHQDQGHUHQELQLFKQLFKWVREHJDEW
(VKDWIUPLFKZHQLJ6LQQGDVVLFKPLFKLQGHU6FKXOHDQ
VWUHQJHGDLFKGRFKQLFKWYLHOHUUHLFKHQNDQQ
,PPHUZHQQLFKYHUVXFKHLQGHU6FKXOHYRUDQ]XNRPPHQ
NRPPWPLUHWZDVGD]ZLVFKHQZDVPLFKKLQGHUW
$XFKZHQQLFKPLFKQRFKVRDQVWUHQJH5LFKWLJ]XIULHGHQ
VLQGGLH/HKUHUPLWPLUQLH
(VORKQWVLFKHLJHQWOLFKNDXPGDVVLFKLQGHU6FKXOHHWZDV
VDJHGLH/HKUHUKDOWHQGRFKQLFKWYLHOGDYRQ
/HKUHUDEVLFKWOLFKlUJHUQ
6DFKHQNDSXWWPDFKHQGLHGHU6FKXOHJHK|UHQ
/HKUHUQIUHFKH$QWZRUWHQJHEHQ
:LHRIWUDXFKVWGX"
LFKKDEHQRFKQLHJHUDXFKWLFKKDEHHVPDOSURELHUWXQG
GDQQZLHGHUDXIJHJHEHQLFKUDXFKHJHOHJHQWOLFKLFKUDXFKH
WlJOLFKELV=LJDUHWWHQLFKUDXFKHWlJOLFKELV=LJDUHWWHQ
LFKUDXFKHWlJOLFKELV=LJDUHWWHQLFKUDXFKHWlJOLFK
PHKUDOV=LJDUHWWHQ
%HLZHOFKHQ7KHPHQXQG3UREOHPHQVWLPPVWGXPLWGHLQHQ(OWHUQ
EHUHLQXQGEHLZHOFKHQHKHUQLFKW"
:DVLFKLQGHU6FKXOHOHLVWHQVROO
VWLPPHPLWPHLQHQ(OWHUQHKHUQLFKWEHUHLQVWLPPHPLW
PHLQHQ(OWHUQEHUHLQ
«ZRUDQGHU0HQVFKJODXEHQVROO
VWLPPHPLWPHLQHQ(OWHUQHKHUQLFKWEHUHLQVWLPPHPLW
PHLQHQ(OWHUQEHUHLQ
«ZLHPDQVLFKEHQHKPHQVROO
VWLPPHPLWPHLQHQ(OWHUQHKHUQLFKWEHUHLQVWLPPHPLW
PHLQHQ(OWHUQEHUHLQ
,FKKDEHGDV*HIKOPLUVWHKHQQRFKDOOH:HJHRIIHQ
,FKKDEH$QJVWGDYRUZDVVSlWHUDOOHVJHVFKHKHQZLUG
,FKVHKH]LHPOLFKVFKZDU]ZHQQLFKDQPHLQH=XNXQIWGHQNH
:HQQLFKDQGLH=XNXQIWGHQNHVHKHLFKRIWJUR‰H6FKZLH
ULJNHLWHQDXIPLFK]XNRPPHQ
:DVVSlWHUDOOHVPLWPLUSDVVLHUWOLHJWQLFKWLQPHLQHU+DQG
0LULVWIUVSlWHUVFKRQYLHOHVYHUEDXW
,FKWUDXHPLU]XVSlWHUHLQPDO]XHUUHLFKHQZDVLFKPLUYRU
QHKPH
,FKP|FKWHJDUQLFKWGDUDQGHQNHQZDVVSlWHUDOOHVDXIPLFK
]XNRPPW
%FKHUOHVHQ
NODVVLVFKH0XVLNK|UHQ
$XIHLQHP0XVLNLQVWUXPHQWEHQ
:LHVHKUVWUHQJVWGXGLFKIUGLH6FKXOHDQ"
:HOFKH$XVGDXHUKDVWGXZHQQGXVFKXOLVFKH$XIJDEHQ
$QKDQJ
,QVWUXPHQWH
P
DOOJ,QWHUHVVHGHV.LQGHV(
,WHP
%/0
%HUXIO/HLVWXQJVPRWLYDWLRQ
6NDOD
%:0
%HUXIO:HLWHUELOGXQJVPRWLYDWLRQ 6NDOD
%6:
%HUXIO6HOEVWZLUNVDPNHLWVEHU
]HXJXQJ
]IM
=XIUPLW-XJHQG]HLWUHWURVSHNWLY ,WHP
]IEP
=XIULPLW%H]]X0XWWHU
,WHP
]IEY
=XIULPLW%H]]X9DWHU
,WHP
]ID
=XIULPLW$UEHLWVVWHOOH
,WHP
]IE
=XIULPLW%HUXI
,WHP
]IIL
=XIUPLW)LQDQ]HQ
,WHP
]IIU
=XIULPLW)UHL]HLW
,WHP
]IOH
=XIULPLW/HEHQLQVJHVDPW
,WHP
6NDOD
HUOHGLJHQVROOVW"
:LHHKUJHL]LJELVWGXEHLGHPZDVLQGHU6FKXOHJHPDFKW
ZHUGHQVROO"
:LHVHKHQ6LH,KU.LQG".HLQ.LQGJOHLFKWGHPDQGHUHQZHGHU
lX‰HUOLFKQRFKLP+LQEOLFNDXIVHLQHW\SLVFKHQ(LJHQKHLWHQXQG
)lKLJNHLWHQ0DQNDQQVDJHQMHGHV.LQGEHVLW]WHLQHHLQ]LJDUWLJH
.RPELQDWLRQYRQ(LJHQVFKDIWHQ:LHVHKHQ6LH,KU.LQG"
VHKULQWHUHVVLHUW]LHPOLFKLQWHUHVVLHUWPLWWHOPl‰LJLQWHUHV
VLHUWQLFKWVRLQWHUHVVLHUWNDXPLQWHUHVVLHUW
,FKVHW]HPLFKLQPHLQHP%HUXILPPHUVWDUNHLQ
:HQQLFKHLQHEHUXIOLFKH$XIJDEHHUOHGLJHQPXVVWXHLFKGDV
LPPHUPLWJUR‰HU$XVGDXHU
(VLVWPLUVHKUZLFKWLJLP%HUXIHUIROJUHLFK]XVHLQ
,FKELOGHPLFKDXFKGDQQEHUXIOLFKZHLWHUZHQQLFKGDIUDXI
)UHL]HLWYHU]LFKWHQPXVV
,FKVFKDIIHHVHLQIDFKQLFKWDP:RFKHQHQGHRGHUDP$EHQG
QRFK]XVlW]OLFKIUGHQ%HUXI]XOHUQHQ
:HQQLFKPLFKEHUXIOLFKZHLWHUELOGHQVROOVWUlXEWVLFKLQPLU
HWZDV
%HUXIOLFKHQ6FKZLHULJNHLWHQVHKHLFKJHODVVHQHQWJHJHQZHLO
LFKPLFKLPPHUDXIPHLQH)lKLJNHLWHQYHUODVVHQNDQQ
,FKIKOHPLFKGHQPHLVWHQEHUXIOLFKHQ$QIRUGHUXQJHQJH
ZDFKVHQ
%HLPHLQHU$UEHLWJHOLQJWPLUDXFKGLH/|VXQJVHKUVFKZLHUL
JHU$XIJDEHQ
:HQQ6LHDQ,KUH-XJHQG]HLW]ZLVFKHQXQG-DKUHQ]XUFN
GHQNHQ:LHKDEHQ6LHGLHVH=HLWHUOHEW"
6HKUSRVLWLY3RVLWLY(KHUSRVLWLY(KHUQHJDWLY1H
JDWLY6HKUQHJDWLY
:HQQ6LHVLFK,KUHGHU]HLWLJH/HEHQVVLWXDWLRQYRU$XJHQIKUHQ
:LH]XIULHGHQVLQG6LHLQVJHVDPWPLWGHU%H]LHKXQJ]X,KUHU0XW
WHU"
bX‰HUVWXQ]XIULHGHQ«bX‰HUVW]XIULHGHQ
:LH]XIULHGHQVLQG6LHLQVJHVDPWPLWGHU%H]LHKXQJ]X,KUHP
9DWHU"
bX‰HUVWXQ]XIULHGHQ«bX‰HUVW]XIULHGHQ
:LH]XIULHGHQVLQG6LHLQVJHVDPWPLW,KUHU$UEHLWVVWHOOH"
bX‰HUVWXQ]XIULHGHQ«bX‰HUVW]XIULHGHQ
:LH]XIULHGHQVLQG6LHLQVJHVDPWPLW,KUHP%HUXI"
bX‰HUVWXQ]XIULHGHQ«bX‰HUVW]XIULHGHQ
:LH]XIULHGHQVLQG6LHLQVJHVDPWPLW,KUHUILQDQ]LHOOHQ6LWXDWLRQ"
bX‰HUVWXQ]XIULHGHQ«bX‰HUVW]XIULHGHQ
:LH]XIULHGHQVLQG6LHLQVJHVDPWPLW,KUHU)UHL]HLWJHVWDOWXQJ"
bX‰HUVWXQ]XIULHGHQ«bX‰HUVW]XIULHGHQ
:LH]XIULHGHQVLQG6LHLQVJHVDPWPLW,KUHP/HEHQLQVJHVDPW"
bX‰HUVWXQ]XIULHGHQ«bX‰HUVW]XIULHGHQ
$QKDQJ
=XVlW]OLFKH6WUXNWXUJOHLFKXQJVPRGHOOH
=XVlW]OLFKH6WUXNWXUJOHLFKXQJVPRGHOOH
,P)ROJHQGHQVLQG]ZHL0RGHOOHDXIJHIKUWZHOFKHDOVXQJOWLJHUNOlUWZHUGHQ
PVVHQZHLOVLHHQWZHGHUJHVDPWKDIWRGHUQXULQHLQ]HOQHQ3IDGHQXPNUHLVWH=LI
IHUQQLFKWVLJQLILNDQWVLQG
VLFKDQVWUHQJHQIU6FKXOH
D
D
/HLVWXQJV
PRWLYDWLRQ
PLW-
$XVGDXHUEHLVFKXOLVFKHQ$XIJ
HKUJHL]LJVHLQ
D
W
/HLVWXQJV
PRWLYDWLRQ
PLW-
VLFKDQVWUHQJHQIU6FKXOH
R
$XVGDXHUEHLVFKXOLVFKHQ$XIJ
R
HKUJHL]LJVHLQ
R
VWDUNHU(LQVDW]I%HUXI
%HUXIOLFKH
/HLVWXQJV
PRWLYDWLRQPLW-
0RGHOVSHILFDWLRQ
FKLVTXDUH GI SYDOXH JIL DJIL DLF UPVHD SFORVH $EELOGXQJ
D
UHGHQZHQQHWZVFKLHIJHODXIHQLVW
D
(UIROJLP%HUXILVWZLFKWLJ
YLHOYHUVWlQGQLV
*HIKOGDVV/HKUHUPLFKJHUQP|JHQ
U
JODXEHGDVV/3QLFKWYLHOYRQPLUKDOWHQU
%HLGHQPHLVWHQ/HKUHUVWHKHLFKJXWGD
/HLVWXQJV
PRWLYDWLRQ
PLW-
U
(OWHUQ.LQG
%H]LHKXQJ
PLW-
U
O
V
QHKPHQ5FNVLFKWHUZDUWHQGDVVHOEHYRQPLU O
8QJOWLJHV6WUXNWXUJOHLFKXQJVPRGHOO]XU$XINOlUXQJGHUEHUXIOLFKHQ/HLVWXQJVPRWLYDWLRQGXUFKGLH/HLVWXQJVPRWL
YDWLRQPLWXQG-DKUHQEHUDOOH3UREDQGHQEHUHFKQHW
D
*URVVH$XVGDXHU
O
/HKUHU6FKOHU
%H]LHKXQJ
PLW-
UHO/HLVWXQJVSRVLWLRQLQ.O
0RGHOVSHILFDWLRQ
FKLVTXDUH GI SYDOXH JIL DJIL DLF UPVHD SFORVH W
R
$XVGDXHUEHLVFKXOLVFKHQ$XIJ
R
HKUJHL]LJVHLQ
R
%HUXIOLFKH
:HLWHUELOGXQJV
PRWLYDWLRQPLW-
VLFKDQVWUHQJHQIU6FKXOH
9HU]LFKWDXI)UHL]HLW
O
DP$EHQGOHUQHQ
O
6WUlXEHQJHJHQEHU:HLWHUELOGXQJU
O
V
$EELOGXQJ
8QJOWLJHV6WUXNWXUJOHLFKXQJVPRGHOO]XU%HVWLPPXQJGHUEHUXIOLFKHQ:HLWHUELOGXQJVPRWLYDWLRQGXUFKGLH(OWHUQ
.LQG%H]LHKXQJXQGGLH/HKUHU6FKOHU%H]LHKXQJPLW9HUZHQGXQJGHU0RGHUDWRUYDULDEOH/HLVWXQJVPRWLYDWLRQ
PLW-DKUHQEHL+DXSWVFKOHUQ

„Intensivpädagogik“ - das Gegenteil von Inklusion?